KHP IV acquired the DoubleTree Hotel located directly on Scott Circle in a privately negotiated transaction. Acquired for well below replacement cost, the hotel featured excellent street frontage but was under-capitalized and in desperate need of a renovation. KHP IV invested $27 million to renovate the hotel, create a new restaurant outlet and add six additional keys. The full re-positioning of the property to a 4-star boutique hotel was completed in six months, and the newly re-imagined hotel opened just a year after acquisition. As part of the renovation, two new F&B outlets were added in partnership with local chefs. A former sales office was converted into a new all day café while the existing restaurant space was combined with a portion of the lobby to create a new full service restaurant that was awarded a Michelin-star in only its second year of operation.
|Strategy:||Renovation / Repositioning|
|Acquisition Date:||April 2016|
|Disposition Date:||December 2018|