CapStar Hotel Company Completes Acquisition of Embassy Suites Tucson International Airport.WASHINGTON--(BUSINESS WIRE)--Oct. 24, 1997--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, announced today that it has completed the acquisition of the 204-room Embassy Suites Tucson International Airport Tucson International Airport (IATA: TUS, ICAO: KTUS, FAA LID: TUS) is a public airport located six miles (10 km) south of the central business district of Tucson, a city in Pima County, Arizona, United States. from Hotel Associates of Tucson, L.P. for $12.5 million. CapStar will invest approximately $2.25 million to renovate the hotel. "The Embassy Suites Tucson International Airport allows us to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the thriving Arizona economy and the growing Tucson market," said Paul 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 were able to obtain this hotel at approximately 70 percent of replacement cost. With the completion of the refurbishments, this property will perfectly complement our growing portfolio of upscale, full-service hotels." Located at 7051 S. Tucson Blvd. at the entrance to the Tucson International Airport, the all-suite hotel features mission-style architecture and an attractively landscaped courtyard. Hotel amenities include a fitness room, swimming pool, business center, and a full service restaurant--Finnegan's Restaurant and Lounge. The three-story property features approximately 13,800 square feet of meeting space, substantially more than the typical Embassy Suites hotel. CapStar's $2.25 million renovation will focus on creating a lighter, more modern decor. Rooms will receive new 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 soft goods, including wet bars/microwave units and vanities. CapStar also will refurbish the lobby and renovate the fitness center. "The Embassy Suites not only benefits from its excellent location, it also should see substantial performance and revenue improvements with the completion of the renovations," 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. . 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. In addition to the eight hotels currently under contract, CapStar's hotel portfolio comprises 42 owned hotels with 10,725 rooms and 29 managed hotels with 5,039 rooms, or a total of 71 properties with 15,764 rooms. The company continues to actively seek acquisitions and management contracts in major markets and resort locations throughout North America. CONTACT: CapStar Hotels, Washington 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, media 609/383-1414 |
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