Boykin acquires joint share in Chicago's Executive Plaza In a transaction valued at approximately $48 million, Cleveland-based Boykin Lodging Co. has acquired a 75% interest - through a joint venture with Boston-based AEW Partners III LP - in the Chicago Executive Plaza Hotel. The full-service, 421-room hotel will undergo a complete renovation of all guestrooms, meeting rooms, and food and beverage facilities during 2000.
The remaining 25% interest in the hotel is owned by a private investor. Debt financing in the amount of $30 million was provided by San Francisco-based Wells Fargo Bank.
MeriStar re-flags properties MeriStar Hospitality Corp. of Washington, D.C., has completed the conversion and re-flagging of two hotels - the former Holiday Inn in Annapolis, Md., and the former Ramada Plaza Old Town in Virginia. Renamed the Radisson Hotel Annapolis and the Radisson Hotel Old Town Alexandria, respectively, the hotels have undergone extensive renovations.
Located within the city's historic district, the newly renovated Radisson Hotel Annapolis contains a fitness center, 12,000 sq. ft. of meeting space and five suites. The Radisson Hotel Old Town Alexandria is also located in the historic district of Alexandria and is adjacent to the Potomac River.
Hilton New York launches $85 million renovation project The Hilton New York, located at 1335 Avenue of the Americas, has begun a $85 million renovation project that includes a reconfigured lobby, two new dining venues, two lounges and more than 15,000 sq. ft. of additional meeting facilities. Work is slated for completion by January 2000.
The project - dubbed by Hilton execs as the "Master Plan" - will include 37 new guest rooms and a sky-lit spa and fitness center. A new 8,200 sq. ft. meeting facility and video conference facility will also be featured. Q