Shamrock-Hostmark Hotel Fund acquiring Doubletree Hotel Princeton, Princeton, NJ (United States)
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Shamrock-Hostmark Hotel Fund acquiring Doubletree Hotel Princeton, Princeton, NJ (United States)
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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 2008-03-25
The Shamrock-Hostmark Hotel Fund ("Fund") acquired the 6 story, 241-room Radisson Hotel located in Princeton, NJ. The Fund will modify, convert and reposition the hotel to Hilton’s Doubletree, a business-oriented brand, for approximately $8 million. During the renovation period, the hotel will be unbranded and operated under the name "Princeton Premier Hotel". As a Doubletree, the hotel will fill a niche in Princeton’s hotel market. The renovated and re-branded property will be targeted to a specific underserved market niche. The hotel will be positioned to fulfill the demand of customers looking for a quality full service business class hotel with all of the appropriate amenities without the price tag associated with the upscale options in the market, including the Hyatt and Westin. Currently, those customers are forced to accept an outdated, tired product or to choose a limited-service facility. This was considered a compelling acquisition opportunity due to the strategic components of 1) Location 2) Market 3) New Brand 4) New Management Team and 5) Acquisition Cost Below Replacement Cost.
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