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Adams Mark Hotel St. Louis to become Hyatt Regency St Louis Riverfront

Travel News Asia Latest Travel News Monday, 18 February 2008

The Chartres Lodging Group, has completed its purchase of the 910-room Adams Mark Hotel St. Louis from HBE Corp., of St. Louis. The property will be renovated and repositioned as the Hyatt Regency St Louis Riverfront to serve as a signature group and convention-oriented destination hotel for the St. Louis market. Goldman Sachs Whitehall Street Global Real Estate Fund participated as the majority equity stake in the transaction.

The downtown St. Louis hotel, located at the base of the Gateway Arch, will undergo an anticipated $63-million, building-wide renovation intended to build upon the strong St. Louis legacy originally developed by HBE owner Fred Kummer. The hotel will be the second Hyatt Regency hotel for the expanding St. Louis business, convention and leisure visitor market. Hyatt assumes management of the property now as an Adams Mark until the rebranding in Spring 2008, while final project completion is expected later this year.

The Chartres Lodging Group was formerly known as Oxford Lodging Advisory and Investment Group, but changed its name back to its original identity last month as part of a company recapitalization and to differentiate it from its previous partners.

The companys partnership with the Hyatt Regency Riverfront in St. Louis will be patterned after a similar successful venture in Jacksonville, Fla. In March 2005, a Chartres-led investment group acquired the 966-room Adams Mark Jacksonville Hotel from HBE Corp., and has since transformed it into the Hyatt Regency Jacksonville Riverfront through a multi-million-dollar renovation that created one of Northeast Floridas most elegant waterfront convention hotels.

Were bullish on the future of St. Louis as a business, convention and leisure destination, explained Rob Kline, Chartres Lodging president. Chartres Lodging has a strong track record of working with Hyatt to renovate and reposition high-profile, city-center hotels and were especially fortunate to be able to build upon HBEs strong presence in St. Louis.

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