Carlyle partners with Davidson for sixth hotel purchase.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , TN: Global private equity firm, 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. and Davidson Hotel Company, announced that the two companies have formed a joint venture and acquired the Houston Sofitel Hotel from Accor Worldwide, out of Paris, France, for an undisclosed amount. Davidson holds a minority interest in the partnership and will manage the property. Effective with the management change on January 30, 2007, the 334room, upscale hotel will be converted to the Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. flag, an InterContinental Hotels brand, and renamed the Crowne Plaza Houston North Greenspoint. Carlyle and Davidson will execute a $12.0 million comprehensive renovation of the property in late 2007. "Renovations will include a complete enhancement of the exterior and refurbishment of every guest room with hard and 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 , as well as all public areas, including the corridors and lobby," said John Belden, Davidson's president and chief executive officer. "We believe the capital upgrades and new management focus are well suited for this market and will enable the property to reach its full competitive potential." "This is our sixth investment made in conjunction with Davidson, which attests to our confidence in their results-oriented management, based on the excellent results they have achieved for us," said Robert Stuckey, managing director of The Carlyle Group. "Carlyle and Davidson recently completed a similar renovation and repositioning at the newly converted Hilton Garden Inn Hilton Garden Inn is the name of a chain of hotels operated by Hilton Hotels Corporation. Hilton Garden Inns are considered to be upscale, mid-priced hotels that are designed for both business and leisure travelers. The hotel brand is similar to that of the Courtyard by Marriott brand. Austin i Downtown and the market has responded very well to it." "In addition to this being our third property in Texas, our team has a long history with the Greenspoint area," Belden added. "Pat Lupsha, our 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. , managed the Wyndham Hotel in Greenspoint from 1987 to 1993. Our new general manager for the reflagged Crowne Plaza, Tom Chigoy, served with Pat as the Wyndham Greenspoint's hotel manager. Greenspoint is one of the fastest growing business sectors in Houston, led by a multi-year expansion of Bush International Airport, which will add international capacity." Belden noted that the company's decision to purchase a minority equity interest in the property is consistent with Davidson's multi-pronged growth strategy that includes thirdparty management contracts, development and joint-venture or sliver sliver in wool processing a continuous band of carded and combed wool which has not yet been twisted into yarn. acquisitions. |
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