DENVER--Destination Hotels & Resorts, a management company
known for its off-the-beaten-track properties, made a move into
more urban territory with two hotels acquired by parent Lowe
Enterprises last week.
DHR, based here, took over management of the ANA Hotel, San
Francisco and the ANA Hotel, Washington, both formerly owned by
Japanese airline All Nippon Airways. Lowe Enterprises purchased the
two hotels from ANA for approximately $270 million.
"We started as a resort company with properties in resort
areas," said Charlie Peck, president and chief operating officer of
DHR. "But they depend on a core group of conference visitors and
other groups. To us, it's a perfect fit; we now have a high-quality
urban hotel in an international market. We serve the same guests in
a different way."
With the turnover, the hotels also receive new names: the Argent
Hotel, San Francisco and the Washington Monarch Hotel. The managers
of the Argent plan to invest $20 million over the next five years,
mostly to renovate guest rooms, meeting spaces and hallways. On the
opposite coast, DHR will manage the Washington Monarch. The
property also will receive a face-lift from its new operators: The
company has slated $12 million for renovations in the next
year.
The two hotels bring DHR's portfolio to 24 properties, all but
three located in the U.S. The other three are in the U.K., and DHR
has plans to expand into other parts of Europe.