OVERLAND PARK, Kan.--(BUSINESS WIRE)--Second paragraph, first sentence of release dated August 5, 2019 should read: "We are very pleased to announce our second acquisition with Trinity Private Equity Group... (instead of "We are very pleased to announce our second acquisition with Trinity Preferred Equity Group...)
The corrected release reads:
JOINT VENTURE BETWEEN WEXFORD LODGING ADVISORS AND TRINITY PRIVATE EQUITY GROUP ACQUIRES 398-ROOM MARRIOTT KANSAS CITY OVERLAND PARK
JV to Invest $17 Million to Upgrade Hotel
Officials of a joint venture comprised of Wexford Lodging Advisors, a leading hotel investment and asset management firm, and Trinity Private Equity Group, one of the nation’s top alternative investment firms, today announced the acquisition of the 398-room Marriott Kansas City Overland Park. The joint venture will invest approximately $17 million to upgrade the property’s guest rooms and public spaces. Davidson Hotels and Resorts, one of the nation’s largest third-party management companies, will operate the hotel.
“We are very pleased to announce our second acquisition with Trinity Private Equity Group, following our acquisition in April of the DoubleTree Suites Nashville Airport. The Marriott Kansas City Overland Park is a perfect example of what we target: it is a well-located property in a market with strong demand generators that will benefit greatly from a comprehensive renovation and from Wexford’s hands-on asset management,” said John Rosen, president, Wexford Lodging Advisors. “We are also excited to work with Davidson Hotels & Resorts to plan and implement the repositioning this prominent hotel deserves.”
In addition to a full guestroom remodel, Wexford’s plan includes renovation of the meeting space and lobby, in addition to the introduction of Marriott’s M Club concierge lounge, as well as development of a brand new, best-in-class fitness center experience.
“Kansas City is a bourgeoning market, and the Marriott Kansas City Overland Park is at the heart of the action,” said Davidson Hotels & Resorts President Thom Geshay. “We’re excited to work with Wexford Lodging Advisors and Trinity Private Equity Group on cultivating an enhanced guest experience that meets the growing demand for upscale properties in the region.”
Located at 10800 Metcalf Ave., the 11-story hotel is situated on I-435 within 20 million square feet of office space, proximate to major headquarter offices, including Black & Veatch, Sprint, YRC and AMC Theaters.
About Wexford Lodging Advisors
Wexford Lodging Advisors is a national hotel investment and asset management firm that focuses on driving results through a hands-on, collaborative asset management approach at the property level. The firm’s current asset management portfolio includes 7 branded and independent hotels with a total asset value of over $1 billion. For additional company information, please visit http://www.wexfordlodging.com.
About Trinity Private Equity Group
Trinity Private Equity Group is a Southlake, Texas-based alternative investment management firm that is focused on providing strategic, flexible capital to sponsors and companies with long-term growth potential. Founded in 2006 by experienced entrepreneurs, Trinity has invested in over 100 commercial real estate projects and 15 lower-middle market private equity transactions with an aggregate value of over $3 billion.
About Davidson Hotels & Resorts
Davidson Hotels & Resorts is an award-winning, full-service hotel management company providing management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. Amassing one of the purest full-service hotel portfolios in the industry, Davidson, along with its lifestyle and luxury operating division, Pivot Hotels & Resorts, specializes in independent and branded assets in the upper-upscale to near-luxury segments including 45 hotels, over 13,000 rooms and over 1.5 million square feet of meeting space across the United States. A trusted partner and preferred operator of Margaritaville, Marriott, Hilton and Hyatt, Davidson delivers hospitality and creates value for owners with every single hotel. More information can be found at www.davidsonhotels.com.