A San Francisco-based hotel investment group has purchased the Adam's Mark hotel portfolio.
The deal gives the Chartres Lodging Group, formerly known as Oxford Lodging Advisory and Investment Group, high-profile, convention-oriented hotels in Dallas, Denver, St. Louis, Indianapolis and Buffalo, N.Y.
Chartres said it planned to spend more than $238 million to renovate, rebrand and reposition the five properties over the next 18 months. The Adam's Mark hotels in Dallas and Denver, the biggest hotels in their respective cities, will be rebranded as Sheratons. The St. Louis hotel will become a Hyatt.
Chartres Lodging originally entered an agreement to purchase the portfolio from HBE Corp. of St. Louis last May for an undisclosed amount.
The Adam's Mark Dallas, a 1,842-room hotel, becomes the Sheraton Dallas Hotel. The property has 230,000 square feet of meetings space, including the largest ballroom in Texas. The hotel is located in the heart of the Dallas commercial center and attached via sky-bridge to another Starwood property, the Westin City Center, Dallas.
The Adam's Mark Denver, a 1,225-room hotel, becomes the Sheraton Denver. The property has 130,000 square feet of conference space and nearly 50 meetings rooms. The hotel is located in downtown Denver at 16th Street and Court Place, near the state capital and on the 16th Street pedestrian mall.
Starwood Hotels & Resorts, owner of the Sheraton brand, called the move "part of a larger comprehensive revitalization and expansion of the Sheraton brand currently being implemented worldwide."
"Sheraton is embarking on a bold plan to reposition itself, with extensive renovations and upgrades to existing hotels that will result in 50,000 new or renovated rooms by 2009 in North America alone and 60 new hotels in the next two-and-a-half years in high-profile U.S. cities," said Hoyt Harper, Sheraton's senior vice president. "The new Dallas and Denver hotels will expand Sheraton's footprint and illustrate the brand's focus on large convention hotels."
The management of the Adam's Mark St. Louis, a 910-room property at the base of the city's Gateway Arch, has been assumed by Hyatt. The hotel will be rebranded as the Hyatt Regency St. Louis Waterfront this spring.
The Adam's Mark Indianapolis, a 406-room property at Indianapolis International Airport, will be rebranded, but Chartres Lodging said it wasn't ready to make any announcements. In the meantime, it will be managed as an Adam's Mark by Kokua Hospitality,a Chartres Lodging affiliate.
The Adam's Mark Buffalo-Niagara, 486-room property in the heart of Buffalo's downtown business district, will also be run by Kokua Hospitality as an Adam's Mark. No rebranding plans have been made for the Buffalo hotel.