News Release
For Release Monday, March 2, 2009 9:00 a.m.
Doubletree Hotel Memphis Downtown Completes Renovation
Chicago, IL - March 2, 2009 - The Doubletree Hotel Memphis Downtown announced today the completion of a comprehensive renovation, transforming the upscale hotel into one of the premier hotels in Downtown Memphis. The renovations began in late 2007 shortly after the hotel was acquired by a joint venture consisting of W. P. Carey & Co. LLC and Watermark Capital Partners, LLC.
The comprehensive renovation is characterized by its modern and contemporary design, and includes new guestroom case goods, linens, carpet and 32" LCD televisions; updated furnishings throughout the hotel; a redesigned lobby with a contemporary "Soul of the City" feel; renovated meeting space and fitness and business centers; exterior enhancements; and mechanical upgrades.
The Doubletree Hotel Memphis Downtown is a leading full-service hotel located in the heart of Memphis, Tennessee. The property features 280 guest units, 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.
"In renovating and redesigning the property, we struck a balance between modern elegance and the cultural significance of Memphis, particularly Beale Street," said Michael G. Medzigian, Chairman and Managing Partner of Watermark Capital Partners, LLC. "We are very proud of the look and feel of the redesigned property, we believe that it benefits the Memphis community and we are pleased to offer our guests an enhanced experience."
W. P. CAREY & CO. LLC
W. P. Carey & Co. LLC is an investment management company that provides long-term sale-leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio approaching $10 billion. Publicly traded on the New York Stock Exchange (WPC), W. P. Carey and its CPAŽ series of income-generating, non-traded REITs help companies and private equity firms unlock capital tied up in real estate assets. The W. P. Carey Group's investments are highly diversified, comprising contractual agreements with approximately 300 long-term corporate obligors spanning 28 industries and 14 countries. Additional information regarding W. P. Carey is available at www.wpcarey.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. Watermark is led by Michael G. Medzigian who has been responsible for over $13 billion of real estate investments and has an exceptional track record of integrity and for sourcing proprietary opportunities, creatively enhancing value and delivering superior risk-adjusted returns to his investors. Watermark's primary investment focus is 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 mixed-use projects. Additional information regarding Watermark is available at www.watermarkcap.com.
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Contact
Gil Murillo
Watermark Capital Partners, LLC
847-482-8600
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