Dow, Carlyle JV Acquires Illinois Hilton
Monday July 1st, 2013 - 9:51AM EBZ
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EVANSTON, IL—In a joint venture, The Dow Hotel Co. and The Carlyle Group’s Carlyle Realty Partners VI, acquired the 269-room Hilton Orrington hotel here.
The hotel is the third property acquired by DHC and its investment partner in the past nine months.
DHC will operate the hotel.
The hotel will undertake an approximate $6 million renovation/upgrade over the next 12 months. The improvements will focus primarily on guestrooms, corridors, upscale lounge and coffee concept, meeting and other public space.
The property completed a total transformation in 2004 and upgraded from an independent property to the Hilton brand in 2010.
The Hilton Orrington features a 12,000-sq.-ft., International Association of Conference Centers (IACC)-certified center, plus 20,000 sq. ft. of ballroom and other meeting space capable of serving up to 550 persons. The property includes a 173-space parking garage, business center and retail shops.
“Our first step will be to reach out to establish close ties with the Evanston community, Northwestern University and our other neighbors,” said Murray Dow, president of The Dow Hotel Co. “We will build on the hotel’s reputation as the North Shore’s preferred gathering place and will implement a dramatic enhancement to the food and beverage experience.”
The cornerstone of the F&B upgrade will be the opening of Farmhouse Evanston, which will have an entrance off the hotel’s lobby. The restaurant will feature 36 craft beers on tap and Midwestern food sourced from local farms.
“This is our third transaction with The Carlyle Group, and we look forward to building on our relationship, as well as with our other institutional investors,” said Dow.
Tags: • Hospitality • Brands • Acquisitions • Investment Funds •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.