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Shamrock–Hostmark Hotel Fund LP Makes Second Acquisition, Under Contract for Third Property
05/11/2006
Schaumburg, IL, May 11, 2006 – The Shamrock-Hostmark Hotel Fund LP (the Fund) closed on its second acquisition in the second quarter of 2006 and has recently gone under contract for its third acquisition. The Fund acquired the 241-room Radisson Hotel Princeton, Princeton, NJ. The Fund has also entered into an agreement to purchase an upscale, full-service hotel in a major metropolitan area of Texas.
The Radisson, with a prime location near downtown Princeton, Dow Jones’ headquarters and Princeton University, will undergo an $8 million dollar renovation and conversion to a Doubletree Hotel. After the renovation, the property will offer an inviting atmosphere and all of the top-notch services sure to please business and leisure travelers alike.
“These two new assets represent excellent examples of the types of acquisitions the fund has made and will continue to make over the coming months” George Buchler, Vice President, Shamrock – Hostmark Hotel Fund LP. “The Fund intends to seek out high-quality hotels that would benefit from enhanced management expertise and/or market repositioning through further investment,” Mr. Buchler added.
The Fund, co-sponsored by Shamrock Holdings of California and Hostmark Hospitality Group, is actively pursuing value-add, full-service and select-service hotels in urban markets. The Fund’s objective is to acquire hotels that require redevelopment, renovation, rebranding and investment management that will provide significant value.
Hostmark Hospitality Group (www.hostmark.com) is a leading hospitality management firm operating upscale full-service hotels and resorts and select-service hotels worldwide. Hostmark has a proven long-standing reputation for performance-driven results through superior operating and asset management standards. Headquartered in Schaumburg, IL, Hostmark has regional offices in Boulder, CO, and Cairo, Egypt.
Shamrock Holdings of California, Inc. (www.shamrock.com) was founded in 1978 as the investment vehicle for the Roy E. Disney family. Since that time, Shamrock has invested more than $2 billion in real estate and private equity transactions across a broad range of property types and industries. Shamrock currently manages five private equity and real estate funds comprising roughly $1 Billion of equity capital.
Contact:
Tim Pigsley
847.517.9090 x226
tpigsley@hostmark.com
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