Stonebridge Cos., a privately owned hotel owner, operator and developer headquartered in Denver, has acquired the DoubleTree by Hilton Hotel Las Vegas Airport, marking the company’s expansion into the Las Vegas market.
“Our new partnership with TowerBrook Capital Partners and other private investors provides us a tremendous platform for us to achieve our significant growth plans throughout the U.S., and this acquisition is the first of many going forward,” said Tom Brinkman, president/chief operating officer, Stonebridge Cos. “Through our growth, we look forward to not only creating new jobs but also providing our team members exciting new opportunities, and we look forward to welcoming our newest team members at the DoubleTree to our Distinguished Hospitality team here at Stonebridge.”
Stonebridge Cos. will serve as the property operator of the full-service hotel, which is close to Harry Reid International Airport and the Las Vegas Strip. Renovations planned for the 190-key hotel, built in 1998, include a refresh of guestrooms and common areas, as well as Stonebridge instilling the Distinguished Hospitality brand, which guides the company’s values further enhancing the team member and guest experience, according to the company. Work is anticipated to begin in the second quarter of 2023, with completion anticipated in the fourth quarter of 2023.
“The Las Vegas DoubleTree acquisition allows Stonebridge to step into a cash-flowing asset with renovation upside at an attractive all-in basis and represents our commitment to growing our national footprint,” said Steve Kakaty, chief investment officer, Stonebridge Cos. “We…believe our execution of the planned renovation program will position the hotel as one of the premier branded hotel offerings in the Las Vegas airport submarket.”
With a current portfolio of 12,000-plus rooms nationwide, Stonebridge Cos. is actively pursuing new expansion opportunities.