July 26, 2011 · 0 Comments
MEMPHIS, Tenn.,July 25, 2011—(www.hospitalitybusinessnews.com) Davidson Hotels & Resorts, one of the nation’s largest independent hotel management companies, today announced it will manage the 347-room Hyatt Regency Princeton, in N.J., under a franchise agreement with an affiliate of Hyatt Hotels Corporation, on behalf of Clarion Partners, a leading real estate investment manager and owner of over 180 hotels located in 33 states and the District of Columbia. The planning for a comprehensive $17 million renovation program will begin immediately.
“The Hyatt Regency Princeton marks the 10th university-related hotel and the fourth full-service Hyatt hotel in our portfolio,” said John Belden, president and CEO of Davidson. “Our extensive experience managing full-service Hyatt hotels and properties near universities provides us the unique knowledge to successfully market the hotel to both business and leisure guests. We look forward to building on our strong relationship with Clarion Partners and the local Princeton community in the years to come.”
“Hyatt is proud to be able to say that we have been a part of the Princeton community for nearly 30 years,” said Jim Chu, senior vice president, franchise and owner relations for Hyatt Hotels & Resorts, “and we look forward to working with Davidson Hotels & Resorts and Clarion Partners to continue this long-standing history of providing authentic hospitality in Princeton.”
Located at 102 Carnegie Center in Princeton, N.J., the Hyatt Regency Princeton is situated prominently along the Route 1 Business Corridor near Princeton University and in the heart of the prestigious Carnegie Center office park. Upon completion of a full renovation, the hotel will offer over 20,000 square feet of flexible meeting space, including a 10,000 square foot ballroom and 2,400 square feet of pre-function space. In addition, the hotel features a naturally lit soaring atrium, the Crystal Garden Restaurant, Koi Pond Club and Catch a Rising Star Comedy Club. Also, the property has the StayFit™ gym; tennis and basketball courts; jogging paths; indoor heated swimming pool with outdoor deck, seasonal whirlpool and saunas.
“The hotel is the second New Jersey property currently in our management portfolio, creating meaningful economies of scale,” said Steve Margol, Davidson’s chief investment officer. “The renovation program, slated to commence early next year, will completely transform both the guest rooms and public spaces. Coupled with our depth of knowledge managing Hyatt products, the renovation will offer us tremendous opportunities to become a leading competitor in the market.”
Founded in 1982, Clarion Partners has broad market reach in the Americas, with more than 260 employees in major markets throughout the U.S. and a presence in Mexico and Brazil. With assets of more than $22 billion, Clarion Partners manages private equity real estate across a wide range of products and strategies for institutional and individual investors.
Headquartered in Memphis, Tenn., Davidson Hotels & Resorts is an award-winning, full-service hotel management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company’s portfolio encompasses 48 upscale, full-service independent and branded hotels with more than 13,600 rooms across the United States, including such affiliations as Hyatt, Westin, Sheraton, Marriott, Renaissance, Hilton, Embassy Suites, Doubletree, Radisson, Crowne Plaza, Hilton Garden Inn and Courtyard.