Both properties are relative recent additions to their respective markets. The Hilton Garden Inn Chicago Downtown opened in September 1999 at 10 E. Grand Ave. as the largest hotel in the Hilton Garden Inn system. The Courtyard by Marriott in Providence opened in August 2000 in Union Station Plaza, adjacent to the Rhode Island Convention Center.
Weber Grill currently leases the Hilton Garden Inn's restaurant space. RLJ plans to convert about 1,800 sf of underutilized space to additional meeting space.
Ron Danko, senior managing director, and Adam McGaughy, director, both of Insignia/ESG Hotel Partners' Chicago office, represented FFC Hospitality in the disposition of the assets. Wells Fargo Bank provided senior debt financing for the transaction.
The properties were described by Danko as "well-positioned in their respective markets, representing strategic long-term investments. Both properties are also market leaders in their segments, performing at RevPAR levels above their competitive sets."
White Lodging Services Corp. of Merrillville, IN, will manage the Hilton Garden Inn on behalf of RLJ. The Courtyard by Marriott will continue to be managed by Interstate Hotels & Resorts, which manages about 400 properties nationwide.
RLJ Development is a privately held hotel investment company founded and led by Robert L. Johnson, its chairman and CEO. With this latest acquisition, the company owns nine Hilton-branded hotels and two Marriott-branded properties. Johnson is also a member of the board of directors of Hilton. He is best known for creating the cable television channel Black Entertainment Television (BET), which he sold to Viacom in 2000.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
