Wright Investment Properties, Inc. Expands into Connecticut
Cordova, TN, June 12, 2008 – Wright Investment Properties, a hotel ownership and development company based in Cordova, TN recently acquired the 265-room Doubletree Hotel, CT. for $29 million. The hotel will remain a Doubletree Hotel but will undergo a $3 million upgrade. Design considerations are to enhance the property to grow occupancy as well as rate. Hospitality Management Advisors, Inc., the management arm of Wright Investment Properties, will manage the property.
‘We are excited about becoming a part of the thriving Northeast marketplace," said Charles Swan, Executive Vice President of Wright Investment Properties and President of Hospitality Management Advisors. "The hotel's convenient location combined with its comfortable design make it the perfect addition to our portfolio."
The 265-room Doubletree Hotel Norwalk has a contemporary décor that features all of the signature Doubletree Hotel amenities including Doubletree's signature Sweet Dreams ® bedding, 32-inch flat screen TV's, spacious work desks and ergonomic chairs and two phones with speaker phone capability. Other offerings include complimentary high speed Internet access throughout the hotel, Saffire Bar and Grill, Hilton fitness center by Precor ®, indoor pool, 4,000 square feet of meeting and banquet space, including the Silvermine Ballroom which can accommodate meetings up to 300 people, and a business center.
"The condition of this asset, its superb location in the dense Northeast Corridor and the affiliation with a top-tier brand were compelling reasons to pursue this opportunity," said Larry Wright, Founder and President of Wright Investment Properties. "We acquired this hotel due to an increase in demand being generated by the movement of companies out of costly New York City and the fact that the area is home to so many Fortune 500 companies."
Wright Investment Properties is a leading privately held national hotel development company that is consistently recognized as one of the top 35 hotel management companies in the United States by Hotel Business Magazine. Wright's development focus is on primary and secondary markets with premium hotel brands, both full service and select service hotels. For more information on the company visit their website at www.wrightinvestments.com.
Hospitality Management Advisors, Inc. is one of the premier hotel management companies in the United States. The company works with private ownership groups as well as some of the largest public and private equity groups, REIT's, life Insurance Companies, banks, etc. in the United States and has a proven long-standing reputation for performance-driven results through excellent operating and asset management standards. Hospitality Management Advisors operates hotels in more than nine states with a wide range of franchises including Marriott, Hilton, Carlson Hotels, Intercontinental Hotels Group and others. Hospitality Management Advisors is headquartered in Cordova, TN, a suburb of Memphis. For more information about Hospitality Management Advisors, visit the company's website at www.wrightinvestments.com
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