The Dow Hotel Company Acquires Hilton Long Island/Huntington (United States)
|
|
The Dow Hotel Company Acquires Hilton Long Island/Huntington (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 2011-06-07
Marks Dow’s First Northeast Acquisition
The Dow Hotel Company (DHC), a hotel owner/investor and management company, today announced the acquisition of the 304-room Hilton Long Island/Huntington in Melville, N.Y. The purchase was made in a joint venture with Prudential Insurance Company of America for an undisclosed amount from Melville Hotel Owner 2010 LLC. This is DHC’s seventh such venture with Prudential.
As part of the acquisition plan, the Hilton Long Island/Huntington will undergo a $15 million renovation that will include upgraded hotel rooms, corridors, public spaces, HVAC, parking and landscaping. DHC will manage the property and oversee the enhancement program.
“This is the only full-service Hilton on Long Island, and the planned refurbishment will ensure that it retains its position as Long Island’s leading business hotel,” said Murray L. Dow II, DHC founder and CEO. “This acquisition, our first in the Northeast, advances our nationwide growth plan, and is totally consistent with our strategy of acquiring well regarded hotels in top tier markets with high barriers to new entry.” The company currently operates in metro Portland, Seattle, Los Angeles, Sacramento, Chicago, Houston, San Antonio and Atlanta.
“Melville is a significant business address on Long Island that will become even more important next year when Canon’s North and South American headquarters opens there,” Dow noted.
The hotel boasts the largest ballroom, with banquet capabilities for 1,500 guests, and the most meeting space on Long Island.
“This property is a key player in the mid-island meetings market,” noted CA Anderson, DHC’s president. “With more than 26,000 square feet of flexible meeting space, including 18 well-appointed meeting rooms, it is a single location that is central to all of Long Island.”
Located at 598 Broad Hollow Rd., in the heart of Melville’s business district on the Interstate 110 corridor, the property is just 45 minutes from JFK airport, with easy proximity to New York City and the Hamptons. The full-service hotel features several resort amenities, including both indoor and outdoor pools, a fitness center and tennis courts, as well as two restaurants.
About The Dow Hotel Company
Founded in 1997, Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of 11 first-class, full-service hotels with properties throughout the United States. The company’s portfolio of owned and managed properties consists of institutional-grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Doubletree, Sheraton, and Crowne Plaza. The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.
The company currently operates 14 food and beverage facilities, ranging from casual dining to upscale, bars/lounges with Starbuck and Tully’s coffee outlets. In addition to Basil’s Kitchen, the division’s restaurant concepts include SunSpot, BC Bistro, and Basil’s Bistro.
|
|
