In March, 2007, the Partnership acquired a 205-unit, full-service hotel located on Hamilton Road and I-70, in east Columbus, OH. After undergoing a rebranding from a Sheraton Four Points to independent, the hotel lagged behind its competitive set in terms of occupancy, average daily rates, and REVPAR. The hotel’s proximity to the Rickenbacker and Port Columbus International Airports makes it desirable and allows it to successfully serve the area’s transient business traveler demand.
Physical Renovation and Rebranding
The Partnership has obtained a franchise agreement from Wyndham® Hotels and is currently converting the property to an Upscale, business hotel. $10 million will be invested to upgrade the property, complete the necessary physical renovations to comply with the Wyndham® brand standards, and to implement our new marketing strategies.
Marketing
Upon re-opening in July, 2009, we expect to embark on an aggressive marketing campaign utilizing the new Wyndham® and BackBeat Supper Club® brands to capture market share from the competitive set.
Operating Efficiencies
Our plans include streamlining operations to improve occupancy and daily room rates and the effective utilization of 13,000 square feet of space recently vacated by Bennigans® to house our new BackBeat Supper Club® restaurant/nightclub to attract local patrons as well as business travelers.
Unaccommodated Demand
Events at Ohio State University, the state capital, and the local business centers create demand for rooms that exceed the current supply in the competitive set.
