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TEXAS HOTEL MANAGEMENT COMPANY TO SPEARHEAD MULTI-MILLION DOLLAR RENOVATIONS AT 10 PHOENIX INN SUITES
Aimbridge Hospitality Announces Renovations of Recenty Acquired Properties in Oregon and Washington
DALLAS (January 2, 2007) -Aimbridge Hospitality, a hotel real estate and management company with development partner, JMI Realty, a development and construction management firm specializing in the hospitality arena and Merrill Lynch Global Principal Investments (GPI), equity partner, announce plans to complete over $6 million in interior renovations to ten properties across Oregon and Washington. Phoenix Inn Suites locations in Oregon: Albany, Beaverton, Bend, Eugene, Lake Oswego, Salem-North, Salem-South and Tigard, and two in Washington, Olympia and Vancouver, were acquired by Merrill Lynch GPI, JMI Realty and Aimbridge in April 2006. The renovating and repositioning of these assets are part of Aimbridge's overall development strategy in order to grow the company while providing strong returns to its partners. These renovations, upon completion will be the largest renovation project to date in the brand's history.
Upgrades to all interiors will include new pillow top mattresses and topical bed treatment for guests to enjoy. Newly installed carpet, wall vinyl and paint, along with eclectic artwork and décor, are among several of the new features. For the business traveler in mind, ergonomic task chairs will be included as well. Lighting systems, bathroom hardware, expansions to the lobby areas and banquet rooms, will round out the $6 million worth of interior renovations.
"We are looking forward to finalizing the renovation plans which we expect to be completed by mid 2007, that will completely update the hotels, providing a fresh new look and feel," said John Kratzer, President and CEO of JMI Realty. "We have always been impressed by the loyalty to the Phoenix Inns brand and are trying to make improvements that respond to the needs and desires of our valued customers," Kratzer added.
"At the time when we acquired the assets, we recognized the products were well maintained, had tremendous customer loyalty and needed to be renovated in order to uphold the loyalty and market share," said Dave Johnson, Chief Executive Officer of Aimbridge Hospitality. "We are thrilled with the progress of the renovations and are on target with our original estimates. Upon completion of the renovations, which we anticipate to be completed by mid 2007, we expect to dominate the local markets once again."
About Aimbridge Hospitality
Aimbridge Hospitality is a hotel real estate and management company created to identify investment opportunities throughout the United States. Aimbridge provides management, asset management, capital renovation, supervision, accounting and consulting services for its strategic partners. Aimbridge currently operates hotel properties in the Embassy Suites, Doubletree, Hilton Garden Inn, Hampton Inn & Suites, Sheraton, Hyatt and Wyndham brands. Aimbridge also manages a number of independent hotels, including the Phoenix Inn & Suites brand of hotels and has several projects under development in the Starwood, Marriott and Hilton enterprises. For more information on Aimbridge Hospitality, please visit the company's Web site at www.aimbridgehospitality.com.
About JMI Realty
JMI Realty is a private real estate investment and development company located in San Diego, California. The company was organized in 1992 as the real estate subsidiary of JMI, Incorporated, the investment management company of John Moore's Family. JMI seeks investments and development opportunities across all product sectors with a specialization in lodging and multifamily areas and an expertise in processing complicated urban development projects. JMI Realty has a proven track record for achieving superior risk-adjusted returns for its investors and partners.