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JV Deep into $1B Water Resort Initiative

DENVER-A hotel company, a water park developer and a private equity firm join forces to add water parks next to 20 business class hotels they plan to acquire in the coming years.

By Brian K. Miller | Updated on December 16, 2006

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DENVER-A trio of companies is deep into a $1-billion plan to add water parks to 20 business class hotels over the next few years. The JV already has already acquired eight hotels and two now have water parks. One opened two weeks ago in Columbus, OH and the other will open next week in Arlington Heights, IL.

The JV is comprised of hotel developer Sage Hospitality, water park developer Wave Development LLC and the private equity firm Hexagon Investments. Sage president and CEO Walter Isenberg tells GlobeSt.com the plan is to have the water parks not only be profitable in and of themselves but also increase occupancy in the hotels on weekends and holidays, when occupancy is typically very low for business-class hotels. “We’re adding an amenity that is going to drive RevPAR in the slow times,” Isenberg says.

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