CapStar Hotel Company Acquires Two Baltimore Hotels.WASHINGTON--(BUSINESS WIRE)--March 27, 1998-- Properties to be Reflagged to the Sheraton and Radisson Brands CapStar Hotel Company (NYSE NYSE See: New York Stock Exchange : CHO CHO Carbohydrate (chemical formla Carbon Hydrogen Oxygen) CHO Chinese Hamster Ovary CHO Chemical Hygiene Officer CHO Chief Health Officer (corporate title) ), a leading hotel investment and management corporation, today announced that it has completed its acquisition of the 289-room Columbia Inn Hotel & Conference Center in Columbia, Md. for $26.5 million and the 146-room Cross Keys Inn in Baltimore, Md. for $7.5 million. CapStar will invest approximately $3.8 million to upgrade the Columbia Inn Hotel & Conference Center and convert it to the Sheraton brand. The Cross Keys Inn will receive a $2.3 million renovation and be converted to a Radisson. Columbia Inn Hotel & Conference Center The Columbia Inn is located in the Town Center of Columbia, The Rouse Company's highly successful new town community. The hotel is located at the edge of Lake Kittimaqundi and near the Mall of Columbia, office buildings and the heart of Columbia's downtown. The Columbia Inn features more than 13,000 square feet of meeting and banquet space, a full-service restaurant, lounge and an outdoor swimming pool. Guest rooms are spacious and well appointed. The $3.8 million in planned renovations will focus on upgrading to conform with Sheraton standards. Two concierge floors will be created in the hotel, featuring fully refinished guestrooms and business class workstations. Oversized o·ver·size n. 1. A size that is larger than usual. 2. An oversize article or object. adj. o·ver·size also o·ver·sized Larger in size than usual or necessary. desks, ergonomic chairs and task lighting will be added to the remaining hotel guestrooms. Plans include building a health club facility and creating a more upscale lobby. CapStar also will install a state-of-the-art sprinkler system. "Both properties fit perfectly with our investment profile: first-class upscale hotels in markets with multiple demand generators," said Paul W. Whetsell, CapStar president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have significant experience in the conference center market and we will continue to seek additional acquisition opportunities in that segment." Cross Keys Inn The Cross Keys Inn is located in the Village of Cross Keys within the City of Baltimore's prestigious Roland Park area. In addition to the Cross Keys Inn, the Village of Cross Keys includes luxury high-rise, mid-rise and townhouse town·house or town house n. 1. A residence in a city. 2. A row house, especially a fashionable one. units, as well as high quality office space and a retail center with many of Baltimore's premier retail merchants. The Inn features more than 5,000 square feet of meeting space, a full-service restaurant and outdoor pool. The hotel provides shuttle service to Baltimore's Inner Harbor The Inner Harbor is a historic seaport, tourist attraction, and iconic landmark of the City of Baltimore, Maryland. The harbor itself is actually the end of the Northwest Branch of the Patapsco River and includes any water west of a line drawn between the National Aquarium in . The majority of the $2.3 million planned renovation for the Cross Keys Inn will be spent upgrading guest rooms, baths and corridors. The hotel is in very good condition, having benefited from a $2 million renovation by The Rouse Company in 1995. Soft goods soft goods pl.n. See dry goods. Noun 1. soft goods - textiles or clothing and related merchandise drygoods commodity, trade good, good - articles of commerce , case goods case goods pl.n. 1. a. Pieces of furniture, such as bookcases or chests of drawers, that provide interior storage space. b. Pieces of dining or bedroom furniture sold as sets. 2. and bath finishes will be redone re·done v. Past participle of redo. in all guestrooms. In addition, all rooms will receive an oversized work desk, ergonomic chair and task lighting, in order to attract more transient corporate business. "We believe the planned refurbishments and aligning the hotels with major national brands will have significant positive impact on both properties," said David McCaslin, CapStar's chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . "The addition of our focused management and marketing programs gives both hotels multi-year internal growth potential." The Rouse Company previously had announced its intention to sell both properties to focus on its core businesses of development and operations of retail centers, offices, communities and mixed-use developments. Washington, D.C.-based CapStar Hotel Company owns and manages upscale, full-service hotels throughout the U.S. and Canada under such internationally known brands as Hilton, Sheraton, Marriott, Embassy Suites, Westin and Doubletree. Including one hotel currently under contract, CapStar's hotel portfolio comprises 56 owned hotels with 14,938 rooms and 85 managed and/or leased hotels with 13,304 rooms, for a total of 141 properties with 28,242 rooms. CONTACT: CapStar Hotel Company John Emery, Chief Financial Officer 202/965-4455 or Daly Gray Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Jerry Daly or Chris Daly Chris Daly (born 1972) is a member of the San Francisco Board of Supervisors. He represents District 6, encompassing the Civic Center, Tenderloin and South of Market districts, as well as Treasure Island and Yerba Buena Island and the northern half of the Mission District (known as , media 609/383-1414 |
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