Meriwether Buys Boise Hotel
SEATTLE, August 1, 2005 – An investor group led by Meriwether Partners LLC in partnership with Inn Ventures, Inc. has acquired the Red Lion ParkCenter Suites hotel in Boise, Idaho. The partnership acquired the property for $12.5 million from West Coast Hotels and is renovating and converting it to a 230 room SpringHill Suites.
“We expect the acquisition and renovation of the property to deliver attractive returns due to the quality of the Inn Ventures management team, the strength of the Boise economy, and the below replacement cost basis of the total investment,” said Joel Aslanian, principal at Meriwether Partners. InnVentures, Inc. will manage the redevelopment and also the hotel operations.