Fairwood Capital Acquires Embassy Suites St. Louis-Airport (United States)
|
|
Fairwood Capital Acquires Embassy Suites St. Louis-Airport (United States)
|
Category: North America & West Indies / Carribean islands - United States - Industry economy -
Group or hotel buyout
This is a press release selected by our editorial committee and published online for free on 2010-08-19
Officials of Fairwood Capital, LLC, a real estate investment firm focused on hospitality assets, today announced that the company acquired the 159-suite Embassy Suites St. Louis-Airport in Missouri from a private investment group for an undisclosed amount. Upon closing, the property will undergo a complete renovation of its guest suites and public areas.
"The Embassy Suites St. Louis-Airport fits our strategy of acquiring premium-branded hotels in proven markets," said Ed Ansbro, Fairwood's executive vice president. "Cash-flowing properties are our primary acquisition targets, but we also seek hotels with turn-around potential that have an appropriate risk/reward profile. This is our first repositioning acquisition in this fund, and we continue to have an aggressive appetite and significant funding available to acquire either individual assets or portfolios."
The hotel will begin a complete renovation this fall focused on the guests, corridors, restaurant and atrium. The renovation will be completed in phases to minimize guest disruptions. Upon completion of the renovation and repositioning, the hotel will be the newest and only full-service, all-purpose hotel in the market.
Situated at 11237 Lone Eagle Drive, in Bridgeton, Mo., the 159-room Embassy Suites St. Louis-Airport is located off Interstate 70, convenient to Lambert International Airport, and is the closest hotel to Boeing International, the area's largest employer. The hotel features a business center, 4,000 square feet of flexible meeting space, indoor swimming pool, fitness center and restaurant. When completed, the two-room suites will offer Embassy Essentials® Bedding Collection, flat-screen, high definition televisions, coffee maker and high-speed wireless Internet access.
Maximum Hospitality, a Memphis, Tenn.-based management company, will assume day-to-day operations. Maximum also manages Embassy Suites-Nashville/Vanderbilt.
|
|
