Davidson Hotel Company to Manage Capitol Place Hotel Austin
Davidson will begin $8.5 million renovation of the downtown hotel
AUSTIN, TX, January 26, 2006. Davidson Hotel Company of Memphis, Tenn., announced today it has assumed management of the Capitol Place Hotel Austin (formerly known as the Crowne Plaza Austin) as of January 19. The change in management occurred simultaneously with the purchase of the hotel by a joint venture between The Carlyle Group and Davidson, marking the fourth time that the two companies have worked together.
Concurrent with closing, CP Austin Hotel Lessee, L.P., a subsidiary of The Carlyle Group and Davidson Hotel Company, entered into a franchise agreement with Hilton Inns, Inc., a franchising subsidiary of Beverly Hills-based Hilton Hotels Corporation that provides for the hotel to convert to a Hilton Garden Inn(R) upon completion of an $8.5 million renovation.
The renovation will encompass the entire hotel, including guest rooms, public areas, meeting rooms and the building exterior. All Hilton Garden Inn brand standards will be incorporated into the renovations, including guest room attributes that include the Garden Sleep System(R) bed, Herman Miller MirraTM chair; flat screen high definition television, and a "hospitality center" that includes a mini-refrigerator, microwave and coffee maker. In addition, the hotel will feature a 5,500 square foot workout facility and a 24-hour complimentary business center. Renovations are expected to be complete by the end of 2006.
"Davidson Hotel Company has gained a reputation of excellence within the hotel industry because we focus on a quality product and enhanced service," said John Belden, president and CEO of Davidson. "Re-flagging this property as the Hilton Garden Inn will allow the hotel to be more competitive within Austin's dynamic downtown market."
The hotel boasts 254 guest rooms including seven suites along with a total of 9,900 square feet of function space. It is Austin's only downtown conference facility approved by the International Association of Conference Centers.
"We were attracted to this investment by Austin's strong job growth prospects and the attractive per-room purchase price," said Mark Schoenfeld, managing director of The Carlyle Group. "The hotel's location at the intersection of 5th Street and Interstate 35 is proximate to the entertainment district, downtown office buildings and the Capitol Building and was a big selling point for us.".
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