W. P. Carey & Co. LLC and Watermark Capital Partners, LLC Partner to Acquire the Doubletree Hotel Memphis Downtown
September 27 2007 - 3:40PM
PR Newswire (US)
CHICAGO, Sept. 27 /PRNewswire-FirstCall/ -- 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,
Tennessee. The property features 280 guest units inclusive of seven
suites, over 8,500 square feet 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 dynamic neighborhood
also includes such venues as The Orpheum Theater, the Gibson Guitar
Factory and Museum, and the Smithsonian Rock 'n' Soul Museum. 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. "Working with W. P. Carey and Prism
Hospitality, we intend to improve this already well-performing
property for the benefit of its customers, its associates and the
Memphis community," said Michael G. Medzigian, Chairman of
Watermark Capital Partners, LLC. Founded in 1973, W. P. Carey &
Co. LLC is a leading global provider of long-term net lease
financing for companies worldwide. With over $9.6 billion in assets
and $5 billion in equity capital, the Company and its CPA(R) series
of income generating real estate funds specialize in helping
companies and private equity firms realize the capital tied up in
their real estate assets. The W. P. Carey Group owns more than 850
commercial and industrial properties in 14 countries, representing
approximately 100 million square feet. Additional information
regarding W. P. Carey is available at http://www.wpcarey.com/.
Watermark Capital Partners, LLC is a Lake Forest, Illinois based
private investment firm that specializes in real estate private
equity transactions. Watermark is led by Michael G. Medzigian who
has been responsible for over $13 billion of real estate
investments and has an exceptional track record of integrity and
for sourcing proprietary opportunities, creatively enhancing value
and delivering superior risk-adjusted returns to his investors.
Watermark's primary investment focus is on assets that benefit from
specialized marketing strategies and demographic shifts including
hotels and resorts, golf and recreation, resort residential,
fractional and club programs, and mixed-use projects. Additional
information regarding Watermark is available at
http://www.watermarkcap.com/. Dallas-based Prism Hotels &
Resorts is one of the fastest growing full- service hotel
investment, management and development companies in the United
States. The company currently manages more than 5,000 rooms for
multiple owners in 11 states and the Caribbean. For more
information, please visit http://www.prismhotels.com/. COMPANY
CONTACTS: James Harper Kristina McMenamin Watermark Capital
Partners, LLC W. P. Carey & Co. LLC 847-482-8600 212-492-8995
DATASOURCE: W. P. Carey & Co. LLC; Watermark Capital Partners,
LLC CONTACT: James Harper of Watermark Capital Partners, LLC,
+1-847-482-8600, or ; or Kristina McMenamin of W. P. Carey &
Co. LLC, +1-212-492-8995, or Web site: http://www.wpcarey.com/
http://www.watermarkcap.com/ http://www.prismhotels.com/
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