New York, NY–
August 8, 2019
Investors Acquire Newly-Renovated Hotel in Emergent New Mexican Market
AWH Partners, LLC, a privately held real estate investment, development, and management firm, announces the acquisition of DoubleTree by Hilton Albuquerque, marking more than a dozen Hiltons and over 1,500 DoubleTree keys acquired across the United States – and the first hotel purchased in the growing New Mexico market – for the investment firm. Located in the heart of Albuquerque’s Central Business District, the newly-renovated DoubleTree is the only hotel directly connected to the 300,000 square-foot Albuquerque Convention Center, giving the property a strategic competitive advantage over other full-service hotels in the area. Spire Hospitality, AWH’s full-service hospitality management company, is now managing the 295-room DoubleTree Albuquerque and will begin implementing core strategies, leveraging the ownership and management companies’ breadth of experience with the brand to grow operating revenues and profit margins.
“DoubleTree Albuquerque completed a multi-million-dollar renovation in 2018, including all guestrooms, public spaces, and meeting rooms, and offers exclusive access to the Albuquerque Convention Center, which also recently completed a $23M+ restoration,” says Russ Flicker, principal of AWH Partners.
The product and its location, coupled with the robust market growth, a healthy convention calendar, and the hotel’s proximity to tourism hot spots in Albuquerque, indicate we will continue seeing the significant upward momentum this property has seen since its renovation.
Poised in the heart of downtown, DoubleTree by Hilton Albuquerque’s contemporary design features nuances of the Southwest with enviable views of the Sandia Mountains beyond the metropolitan location. The urban, full-service Hilton provides 8,100 square feet of flexible meeting and ballroom space, along with direct, underground access to the expansive Albuquerque Convention Center. Icon Bistro invites guests for New Mexican-inspired breakfast classics, while the menu at Lounge 201 serves up lunch and dinner options in a modern, relaxed setting perfect for gatherings with friends, families, and colleagues.
“Market research shows Albuquerque growing at a rapid rate, with an increasing concentration of high-tech companies moving to the destination, including a new 300-acre Facebook campus and a new Netflix production hub. More than 3,100 new high-tech related jobs have been added to the area in the last 18 months,” says Chad Cooley, principal, AWH Partners. “This economic development and the draw of the beautiful locale is driving significant hotel demand. We’re thrilled to establish AWH Partners presence in this alluring destination.”
ABOUT AWH PARTNERS, LLC
AWH Partners, LLC (“AWH”) is a privately held real estate investment firm formed by alumni of The Blackstone Group and The Related Companies. Since 2010, AWH and its principals, Russ Flicker, Jon Rosenfeld, and Chad Cooley, have amassed a sizeable portfolio of hotels across the country. AWH owns Spire Hospitality, a top-tier, national hospitality platform, and AWH Development, a full-service real estate development company, providing complete vertical integration in the hospitality investment space. www.awhpartners.com
ABOUT SPIRE HOSPITALITY
Spire Hospitality, led by newly appointed CEO Chris Russell, is a third-party operator of 6,000 room keys and 300,000 square feet of meeting space across 17 states. The Spire portfolio, with a focus on large, full service hotels, includes unique independent properties and premier branded assets across Hilton Hotels & Resorts (HLT), InterContinental Hotels Group (IHG), and Marriott International (MAR). Spire Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting, and enhancing the value of hotel real estate. www.spirehotels.com
