DALLAS—Ashford
Hospitality Trust, Inc. is converting the Crowne Plaza Beverly Hills
to a Marriott Hotel.
The
conversion of the new 258-room Marriott Beverly Hills will include an
extensive PIP, estimated at $25 million. It will include an upgrade
of the HVAC system, a renovation of guestrooms and public areas and
exterior enhancements. Remington Lodging & Hospitality will
continue to manage the property after the conversion.
This
conversion follows the completed transfer of management of eight of
the company's other Marriott-branded properties last May from
Marriott to Remington Lodging & Hospitality. These properties are
SpringHill Suites Richmond Virginia Center; Residence Inn Phoenix
Airport; Residence Inn Newark Silicon Valley, CA; Courtyard Oakland
Airport; Courtyard by Marriott Newark Fremont, CA; Courtyard Palm
Desert; and Residence Inn Palm Desert; and the Marriott Suites Market
Center Dallas.
"We
are very pleased with the conversion of these newly franchised
assets and the planned repositioning of our Beverly Hills hotel.
Our goal is always to maximize the value of our assets and create
long-term value creation. We believe these initiatives will
ultimately result in increased revenues and additional cost
savings,"Monty J. Bennett, Ashford's chairman and CEO, said in a
statement. "The Marriott Beverly Hills is well positioned within
the marketplace as presently there are few full-service Marriott
hotels near the hotel. We believe the conversion of our Beverly
Hills hotel is well-timed and we expect to reap the benefits of
this market demand.
Source:
.hotel business
