Carey JV acquires Memphis hotel

Real Estate Weekly,  Oct 17, 2007  

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CHICAGO, IL.: A joint venture consisting of W. P. Carey & Co. LLC and Watermark Capital Partners, LLC has acquired the Doubletree Hotel Memphis Downtown, a leading full-service hotel located in the heart of Memphis, Tenn. The property features 280 guest units inclusive of seven suites, over 8,500 s/f of flexible meeting space, and a highly successful T.G.I. Friday's restaurant.

The Doubletree Hotel Memphis Downtown is located just steps from Beale Street, the world-famous home of the blues, three blocks from the FedEx Forum, and across the street from AutoZone Park.

The joint venture has retained Prism Hospitality, L.P. as the property manager. Prism has been the manager of the property for a number of years and in 2005, led its $8 million redevelopment. The new ownership group is making additional upgrades to the property, including adding flat panel televisions in all the guestrooms, updating the carpeting and other furnishings throughout the hotel, and renovating the boardroom, fitness and business centers.

"The Doubletree Hotel Memphis Downtown is a high quality, exceptionally well-located property. These characteristics, combined with our lodging investment experience with Watermark Capital Partners, make this acquisition consistent with our investment parameters and portfolio objectives," said Jason E. Fox, executive director of W. P. Carey & Co. LLC.

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