Crescent Acquiring Tampa Riverwalk Hotel
Crescent Will Assume Management and Invest $6 million to Upgrade
TAMPA, FL, September 10, 2007. Crescent Hotels & Resorts, a rapidly growing hotel and resort management and ownership company, today announced that it has signed a definitive agreement to acquire the 293-room, including 16 suites, Sheraton Tampa Riverwalk Hotel in Florida from a joint venture between Lehman Brothers and Driftwood Hospitality for an undisclosed amount. Crescent will assume management of the property concurrent with the closing of the transaction, which is expected to occur in late September.
Crescent will invest $6 million to upgrade the hotel and to expand the property's meeting and function space by approximately 4,500 square feet, bringing total meeting space to 11,300 square feet. In addition, the company will complete a renovation of rooms and the lobby that was begun several years ago.
"The hotel is well located near multiple demand generators, and we believe the outlook for the downtown Tampa market is quite positive," said Michael George, Crescent president and CEO. "We think the combination of the renovation and strong management will significantly improve guest satisfaction and financial returns. Our added meeting space makes the property an ideal destination for groups of up to 1,000 people."
Located at 200 North Ashley Drive, the six-story hotel is situated near such area attractions as the Museum Henry B. Plant, Tampa Museum of Art, Tampa Convention Center, University of Tampa and the Florida Aquarium, as well as corporate offices for such companies as Bank of America, Holland and Knight, and Sun Rays Products. Hotel amenities include a state-of-the-art fitness center, outdoor pool overlooking the Hillsborough River, 12,000 square feet of meeting space and a full-service business center. The hotel features the Ashley Street Grill, a seafront restaurant specializing in local seafood, as well as the Ashley Street Lounge, which serves cocktails and lighter fare in a more casual atmosphere.
Other guest services include the Sheraton Club Level with upgraded room amenities and an exclusive Club Lounge. All guest rooms feature high-speed Internet access and boast the signature Sheraton Sweet Sleeper Bed, which includes a plush top mattress, down pillows, crisp sheets and duvets in rich, solid colors with a simple patterned design. One- and two-bedroom suites provide a warm fireplace and oversized soaking tub and/or wet bar.
"We have a very active pipeline, concentrated on upper upscale hotels, and expect to announce additional acquisition and development transactions in the coming weeks," George said.
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