MEMPHIS -- A joint venture deal consisting of an an affiliate of
Dallas-based Crow Holdings and Wilton D. Hill, president of the
Memphis-based Davidson Hotel Co. purchased the Adams Mark Hotel in
Memphis.
Davidson Hotel Co. will assuming all management responsibilities
for the hotel, which will be known as the Park Vista Memphis, a
Hilton affiliate hotel.
In addition to managing the property, Davidson will oversee the
investment by the joint venture, known as CHD Memphis I, L.L.C, of
approximately $12 million.
Funds will go towards renovations and upgrades, which are
expected to be completed by spring 2004. Upon completion, the hotel
will become the Hilton Memphis.