Davidson Hotels & Resorts to Manage the New Little Rock Marriott, Deal Marks Second With New Owner Fairwood Capital (United States)
Conversion to Marriott Hotels & Resorts Brand Slated for Early Spring |
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Davidson Hotels & Resorts to Manage the New Little Rock Marriott, Deal Marks Second With New Owner Fairwood Capital (United States)
Conversion to Marriott Hotels & Resorts Brand Slated for Early Spring |
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 2013-02-28
With the acquisition this week of The Peabody Little Rock by an affiliate of Fairwood Capital, Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced that it has assumed management of the 418-room hotel in downtown Little Rock, Ark. The hotel is the second management agreement between Fairwood and Davidson.
“The property is a vital economic engine for Little Rock and is one of the most prominent hotels in the Mid-South. We appreciate Fairwood’s confidence in our ability to help maximize its potential, and look forward to delivering an unrivaled customer experience in this marquis property,” said John Belden, Davidson’s president and CEO. “The addition of the Marriott Hotels & Resorts brand will enable us to maximize the economic impact the property will have on the city, the state and within the region. The new Little Rock Marriott will expand our overall Marriott portfolio to eight full-service assets with over 2,500 rooms.”
“Davidson has done an outstanding job managing the Hilton Knoxville” said Ed Ansbro, executive vice president of Fairwood Capital. “We have every confidence that Davidson’s management expertise, coupled with an upcoming renovation and rebranding, will help this hotel retain its position at the very pinnacle of the market.”
The hotel will convert to a Marriott Hotel in Q2, 2013. Davidson will undertake a multi-million dollar renovation of all guest rooms and public spaces starting in Q4, 2013. The property boasts 418 guest rooms, 40,000 square feet of meeting and ballroom space, a restaurant, lounge and lobby bar.
“This hotel already serves the city’s needs for upper upscale hotel rooms, and upon completion of the renovation, there will be nothing in the market that compares,” said Steve Margol, chief investment officer of Davidson. “Adding Marriott’s global reach and marketing heft to a prestige property further assures its bright future.”
Conveniently located in the heart of Little Rock’s downtown River Market district, the hotel is connected to the Statehouse Convention Center and is just minutes away from the William J. Clinton Presidential Library, the Verizon Arena, Statehouse Museum, local performing arts centers and Little Rock International Airport.
About Fairwood Capital
Fairwood Capital, LLC is a real estate investment firm focused on the acquisition, recapitalization, and repositioning of hospitality-related real estate and operating platforms. The company is backed by established institutional capital and pursues a value-oriented investment strategy.
About Marriott Hotels & Resort
Marriott Hotels & Resorts continues to inspire and provide a balanced life on the road for discerning and high-achieving business and leisure travelers, offering warm, professional service; sophisticated yet functional guest room design; lobby spaces that facilitate working, dining and socializing; restaurants and bars serving international cuisine prepared simply and from the freshest ingredients; meeting and event spaces and services that are gold standard; and expansive, 24-hour fitness facilities. All Marriott hotels participate in the award winning Marriott Rewards guest loyalty program that allows members to earn hotel points or airline miles for every dollar spent during stays. Join us on Marriott Hotels & Resorts rapidly growing Facebook community (www.facebook.com/marriott) and follow us on Twitter (twitter.com/marriott). For more information, visit www.MarriottHotels.com.
About Davidson
Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company has amassed one of the purest full-service hotel portfolios in the industry, ranging from the upper-upscale to near-luxury segments; encompassing 46 upscale, full-service independent and branded hotels with over 13,000 rooms across the United States, including such affiliations as Marriott, Renaissance, Hyatt, Hyatt Regency, Hilton, DoubleTree by Hilton, Embassy Suites, Sheraton, Westin, Hilton Garden Inn, Courtyard by Marriott, and Radisson.
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