USAA Real Estate Company Undertake $40 Million Renovation Of 6 Recently Acquired Doubletree Properties
June 22, 2004 - Chicago, IL
USAA Real Estate Company, which recently acquired a majority interest in a portfolio of 6 full service Doubletree hotels, has announced that it will invest up to $40 million to renovate the properties. These include The Doubletree Post Oak and Doubletree Allen Center, both located in Houston, as well as the Doubletree Anaheim/Orange in Anaheim California, the Doubletree Downtown Tulsa in Tulsa Okalahoma, the Doubletree St. Louis in Chesterfield, Missouri and the Doubletree Corporate Woods in Overland Park Kansas. The portfolio consists of 2,249 rooms totaling almost 1.5 million square feet. Renovations at the 6 hotels are already underway and will continue through early next year.
“We see each of these properties as well-located in their respective markets and look forward to the opportunity to bring these hotels to their full potential through the significant capital improvement program that we have scheduled,” said Edward B. Kelley, President and CEO of USAA Real Estate Co.
Kenneth Smith, Senior Vice President of Hilton-Doubletree Mountain/Central Operations added “Doubletree is extremely pleased by USAA’s commitment to capital improvement which will markedly enhance each of the properties in the portfolio thereby affording these hotels the ability to compete more effectively.”
Among the highlights of the scheduled renovations are an $8.6 million full guest room, bathroom and corridor refurbishment at the Doubletree Post Oak in Houston along with lobby upgrades. A $2 million update to the guest, bathroom and corridors along with a restoration of the Ballroom will greatly enhance the Doubletree Allen Center also in Houston. The Doubletree St. Louis will undergo a $1.2 million upgrade of its Conference Center while the Doubletree Corporate Woods will see a $2.9 million renovation of its guestrooms, corridors and restaurant upgrade. The Doubletree Downtown Tulsa will receive a lobby face lift and a $2.1 million dollar guest room renovation and the Doubletree Anaheim/Orange will enjoy a full renovation of its existing “Café” restaurant and a $4 million restoration of its guestrooms, bathrooms and corridors.
Hilton Hotels Corporation is recognized internationally as a preeminent hospitality company. The company develops, owns, manages or franchises approximately 2,100 hotels and vacation ownership properties. Its portfolio includes many of the world’s best known and most highly regarded hotel brands, including Hilton, Conrad, Doubletree, Embassy Suites Hotels, Hampton Inn, Hampton Inn &Suites, Hilton Garden Inn, Hilton Grand Vacations Company and Homewood Suites by Hilton.
San Antonio based USAA Real Estate Co. has approximately $3.6 billion in assets of assets under management and provides acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial and hotel properties as well as investment real estate operating companies. USAA Real Estate is a subsidiary of USAA which has been serving military families since 1922 and has become one of America ’s leading financial services companies. USAA owns or manages assets of more than $73 billion.