This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Joint Venture Between Driftwood Hospitality Management And Apollo Global Real Estate Acquires DoubleTree Suites By Hilton Hotel Columbus Downtown

Driftwood Hospitality Management LLC, and a real estate investment fund managed and advised by affiliates of Apollo Global Real Estate Management, L.P. (together with its subsidiaries, “AGRE”), today announced the acquisition of the DoubleTree Suites by Hilton Columbus Downtown (the “DoubleTree Columbus”). This is the fifth property acquired through a joint venture between Driftwood and AGRE formed in July 2011 to focus on purchasing, renovating and reflagging full-service hotels throughout the United States. With this week’s closing on the acquisition of the DoubleTree Columbus, the Driftwood/AGRE partnership has now acquired five hotels totaling 1,479 keys nationwide.

“Our joint venture with Driftwood Hospitality Management has made significant progress towards achieving our strategic goals,” said Coburn Packard, principal of Apollo Global Real Estate. “Since announcing the venture, we have acquired five hotels and are well underway with the renovation of three of these hotels. We continue to find attractive, risk-adjusted investments in the U.S. hospitality market and working with Driftwood, a best-in-class operator, we are well positioned to capitalize on these opportunities.”

“Our business plan for growth is to opportunistically acquire underperforming assets in secondary markets,” said David Buddemeyer, President of Driftwood Hospitality Management. “Our joint venture with Apollo allows us to match strong brands in good locations with repositioning capital and operating talent, maximizing value for our customers and investors. We are optimistic about the coming year and plan to continue growing our footprint nationally.”

DoubleTree Suites by Hilton Columbus Downtown, Columbus, Ohio

The DoubleTree Columbus, which will continue operating under the DoubleTree flag as part of Driftwood’s management collection, features 194 guestrooms and 2,600 square feet of function space. The property is within walking distance of the State Capitol, Ohio Supreme Court and Columbus City Hall, making it an ideal location for business travelers. It is a 15-minute drive to the Port Columbus International Airport and nearby attractions, including the Columbus Museum of Art, Columbus Zoo and the Franklin Park Conservatory. Driftwood’s renovation plans include upgrades to the current guestrooms and the on-property restaurant.

Stock quotes in this article: APO 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,485.69 -15.96 -0.10%
S&P 500 1,877.33 +1.94 0.10%
NASDAQ 4,142.3760 +15.4090 0.37%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs