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Hotel JV Puts $15M into Acquisition, Renovation

HOUSTON-Charlesbank Capital Partners, Winston Hotels and Concord Hospitality acquire the 190-room Best Western Park Place near the Medical Center. The JV spends $10 million for the deed and will put out another $5 million to renovate and re-flag it.

By Jennifer Brenner Andrade | Updated on October 06, 2003

HOUSTON-The Boston-based Charlesbank Capital Partners LLC and Winston Hotels Inc., a Raleigh, NC-headquartered REIT, have shelled out $10 million for the 190-room Best Western Park Place Suites at 1400 Old Spanish Trail near the Medical Center. In second quarter 2004, the hotel will be re-flagged to the SpringHill Suites by Marriott brand.

The JV plans to immediately sink $5 million into renovating the property. A Charlesbank spokeswoman tells GlobeSt.com that the partners have financed up to 65% of the acquisition and renovation costs through GE Capital, the details of which weren’t available by publication time. The property was sold by Amgreen Partners of San Antonio, which acquired the hotel in June 2000.

The Cleveland-based Concord Hospitality Enterprises Co., which has a standing relationship with Winston and Charlesbank and has a 13% minority stake in the hotel, sourced the deal and took it to the JV. With the sale now closed, Concord is the hotel’s new operator.

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