Davidson Will Manage Hotel and Coordinate $18.5 Million Renovation
MEMPHIS, Tenn., June 11 /PRNewswire/ -- RockBridge Partners, an
affiliate of RockBridge Capital, LLC, and Davidson Hotel Company, one of
the nation's largest hotel management companies, today announced the
joint-venture acquisition of the 194-room Hyatt Regency Suites in Palm
Springs, Calif. from PSH Holdings, Inc. for an undisclosed amount. Davidson
holds a minority interest in the partnership and took over management of
the property on June 1. The hotel will undergo a comprehensive $18.5
million renovation, scheduled to begin summer 2009, which Davidson will
coordinate.
"The Palm Springs Hyatt is our 10th acquisition with RockBridge and our
third acquisition this year," said John A. Belden, Davidson's president and
chief executive officer. "We now have ownership interests in 16 properties,
and we have the financial capacity to opportunistically co-invest with our
partners.
"Davidson was one of the first independent management companies to be
designated by Hyatt as an 'Approved Operator,' and we believe the Hyatt
brand fits perfectly within our portfolio," he added. "This is our second
Hyatt-branded hotel, both of which are in resort locations. The Palm
Springs Hyatt Regency Suites is also our fifth property in Southern
California, a key growth area for Davidson."
Located at 285 North Palm Canyon Drive, the property is situated in
what many regard as the ultimate desert resort destination in the U.S. The
hotel's 194 one-bedroom suites overlook a dramatic six-story atrium, and
the hotel's amenities include private balconies, spectacular
mountain/desert views, high-speed Internet access, a full-service dining
room, a putting green, pool, spa, 9,200 square feet of flexible meeting
space and access to more than 40 nearby golf courses.
In summer 2009, the property will begin an $18.5 million renovation
that will touch virtually every aspect of the hotel. The lobby, atrium,
restaurant, and lounge will be completely re-concepted and upgraded. The
guest suites will be fully refurbished with luxury-quality finishes and
materials, all new Hyatt-standard bed sets and 37" flat panel TVs in the
bedroom of the suites and 42" flat panel TVs in the parlor. An all-new
fitness center and full-service spa will be added. The meeting rooms will
undergo a complete renovation, while the pool and outdoor lounge area will
be completely re-developed to enhance the resort experience with cabanas,
fire pits, and multiple lounging areas around a new pool.
"We believe this property has significant growth potential, and with
the completion of its dramatic renovation, will be a formidable, four-star
competitor in this premier resort destination," said Steve Margol,
Davidson's executive vice president, business development.
Both the buyer and seller were advised on this transaction by Newport
Beach-based Maxim Hotel Brokers.
About RockBridge Partners
RockBridge Partners was formed as the equity platform of RockBridge
Capital, LLC. RockBridge provides capital to the hospitality industry
through its Hospitality Funds and focuses on both debt and equity
investments. RockBridge invests first mortgage, mezzanine, and equity
capital in hotels throughout the U.S. with a focus on creating value for
its hotel operating partners. Since 1992, RockBridge has invested nearly
$2.5 billion in more than 300 assets nationwide with aggregate transaction
capitalization of more than $4 billion. For additional information about
RockBridge Capital, contact James T. Merkel at (614) 246-2505 or visit
http://www.rockbridgecapital.com.
About Davidson Hotel Company
Headquartered in Memphis, Tenn., Davidson Hotel Company is an
award-winning, full-service hotel owner and third-party management company
that provides management, development/renovation, acquisition, consulting
and accounting expertise for the hospitality industry. The company
currently owns and/or manages 33 upscale, independent and branded hotels
with more than 9,200 rooms across the United States, including such
affiliations as Hyatt, Westin, Sheraton, Hilton, Hilton Garden Inn, Embassy
Suites, Doubletree, Marriott, Renaissance, Crowne Plaza and Holiday Inn.
For additional information about Davidson Hotel Company, contact Steven A.
Margol at (954) 450-6322 or visit http://www.davidsonhotels.com.
Contact:
Cyndi Norwood Jerry Daly, Chris Daly (media)
Davidson Hotel Company Daly Gray Public Relations
(901) 821-4155 (703) 435-6293
cnorwood@davidsonhotels.com jerry@dalygray.com
[Via Real Estate California]
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