In addition to the acquisition of the DoubleTree Columbus, the Driftwood/AGRE joint venture recently acquired the Sheraton North Houston at George Bush Intercontinental Airport (the “Sheraton North Houston”).
Sheraton North Houston at George Bush Intercontinental Airport, Houston, Texas
The Sheraton North Houston, which will continue operation under the Sheraton flag as part of Driftwood’s portfolio, features 420 guestrooms and 30,000 square feet of flexible function space, including an 8,750-square-foot ballroom. The property has two restaurants and is equipped with a business center, fitness center and indoor and outdoor swimming pools. It is within one mile of George Bush Intercontinental Airport, the U.S.’s tenth busiest airport in terms of total passengers. The property is in close proximity to the Greenspoint submarket of Houston, an important hub of Houston’s current energy industry expansion, with a strategic location at the intersection of major highways. Driftwood plans a complete renovation of the Sheraton North Houston, including an upgrade to the hotel’s guestrooms, lobby, function space and on-property restaurants.
The DoubleTree Columbus and Sheraton North Houston properties join the three additional hotels acquired by the Driftwood/AGRE joint venture over the past 12 months, which include the 400-room Sheraton Columbus Hotel at Capitol Square in Columbus, Ohio; the 217-room DoubleTree by Hilton Downtown Wilmington Legal District, in Wilmington, Delaware; and the 249-room Hilton Raleigh-Durham Airport at Research Triangle Park, in Raleigh-Durham, North Carolina. All three of these properties are in various stages of renovation and repositioning.About Driftwood Hospitality Management Based in North Palm Beach, Fla., Driftwood Hospitality Management, LLC is a leader in providing solutions-based services for the domestic and international hotel industry. Guided by The Driftwood Difference – Flexibility, Diversity, Integrity, Accessibility, Originality, the company covers the full spectrum of lodging business needs. From full-service, upscale and upper-upscale hotels to mid-size extended-stay, select and limited-service properties, Driftwood’s portfolio represents virtually every segment of the hospitality industry. Focused on strategic acquisition, development, third-party management, asset management and receivership, Driftwood has extensive management experience and relationships with most major brands, including Starwood Hotels & Resorts Worldwide, Hilton Worldwide, InterContinental Hotels Group, Inc., Carlson, Choice Hotels International, Inc. and Wyndham Worldwide. With offices in Costa Rica, Scottsdale, Ariz. and Miami, Fla., the company and its hotels have received more than 20 industry awards in the past three years. About Apollo Global Management Apollo Global Management (“Apollo”) (NYSE: APO) is a leading global alternative investment manager with offices in New York, Los Angeles, Houston, London, Frankfurt, Luxembourg, Singapore, Hong Kong and Mumbai. As of September 30, 2012, Apollo had assets under management of approximately $110 billion in its private equity, credit-oriented capital markets and real estate funds invested across a core group of nine industries, including commodities, where Apollo has considerable knowledge and resources. For more information about Apollo, please visit www.agm.com. Apollo Global Real Estate is a fully integrated operating division of Apollo that sources, underwrites and structures investments in commercial real estate assets, companies and operating platforms through its multi-disciplinary team of real estate investment professionals. Apollo Global Real Estate’s investment professionals manage more than $8.1 billion in real estate assets as of September 30, 2012.