Integrated Capital, LLC announced today that it has acquired the Doubletree Hotel Modesto and the Doubletree Hotel Bakersfield from Hilton Hotels Corporation for a combined total purchase price of approximately $40 million. Both properties will continue to be operated and managed by Hilton Hotels Corporation.
“This acquisition was first and foremost about an outstanding value proposition which more than met the objectives of our investment group. Investing in high quality hotels such as these Doubletree properties is consistent with our intent to be associated with a leading brand within industries we select for our investment. In addition, we are pleased that this acquisition reinforces the notion that hotel ownership represents a strong investment option for minority entrepreneurs. This is particularly true with a well-recognized company like Hilton Hotels Corporation, which has a long history of managing and franchising successful hotels,” said Kenneth Fearn, managing partner, Integrated Capital LLC.
Located in the heart of Central California, both the Doubletree Hotel Modesto and Doubletree Hotel Bakersfield will soon undergo multi-million dollar property-wide renovations including a complete rooms remodel replacing all case goods, soft goods, art, updating bathrooms, and providing high-speed internet access to each guestroom. In addition to the rooms, the renovations will also be updating the guestroom corridors with new carpet, wall vinyl, and light sconces. Kenneth Fearn stated, “Upon completion these will be completely new guestrooms, which will provide guests with maximum comfort. We are excited about the immediate impact our renovation will have on both of these fine hotels.”
“Hilton has made it a priority to expand minority ownership in our Family of Hotels and we are proud of the relationship we have developed with our associates at Integrated Capital,” said Robert La Forgia, senior vice president and chief financial officer for Hilton Hotels Corporation. “We are excited that we will continue managing these two fine hotels and look forward to working with the new owners as they begin the planned improvements.”
The Doubletree Hotel Modesto is a modern high rise facility located in the renovated downtown area two blocks from Highway 99. The property has 258 spacious guestrooms, five suites, The Garden Terrace Cafe, Lobby Lounge, Club Max Night Club, a business center, and 32,000 square feet of event space which can accommodate up to 1,600 guests. The Hotel/Conference Center facility is the largest within a 50 mile radius of Modesto.
With 262 oversized guestrooms, including 14 suites, The Doubletree Hotel Bakersfield is the largest hotel in Bakersfield and is conveniently located near the major corporate, government and recreation destinations in the area. The hotel also features two restaurants, a nightclub, 24-hour shuttle service to the airport and over 12,000 square feet of event space for up to 1,000 guests.
Both hotels offer members of the Hilton HHonors(R) guest reward program the opportunity to earn HHonors points in addition to airline airline miles fore every qualifying stay. HHonors is the only hotel program that allows its members to Double Dip(R)—simultaneously accumulate both hotel points and airline miles with each qualifying stay at more than 2,500 participating hotels worldwide. For reservations call 1-800-HILTONS or visit our website at www.doubletree.com