News Release
For Release Monday, February 27, 2006 9:00 a.m.
Holiday Inn - Livonia West To Undergo $10 Million Renovation
Watermark Capital Partners To Oversee Project
Lake Forest, IL - Watermark Capital Partners, LLC, a Lake Forest, Illinois-based private investment firm, announced today that the Holiday Inn - Livonia West will undergo a $10 million renovation. The hotel and its restaurants, located at 17123 Laurel Park in Livonia, Michigan, will remain open during renovations, which are expected to be completed by mid-2007. The renovations will encompass the entire 226-room hotel and its exterior premises including all guest rooms and suites, all public areas including the 15,300 square feet of meeting facilities, the indoor pool and fitness center as well as the food and beverage outlets.
Renovations to the Holiday Inn - Livonia West will be completed in conjunction with W. P. Carey & Co. LLC, a New York City-based investment firm, which acquired the hotel on behalf of an affiliate in 1987. Holly C. Mauro, Second Vice President of W. P. Carey & Co. LLC said, "The Holiday Inn - Livonia West occupies one of the most prominent sites within the Detroit Metropolitan Area, and we are pleased to be working with Watermark Capital Partners to upgrade the property to a level consistent with its outstanding location, for the benefit of all of our customers and associates."
Michael G. Medzigian, Chairman and Managing Partner of Watermark Capital Partners, LLC said, "We are pleased to announce that renovations to the Holiday Inn - Livonia West will begin immediately. This $10 million renovation will establish the Holiday Inn - Livonia West as one of the premier hotels in one of the most prominent locations within the Detroit metropolitan area. Guests will enjoy state-of-the-art accommodations and improved services that will ensure that every visit will be relaxing, memorable and enjoyable."
Individuals and parties interested in making reservations can call 734-464-1300 or email info.livonia@ihrco.com.
WATERMARK CAPITAL PARTNERS, LLC
Watermark Capital Partners, LLC is a Lake Forest, Illinois based private investment firm that specializes in real estate private equity transactions. The equity capital invested by the Firm consists of funds managed on behalf of its investors, as well as the personal capital of its principals. The Watermark principals, led by Michael G. Medzigian, have been responsible for over $13 billion of real estate investments and have an exceptional track record of integrity and for sourcing proprietary opportunities, creatively enhancing value and delivering superior risk-adjusted returns to their investors. The Firm focuses its investment activities on assets that benefit from specialized marketing strategies and demographic shifts including hotels and resorts, golf and recreation, resort residential, fractional and club programs, and new-urbanism and mixed-use projects. www.watermarkcap.com
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a global investment firm concerned with assisting corporations with various forms of long-term financing. The Company also provides asset management services to the Corporate Property Associates (CPAŽ) series of income generating real estate funds. With $3.5 billion in equity capital, the W. P. Carey Group is one of the leading providers of net lease financing for corporate properties worldwide. The Group owns more than 675 commercial and industrial properties in 12 countries, representing over 95 million square feet, valued at more than $7.4 billion. www.wpcarey.com
back to news index
|
|
