Shamrock-Hostmark Hotel Fund acquiring Doubletree Hotel Princeton, Princeton, NJ (États-Unis)
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Shamrock-Hostmark Hotel Fund acquiring Doubletree Hotel Princeton, Princeton, NJ (États-Unis)
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Catégorie : Amérique du Nord et Antilles - États-Unis - Économie du secteur
- Rachats groupes ou hôtels
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 25-03-2008
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 Currently, those customers are forced to accept an outdated, tired product or to choose a limited-service facility.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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