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JV Secures $49M to Overhaul Hotel Package

HOUSTON-Camden Hospitality and FFC Capital buy four hotels with 512 rooms to roll out the Hyatt Place flag in Texas.

By Amy Wolff Sorter | Updated on April 27, 2007

(Read more on the debt and equity markets.)

HOUSTON-With a 512-key portfolio securely in its grasp, a joint venture is preparing to renovate and rehab four hotels. The assets, including the Houston Intercontinental AmeriSuites, will end up under the new Hyatt Place flag, with the JV securing $49 million to put the plan into motion.

Working together for the first time, FFC Capital Corp. and Houston’s Camden Hospitality Group assembled the portfolio in two deals with separate sellers, one of which is from San Antonio. Fred Branovan, president and COO with FFC, says renovations will begin within 30 days and take about seven months to complete.

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