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CapStar: Capping the News
December 8, 1997
CapStar Hotel Company Completes Acquisition of the Sheraton Mesa Hotel
in Arizona
WASHINGTON, D.C., December 8, 1997--CapStar Hotel Company (NYSE: CHO),
a leading hotel management and investment corporation, today announced
that it has completed the acquisition of the 273-room Sheraton Mesa
Hotel in downtown Mesa, Ariz., a suburb of Phoenix, from Town King
Enterprise Company, Ltd. for $19.5 million. CapStar will invest
approximately $1.4 million to renovate the hotel.
"The Sheraton Mesa will be our second hotel in the strong Arizona
market," said Paul Whetsell, CapStar president and CEO. "We have
acquired 26 hotels in 1997, and continue to seek first-class,
full-service hotels in major metropolitan and resort markets that can
benefit from refurbishing, repositioning and improved management."
The 12-story Sheraton Mesa Hotel is located in downtown Mesa, adjacent
to the Mesa Convention Center and near a number of business/industrial
facilities, including Boeing, Intel, General Motors and Motorola. In
addition to the property's approximately 14,000 square feet of
meeting/banquet space, the hotel contains a restaurant, lounge, exterior
pool and a fitness center.
CapStar will spend $1.4 million to refurbish the property. Planned capital
improvements include upgrading the hotel's concierge floor with new decor
and soft goods, renovating and re-theming the Quail Run restaurant, and
enhancing guest rooms and baths with new soft goods.
"Upon completion of the renovation program, the Sheraton Mesa will be
repositioned as one of the leading hotels in Mesa, the fastest growing
city in America," said David McCaslin, CapStar's chief operating officer.
"With our added management and marketing expertise, we foresee substantial
revenue enhancement opportunities, particularly from corporate group
business."
Washington, D.C.-based CapStar Hotel Company owns and manages upscale,
full-service hotels throughout the U.S. and Canada under such
internationally known brands as Hilton, Sheraton, Marriott, Embassy
Suites, Westin and Doubletree. Including the 7 hotels currently under
contract, CapStar's hotel portfolio comprises 52 owned hotels with
13,510 rooms and 67 leased and/or managed hotels with 10,318 rooms, for
a total of 119 properties with 23,828 rooms. The company continues to
actively seek acquisitions and management contracts in major markets and
resort locations throughout North America.
CapStar Contact: John Emery, Chief Financial Officer, (202) 965-4455
Media Contact: Jerry Daly or Chris Daly, Daly Gray Public Relations,
(609) 383-1414
CapStar: RE-Capping the News
- December 8, 1997:
CapStar Hotel Company Completes Acquisition of the Sheraton Mesa
Hotel in Arizona
- December 1, 1997:
CapStar Hotel Company Announces Extension of Exchange Offer for
8¾% Senior Subordinated Notes
- December 1, 1997:
Boykin/CapStar Hotel Company Alliance Completes Acquisition of Omni Hotel
Kansas City
- November 25, 1997:
CapStar Hotel Completes Acquisition and Re-Flagging of Doubletree Hotel
at Bradley International Airport in Windsor Locks, Connecticut
- November 24, 1997:
CapStar Hotel Company Completes Acquisition of Winston Hospitality, Inc.
- November 24, 1997:
CapStar Hotel Company Strengthens Corporate Finance Function
- November 21, 1997:
CapStar Hotel Company Completes Acquisition of Governor Morris Hotel &
Conference Center
- November 19, 1997:
Boykin/CapStar Hotel Company Alliance to Acquire Omni Hotel Kansas City
- November 18, 1997:
CapStar Hotel Company to Acquire Hotels in Arizona and Connecticut
- October 30, 1997:
CapStar Hotel Company to Purchase Winston Hospitality, Inc.
- October 27, 1997:
CapStar Hotel Company Announces Record Third Quarter Results
- October 24, 1997:
CapStar Hotel Company Completes Acquisition of Embassy Suites Tucson
International Airport
- October 24, 1997:
CapStar Hotel Company Announces Underwriters Exercise Over-allotment
Options to Purchase Common Stock and Convertible Subordinated Notes
- October 13, 1997:
CapStar Hotel Company Announces Pricing of Primary and Secondary Stock
Offerings and Debt Offering
- September 23, 1997:
CapStar Hotel Company to Acquire Nine Hotels for $200 Million
- August 26, 1997:
CapStar Hotel Company Acquires Jekyll Island Inn and Holiday
Inn-Metrotown
- August 26, 1997:
CapStar Hotel Company Files $600 Million Shelf Registration
- August 19, 1997:
CapStar Hotel Company Completes Acquisition of Controlling Interest
in Lexington Radisson Plaza Hotel and Vine Center Office Tower
- August 19, 1997:
CapStar Hotel Company Completes Acquisition of Controlling Interest
in Lexington Radisson Plaza Hotel and Vine Center Office Tower
- August 12, 1997:
CapStar Hotel Company Completes Acquisition of The Embassy Suites Center
City in Philadelphia
- July 29, 1997:
CapStar Hotel Company Announces Second Quarter Results
- July 28, 1997:
CapStar Hotel Company To Acquire the Embassy Suites Center City in
Philadelphia
- July 25, 1997:
CapStar Announces Intent to Offer $150 Million of Senior Subordinated
Notes
- July 24, 1997:
CapStar Hotel To Acquire Controlling Interest in Lexington Radisson Plaza
Hotel and Vine Center Office Tower
- July 24, 1997:
CapStar Hotel To Acquire Controlling Interest in Lexington Radisson Plaza
Hotel and Vine Center Office Tower
- July 23, 1997:
CapStar Hotel Company To Acquire the Doubletree Hotel Austin in
Texas
- July 16, 1997:
CapStar Hotel Company Completes Acquisition of Hotels in Georgetown and
Chicago
- July 8, 1997:
CapStar Hotel Company to Manage Crowne Plaza, Washington,
D.C., Takes Minority Interest in The Woodward Hotel in New York
- July 2, 1997:
CapStar Hotel Company Completes Acquisition of Washington National
Airport Hilton in Crystal City
- July 1, 1997:
CapStar Hotel Company Acquires Doubletree Resort at Desert Princess
Country Club in Palm Springs, California
- July 1, 1997:
CapStar Hotel Company Acquires Doubletree Resort at Desert Princess
Country Club in Palm Springs, California
- June 24, 1997:
CapStar Hotel Company To Acquire Washington National Airport Hilton
in Crystal City
- June 9, 1997:
CapStar Hotel Company To Acquire Upscale Properties in Georgetown
and Chicago
- June 3, 1997:
CapStar Hotel Company Names John Emery as Chief Financial Officer
- May 27, 1997:
CapStar Hotel Company To Acquire Doubletree Resort at Desert Princess
Country Club in Palm Springs, California
- May 5, 1997:
CapStar Hotel Company Completes Acquisitions of Hotels in New Jersey and
Kansas City
- April 29, 1997:
CapStar Hotel Company Announces First Quarter Results
- April 8, 1997:
CapStar Hotel Company To Acquire Hotels in New Jersey and Kansas City
- April 2, 1997:
CapStar Hotels Completes Six-Hotel Acquisition Transaction
- April 2, 1997:
Property Profiles of Six-hotel Portfolio Acquired by CapStar Hotel Company
- March 31, 1997:
CapStar Hotel Company Acquires Great Valley Sheraton
- March 21, 1997:
CapStar Hotel Company Acquires Cherry Hill Four Points By Sheraton
- March 12, 1997:
CapStar Hotel Company Announces Pricing of Public Offering of 5,000,000
Shares of Common Stock
- February 19, 1997:
CapStar Hotel Company To Acquire Eight Hotels for $119 Million;
Plans Five Million Share Follow-on Offering
- February 18, 1997:
CapStar Hotel Company Acquires Holiday Inn Riverfront-St. Louis in Joint
Venture
- February 2, 1997:
CapStar Hotel Company Completes Acquisition of Two Properties
- January 30, 1997:
CapStar Hotel Company Closes Acquisition of Doubletree Hotel-LA/Worldport
- January 27, 1997:
CapStar Hotel Company To Acquire Albuquerque Doubletree Hotel
- January 14, 1997:
CapStar Hotel Company To Acquire Westchase Hilton in Houston
- December 26, 1996:
CapStar Hotel Company Completes Acquisition of Embassy Suites-South Denver
- December 23, 1996:
CapStar Hotel Company Announces Three New Management Contracts
- December 18, 1996:
CapStar Hotel Company Completes Purchase of Five Hotels from MBL
Life Assurance Corporation
- December 18, 1996:
CapStar Hotel Company to Acquire the Doubletree Hotel-LA/Worldport
- December 3, 1996:
CapStar Hotel Company Names William H. Reynolds, Jr. As Senior
Vice-President of Development
- December 2, 1996:
First Courtyard by Marriott to Open in New York City
$10 Million Renovation Program by CapStar Hotels Creates State-of-the-Art
Property
- November 26, 1996:
CapStar Hotel Company Signs Agreement to Acquire Holiday Inn Riverfront-St.
Louis in Joint Venture
- November 18, 1996:
CapStar Hotel Company Signs Agreement to Acquire The Embassy Suites-South
Denver
- November 6, 1996:
CapStar Hotel Company Announces Third Quarter and Nine Month Results
- November 4, 1996:
CapStar Hotel Company Acquires Houston Hilton Hotel
- October 16, 1996:
CapStar Hotel Company To Acquire Hilton Hotel in Houston
- August 26, 1996:
CapStar Hotel Company Completes IPO of 9.25 Million Shares; Lists
Common Shares on NYSE
- August 20, 1996:
CapStar Hotel Company Goes Effective With IPO of 9.25 Million Shares;
Lists Common Shares on NYSE
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