DENVER, CO, Feb. 1, 2011—Officials of Richfield Hospitality, a leading hotel management company, today announced that the company added six hotels to its third-party management and ownership portfolio in 2010 and has started the new year with three more.
The company has taken over management of the Sheraton Bloomington, Minn., hotel (top left photo) and will oversee a $12.5 million renovation of the hotel and convert it to the Doubletree Hotel brand.
The company has signed contracts to acquire a full-service hotel in which it will invest 75 percent of the capital and another full-service hotel as a sliver investor. Both hotels are located in the top 50 MSAs and are expected to close during the first quarter. Richfield will manage both hotels.
“We met or exceeded all of our 2010 goals and are particularly encouraged by a number of new partnerships and relationships that will allow us to leverage our and our partners’ capital to aggressively acquire hotels in 2011,” said Greg Mount (middle right photo), Richfield Hospitality president.
“We expect to exceed our 2010 pace in 2011 and add as many as 10 properties to our portfolio both through third-party management and acquisitions/joint venture partnerships.
“Our partners, Richfield and our parent company, City Development Limited, continue to have significant capital to deploy, ranging from structured finance to joint ventures and direct acquisitions.
Mount said third-party management will remain Richfield’s core business, although it has the flexibility and capital to provide sliver equity of up to 25 percent.
Additional information about Richfield Hospitality may be found at the company’s website: http://www.richfield.com/
Contact: Jerry Daly or Chris Daly, (703) 435-6293
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