Carlyle Group swoops in on hotel portfolio.The Carlyle Group  The of this article or section may be compromised by "weasel words".You can help Wikipedia by removing weasel words. The Carlyle Group is a Washington, D.C. has acquired an 892-room portfolio of hotel properties in northern California Northern California, sometimes referred to as NorCal, is the northern portion of the U.S. state of California. The region contains the San Francisco Bay Area, the state capital, Sacramento; as well as the substantial natural beauty of the redwood forests, the northern . The four-hotel acquisition includes the 309-room Crowne Plaza Hotel at the San Francisco International Airport “SFO” redirects here. For other uses, see SFO (disambiguation). For the television series, see . ; the 230-room Holiday Inn in northeast Sacramento; and the 198-room Holiday Inn Concord and 155-room Holiday Inn Walnut Creek hotels, both located in the East Bay Area. Financial terms were not disclosed. "The San Francisco Bay area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay is one of the last markets to recover from the latest economic downturn and we're now seeing considerable growth there," said Paul Brady, managing director of Carlyle's U.S. real estate group. "We are excited by the prospects of investing approximately $8 million towards capital upgrades of the properties and hiring Prism Hotels to refocus the management efforts at the properties. Our ability to acquire these properties at a discount to replacement cost is consistent with our fund's strategy." Dallas-based Prism Hotels & Resorts has been tapped to manage the properties for The Carlyle Group. The hotel management company currently manages more than 5,000 rooms across the United States and the Caribbean. "We are pleased to increase our presence in the Bay area and are excited to partner with such an esteemed company as The Carlyle Group, as well as the strong group of employees at each of the properties," said Steve Van, chief executive officer of Prism Hotels & Resorts. "Northern California is an important area for IHG IHG Intercontinental Hotels Group IHG Iris Hypoplasia with Glaucoma and we are pleased to work with The Carlyle Group," said Brian Quinn, RVP (RendezVous Protocol) A protocol used to broadcast messages within a peer group. Part of the JXTA open source peer-to-peer computing initiative, RVP clients send requests to rendezvous peers, which grants them a connection lease. Crowne Plaza Development for IHG. "This investment by The Carlyle Group is a testament to the strength of our relationship and The Carlyle Group's confidence in IHG's brands, Crowne Plaza, Holiday Inn and Holiday Inn Express, as hotels that guests know well and love." All four properties will continue to operate as franchises under the Intercontinental Hotels Group InterContinental Hotels Group (IHG) (LSE: IHG NYSE: IHG) is a multinational company which operates several hotel brands. The largest hotel company by number of rooms (556,000 as of March 2007 [1]), its headquarters are in Windsor just outside Greater London and umbrella, although the Walnut Creek property will be converted to a Holiday Inn Express once the renovation is complete. |
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