Media Contacts:
MCA Public Relations – 214.654.0402
Kellie McCrory
kellie@kmccrory.com
Aimbridge Hospitality Purchases Two Sheraton Properties
Leading hotel Management Company will operate the Sheraton Metairie New Orleans Hotel and the Sheraton Jacksonville Hotel
DALLAS, Texas (November 18, 2010) – In two separate joint ventures, affiliates of Aimbridge Hospitality have acquired the Sheraton Metairie and the Sheraton Jacksonville. Dallas-based Aimbridge Hospitality, one of the nation's leading independent hotel investment and management firms, will serve as manager for both hotels.
The Sheraton Metairie New Orleans Hotel was purchased in a joint venture with HighRoads Hospitality, a Songy Partners entity, and Argonaut Private Equity. The 181-room hotel features 5,349 square feet of meeting space and is located in the heart of Metairie's upscale business district and is centrally located between Louis Armstrong International Airport, downtown New Orleans and the famous French Quarter and Garden District.
The Sheraton Jacksonville Hotel, which opened in 2008, was purchased in a separate joint venture with Aimbridge and Argonaut Private Equity. The 159-room hotel is located in the lively Deerwood Park area of southeast Jacksonville, Florida and is just minutes away from the Jacksonville beaches, the Avenues Shopping Mall, the University of North Florida and the new St. Johns Town Center Mall.
According to Dave Johnson, President and CEO of Aimbridge Hospitality, both hotels will continue operating under the Sheraton brand, with extensive renovations planned for Sheraton Metairie.
"We see great opportunity with these acquisitions," Johnson added, "and believe we can substantially increase the value of both assets through top-line revenue growth, aggressive profit strategies and well planned capital investments."
"We are pleased that Aimbridge Hospitality has chosen to expand their hotel portfolio by investing in, and substantially upgrading, two great Sheraton hotel products," said Paul Sacco, SVP of Development of Starwood. "Both hotels are well located in their respective markets and offer popular Sheraton amenities such as Sheraton Sweet Sleeper™ beds, in-room Starbucks Coffee® and 24-hour fully equipped fitness centers."
"Aimbridge continues to pursue an aggressive track record of growing its portfolio of hotels while bringing additional value to its investors." said Todd Nocerini, President of HighRoads Hospitality. "They have done an outstanding job with our projects in other markets and we have tremendous confidence that they will do the same at these assets as well."
ABOUT AIMBRIDGE HOSPITALITY
Aimbridge Hospitality is one of the nation's leading independent hotel investment and management firms with a proven track record for delivering superior returns for its strategic partners in a variety of markets and economic cycles. Aimbridge provides management, asset management, development, renovation and consulting services. Based in Dallas, Texas, Aimbridge currently owns and/or manages over 60 upscale, independent and branded hotels with nearly 11,000 rooms across the United States and the Caribbean, including such affiliations as Marriott, Hilton, Embassy Suites, DoubleTree, Hilton Garden Inn, Hampton Inn & Suites, Aloft, Hyatt, Wyndham and the Phoenix Inn Suites chain of hotels. For more information on Aimbridge Hospitality, please visit www.aimbridgehospitality.com.