Spring Hill Suites
News
Boise, ID
219-room hotel
Meriwether acquired an existing Red Lion hotel in August 2005 with plans to extensively renovate the asset and re-brand the hotel. Prior to closing, Meriwether finalized a $5.5 million renovation plan and signed a franchise agreement with SpringHill Suites by Marriott. The investment was predicated on the strong Boise economy, the improving Boise hotel market, a best-in-class operator/partner, a realistic renovation plan, and the solid Marriott brand. Meriwether completed the renovation on-budget in February 2006. Over the next year, Meriwether re-established the hotel in the market and implemented an aggressive marketing campaigns for corporate and other group business. Meriwether sold the hotel in September 2007 to a REIT after determining increased competitive supply would severely dampen near-term operating results. The sale generated an IRR of 9.8% and a 1.21 equity multiple.
Boise, ID
219-room hotel
Meriwether acquired an existing Red Lion hotel in August 2005 with plans to extensively renovate the asset and re-brand the hotel. Prior to closing, Meriwether finalized a $5.5 million renovation plan and signed a franchise agreement with SpringHill Suites by Marriott. The investment was predicated on the strong Boise economy, the improving Boise hotel market, a best-in-class operator/partner, a realistic renovation plan, and the solid Marriott brand. Meriwether completed the renovation on-budget in February 2006. Over the next year, Meriwether re-established the hotel in the market and implemented an aggressive marketing campaigns for corporate and other group business. Meriwether sold the hotel in September 2007 to a REIT after determining increased competitive supply would severely dampen near-term operating results. The sale generated an IRR of 9.8% and a 1.21 equity multiple.