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RCG VENTURES AND AIMBRIDGE HOSPITALITY ACQUIRE FOUR POINTS BY SHERATON HOTEL AT KANSAS CITY INTERNATIONAL AIRPORT
Over $3.5 Million Invested in Recent Renovations at Former Clarion Hotel
DALLAS (September 15, 2006) –Aimbridge Hospitality, a hotel real estate and management company, announced today that the former Clarion Hotel at Kansas City International Airport will immediately be transformed to a Four Points by Sheraton hotel. RCG Ventures, a real estate investment firm based in Atlanta, GA, along with Aimbridge, purchased the newly renovated Four Points by Sheraton Kansas City hotel from Hulsing Hotels. Financial details of the transaction were not disclosed. The Four Points by Sheraton Kansas City acquisition denotes Aimbridge Hospitality’s second affiliation with Starwood Hotels & Resorts. Aimbridge was named as a developer and operator of aloft Hotels by Starwood.
Located at Kansas City’s International Airport, the hotel is now open for business after recently completing more than $3.5 million worth of renovations, including upgrades to its 200 guest rooms and 4,000-square-foot meeting space. Featuring Tanner’s Bar and Grill, a well-known sports bar and restaurant chain based in Kansas City, and an outdoor pool accompanied with a state-of-the-art fitness center, guests will enjoy the new Four Points by Sheraton Four Comfort Bed as well as the convenience of free high-speed Internet access in every guest room.
We believe that collaborating with Aimbridge Hospitality and RCG Ventures on this conversion will provide another key location to serve our Starwood customers. Due to KCI’s recent growth, we felt we needed to be in this location. This project works well for all involved, the brand, the investors and the operator, said KC Kavenaugh of Four Points by Sheraton Hotels.
We are pleased to team up with Aimbridge on this exciting venture. Aimbridge’s development strategy of acquiring under-performing assets, renovating, re-branding and repositioning the asset to create exponential returns is exactly what we were looking for in an operating partner, said Jim O’Donnell, Vice President of Acquisitions for RCG Ventures. Together we have repositioned the Four Points by Sheraton Kansas City to dramatically improve the overall guest experience while creating value for the venture, O’Donnell added.
The acquisition and transition from Clarion Hotel at Kansas City International Airport to the Four Points by Sheraton Kansas City continues our development strategy of identifying under performing assets in key locations. We look forward to working with RCG Ventures on other lodging opportunities in the near future, said Dave Johnson, chief executive officer of Aimbridge Hospitality.
About Four Points by Sheraton Kansas City
The Four Points by Sheraton Kansas City is located at 11832 Nw Plaza Circle, Kansas City, Missouri 64153. For more information regarding this property and other Four Points by Sheraton hotels, please visit the company Web site at www.starwoodhotels.com/fourpoints, or by calling 1-800-368-7764 in the U.S. and Canada, or contact the hotel directly at 816-464-2345.
About RCG Ventures, LLC.
RCG Ventures (RCG) is a privately funded real estate investment group acquiring real estate in the Eastern portion of the United States. Under the leadership of principals, Michael Klump and Michael McMillen, RCG Ventures’ mission is to build a self sustaining portfolio of income producing properties and become the premier owner of multi tenanted real estate in the Eastern United States. RCG Ventures currently has more than 25 properties in its portfolio, extending over 12 states. For more information on RCG Ventures, please visit www.rcgventures.com.
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 Doubletree, Wyndham and Hilton Garden Inn 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 Family of Brands. Aimbridge’s current portfolio extends over 11 states. For more information on Aimbridge Hospitality, please visit the company’s Web site at www.aimbridgehospitality.com.