I'd reported previously about the deal to sell the Doubletree Hotel
connected to Robinson Center and plans for $5 million in improvements to the facility.
I got the news release today on completion of the deal:
FAC-W Markham, LLC, a partnership of affiliates of Fifth Avenue Capital and Waterford Hotel Group, has finalized the purchase of the 288-room DoubleTree by Hilton in Little Rock, Arkansas. Fifth Avenue Capital is a New York City based private equity investment firm that is led by the principals of Pearson Partners, Inc. Waterford Hotel Group, a Connecticut based company with nearly 30 years of experience operating hotels and convention centers nationwide, has assumed management of the DoubleTree Little Rock.
“We look forward to working with the City of Little Rock, the Little Rock Convention and Visitors Bureau, and the team of associates at the hotel, and we would like to thank them for their support during this transition,” said Rob Winchester, President and COO of Waterford Hotel Group.
The DoubleTree by Hilton in historic downtown Little Rock is located just off I-30 in the heart of Arkansas’ capital city. The hotel features 288 rooms, the Plaza Grille and Bar, flexible banquet, catering, and meeting space, a business center, and an outdoor swimming pool. DoubleTree Little Rock is connected to Arkansas’ Premier Performing Arts Venue, the Robinson Center, which is currently closed for a multi-million dollar renovation and scheduled to reopen in Fall 2016. The hotel is conveniently located only minutes from the Bill and Hillary Clinton National Airport and in close proximity to the leading Little Rock attractions, such as the Statehouse Convention Center, William Jefferson Clinton Presidential Library, Verizon Arena, Little Rock’s Government and State Offices, the shopping district, and much more.
The hotel is the first acquisition for the venture and marks Fifth Avenue Capital’s first hotel investment. David Pearson, a principal of Fifth Avenue Capital shared, “While we have historically invested in retail and office properties, we have been seeking quality value-add hotel investments with a strong operating partner. In the Little Rock DoubleTree and the Waterford Hotel Group, we have found both.”
The new ownership has also announced that plans are currently underway for a more than $5 million renovation of the DoubleTree Little Rock. “The DoubleTree enjoys a prime location in the heart of historic Little Rock. We are busy planning for an extensive renovation with a focus on enhancing guest experience for those visiting the downtown area for business or leisure travel, as well as for the local community visiting the many area attractions. We are excited to share more information on the renovation plans once finalized,” added Winchester.
About Fifth Avenue Capital, LLC
Fifth Avenue Capital is a private equity investment vehicle managed by principals of New York based Pearson Partners. Fifth Avenue Capital, led by Paul and David Pearson, has completed over $700,000,000 in value-add and core-plus acquisitions throughout the United States.
About Waterford Hotel Group, Inc.
Waterford Hotel Group is one of the nation's leading hotel and convention center management companies. The company operates 28 properties in 8 states, representing nearly 3,700 total rooms and 700,000 square feet of meeting and convention space. The collective expertise of the team and track record of success has earned Waterford distinction as an approved operator for the leading hotel brands. Whether the involvement begins at conception or during operation, Waterford Hotel Group strives for successful performance and profitability of each managed property, while maintaining the highest standards of quality, service, and cleanliness. For more information, visit www.waterfordhotelgroup.com.