Joint venture buys Memphis Doubletree

A joint venture consisting
of W. P. Carey & Co. and Watermark Capital Partners, has acquired
the Doubletree Hotel Memphis Downtown.The property features 280 guest units
inclusive of seven suites, over 8,500 square feet of flexible meeting
space, and a highly successful T.G.I. Friday’s restaurant. The Doubletree
Hotel Memphis Downtown is located just steps from Beale Street, the
world-famous home of the blues, three blocks from the FedEx Forum, and
across the street from AutoZone Park. The dynamic neighborhood also
includes such venues as The Orpheum Theater, the Gibson Guitar Factory and
Museum, and the Smithsonian Rock ‘n’ Soul Museum.
  The joint venture has retained Prism Hospitality, L.P. as the property
manager. Prism has been the manager of the property for a number of years
and in 2005, led its $8 million redevelopment. The new ownership group is
making additional upgrades to the property, including adding flat panel
televisions in all the guestrooms, updating the carpeting and other
furnishings throughout the hotel, and renovating the boardroom, fitness and
business centers.
  “The Doubletree Hotel Memphis Downtown is a high quality, exceptionally
well-located property. These characteristics, combined with our lodging
investment experience with Watermark Capital Partners, make this
acquisition consistent with our investment parameters and portfolio
objectives,” said Jason E. Fox, Executive Director of W. P. Carey & Co.
LLC.
  “Working with W. P. Carey and Prism Hospitality, we intend to improve
this already well-performing property for the benefit of its customers, its
associates and the Memphis community,” said Michael G. Medzigian, Chairman
of Watermark Capital Partners, LLC.
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