CapStar Hotel Company completes purchase of Embassy Suites-South Denver.WASHINGTON, D.C.--(BUSINESS WIRE)--Dec. 16, 1996--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 company, today said it had completed the previously announced acquisition of the Embassy Suites-South Denver from Mutual of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of for $26 million. "The mountain states The Mountain States (also known as the Mountain West) form one of the nine geographic divisions of the United States that are officially recognized by the United States Census Bureau. and especially the Denver area have been strong markets and their outlook remains positive," said Paul Whetsell, CapStar president and chief executive officer. "Embassy Suites is the dominant leader in the all-suite market, and we are extremely pleased to add this nationally recognized brand to our growing, diversified portfolio. We purchased the property at approximately 75 percent of replacement cost, which includes all costs associated with the acquisition. We continue to aggressively seek acquisitions of this caliber nationwide." CapStar will undertake a $500,000 renovation of the property, including upgrading public areas and enhancing the building exterior. The 10-year-old, 236-suite hotel is located within the 776-acre Denver Technology Center, approximately 15 miles southeast of downtown Denver and one-half mile from Interstate 25, the major north/south artery for the Denver metropolitan area. The hotel serves the business traveler and small to mid-size meeting market during the week and is a popular weekend getaway for leisure guests. The hotel's distinctive nine-story tower features an elegant, enclosed atrium atrium (ā`trēəm), term for an interior court in Roman domestic architecture and also for a type of entrance court in early Christian churches. The Roman atrium was an unroofed or partially roofed area with rooms opening from it. , which houses a full service restaurant, New West Bar and Grill. The hotel offers more than 5,000 square feet of meeting and banquet space, and features a number of recreational facilities Noun 1. recreational facility - a public facility for recreation recreation facility facility, installation - a building or place that provides a particular service or is used for a particular industry; "the assembly plant is an enormous facility" , including an indoor swimming pool with sundeck, whirlpool, exercise room, jogging/walking greenbelt, sauna sauna Bath in steam from water thrown on heated stones. Known in ancient times in various places, saunas are most closely identified with the Finnish people, who made saunas a national tradition. and locker rooms. "The Denver market has enjoyed remarkable growth through the 1990s, and it appears that this trend will continue," 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. . "We see a number of marketing and operational opportunities to strengthen the hotel's profitability and to take full advantage of the strong Denver economy." CapStar owns and manages upscale, full-service hotels throughout the U.S. under such nationally known brands as Hilton, Sheraton, Marriott and Westin. Including the Embassy Suites hotel, the company currently owns 14 upscale, full-service hotels, with 4,045 rooms, and is under contract to purchase six additional properties, with 1,347 rooms. CapStar is one of the nation's largest hotel management companies and currently manages 48 hotels with 9,862 rooms. CONTACT: William M. Karnes Senior Executive Vice President and Chief Financial Officer John Emery emery: see corundum. emery Granular rock consisting of a mixture of the mineral corundum (aluminum oxide, Al2O3) and iron oxides such as magnetite (Fe3O4) or hematite (Fe2O3). Treasurer (202) 965-4455 or Robert Jones/Christine DiSanto/Jim Cappuccio Stan Froelich - (financial media) Morgen-Walke Associates (212) 850-5600 Jerry Daly or Carol McCune (media) (609) 383-1414 |
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