Winston Hotels, a real estate investment trust and owner of premium limited-service, upscale extended-stay and full-service hotels, and DeHoff Development Company, a diversified real estate owner and developer, today announced the formation of a joint venture to build a 121-room Hilton Garden Inn at Gateway Corporate Park, adjacent to the Akron-Canton Airport in Green, Ohio for approximately $12.0 million. The total equity investment in the joint venture is expected to be $4.6 million. Winston Hotels plans to contribute $1.0 million in common equity, and another $2.2 million in preferred equity, while DeHoff plans to contribute $1.4 million in common equity to the project. The joint venture anticipates funding approximately $7.4 million of the project’s all-in cost with a first mortgage. Alliance Hospitality will operate the hotel, which will break ground in late 2005 and is expected to open in late fall 2006.
“DeHoff is a highly regarded Midwest real estate developer,” said Bob Winston, chief executive officer of Winston Hotels. “This is a quality project in a great location with multiple demand generators in a growing market. We have a solid track record in developing projects with strong partners like DeHoff and look forward to expanding our relationship with them.”
“Winston Hotels has in-depth expertise in hotel development and operations and provides an added dimension to this project,” said Dan DeHoff, vice president, DeHoff Development Company. “We believe the airport market and surrounding areas are well positioned for growth.”
The Hilton Garden Inn at Gateway Park will be the anchor hotel for the 33-acre Gateway Corporate Park, a strip of land bordered by Lauby Road and I-77 at the Akron-Canton Airport interchange. Plans call for the site to include class “A” office buildings, restaurants and service retail, which also will be developed by DeHoff.
The upper mid-market Hilton Garden Inn will feature 121 guestrooms and executive suites offering complimentary high-speed Internet access and secure remote printing; 3,000 square-feet of flexible meeting space with high-tech capabilities; a 24-hour complimentary business center; a workout facility; an indoor swimming pool and whirlpool; a full-service restaurant; and an onsite guest laundry facility.
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