Davidson Hotel Company/RockBridge Partners Joint Venture Acquires Hyatt Regency Suites in Palm Springs, Calif. (United States)
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Davidson Hotel Company/RockBridge Partners Joint Venture Acquires Hyatt Regency Suites in Palm Springs, Calif. (United States)
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Category: North America & West Indies / Carribean islands - United States - Industry economy
- New brands / Affiliations
This is a press release selected by our editorial committee and published online for free on 2008-06-12
Davidson Will Manage Hotel and Coordinate $18.5 Million Renovation
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.
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