Hotel & Motel Management - November 5, 2007 - (Page 40)

40 News By Roland Leiser CONTRIBUTING EDITOR H&MM November 5, 2007 | HotelMotel.com www.HotelMotel.com/digital_edition Historic property conversions offer appeal for all National Report—Not all developers have had the good fortune to snare $29 million in state and federal tax credits and property tax cuts to renovate a historic building into a branded hotel. However, that was the case with Sage Hospitality Resources when it renovated the Renaissance Providence (R.I.) Hotel, constructed from the shell of a rooﬂess, deteriorating Masonic Temple, said Ken Geist, executive v.p.-development of the Denverbased company. The state sold it for a token $1, but the ﬁnal construction and renovation tab came to $102 million. The 1927 structure was never ﬁnished; over time it became a hangout for drug dealers, Geist recalled, adding that developers started with basically a building facade. The building was gutted, the walls shored up and guestrooms built to contemporary standards with amenities, such as ﬂat-screen LCD televisions and wireless Internet access. Opened in June, it features an additional ﬂoor but little change in exterior design. “Architects kept the outside lighting in the historical style while installing transitional lighting inside, which was not modern, not historical,” he said. “Sage has a history of saving long-forgotten buildings with a focus on an urban high-growth potential.” Historic property conversions appeal to all customer segments, according to Geist, adding that he expected an annual return of 10 to 12 percent on the investment. See Conversions | page 42 B IH oo /M th &# R3 S 62 ho 6 w Savings of up to 80% versus buying new furniture. The Standard in Furniture Modification and Remanufacturing Before After n n n n On site No downtime Cost efficient Customizable n n n n Custom Granite tops Professional finish Clean and fast Warranted Nationally recognized for its environmentally friendly practices 1.800.523.9448 www.therefinishingtouch.com CIRCLE NO. 160 The Renaissance Providence (R.I.) Hotel, was constructed from the shell of a rooﬂess, deteriorating Masonic Temple. Although the state sold the building for $1, the ﬁnal cost of renovations was $102 million. ALL PHOTOS: SAGE HOSPITALITY http://www.HotelMotel.com http://www.HotelMotel.com/digital_edition http://www.therefinishingtouch.com

Table of Contents Feed for the Digital Edition of Hotel & Motel Management - November 5, 2007

Hotel & Motel Management - November 5, 2007 Contents M&A Pace Slowing After Early Boom LodgeWorks Jumps Into Upscale Game Accor Reorganizes Leadership, Structure Perspective At Your Risk Travel Trends Sales Clinic On Finance Family Business Matters Cornell Insights Franchise Law Training Trends Satisfaction Trends Management Trends Events Guest Column Trends & Stats GM Survey Historic Property Conversions Offer Appeal for All Extended-Stay Brands Survey Green is the Word at IH/M&R Show Transactions Restaurant POS Handhelds Keep Managers Alerted Rising Costs Confront Midwest Builders Business Travelers: Breakfast Still an Important Perk IH/M&RS Product Preview Vacation Ownership Projects to Grow in U.S., Abroad Awards Training Programs Jump to Front Lines Refrigeration: Before You Break It, Fix It Lighting Enhances Property People Supplier News Best Western Aims High with Atria Vantage Makes Global Plans Sierra Moves Forward with New Name, High Expectations Maintenance Doctor Social Marketing Makes Way into Hotel Industry People Ad/Editorial Index Marketplace Classifieds Checking Out

Hotel & Motel Management - November 5, 2007

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