HRI Lodging Selected as Property Manager
La Jolla, CA ? June 6, 2013 – Interwest Capital Corporation is pleased to announce the acquisition of the historic Tutwiler Hampton Inn & Suites in the heart of Birmingham, Alabama. Interwest is excited to have engaged HRI Lodging Inc., a national leader in the hospitality sector, as management of the hotel adding another asset to their expanding relationship. The Tutwiler Hotel is the 6th hotel property in Interwest?s diverse commercial real estate portfolio.
The Tutwiler Hotel was originally constructed in 1913 as the Ridgely Apartments by the Jemison Company. The property operated as a multifamily building until the mid-1980s when a major renovation was needed. In 1985, The Tutwiler Hotel was taken down to the supporting structure and refitted with an entirely rebuilt interior. From 2005 through 2007, The Tutwiler Hotel underwent a $9.2-million renovation that, among other items, added a top-quality restaurant and provided for upgraded guest rooms.
The 149-room Hotel offers well-appointed guest rooms, 3,800 sf of meeting facilities, a fitness studio, a business center and a ballroom with seating for 200 people. A $2-million plan is in place to expand the event and banquet space to over 11,000 sf and update the Hotel?s accommodations.
The Tutwiler Hotel is two blocks from the Birmingham Jefferson Convention Complex, where approximately 1.5 million people attend conferences annually. The burgeoning Entertainment District surrounding The Tutwiler Hotel is expected bring new restaurants, entertainment venues, and businesses drawing an estimated six million visitors each year.
About Interwest Capital Corporation
Interwest Capital is a private equity firm specializing in the acquisition, operation, and repositioning of commercial real estate with an emphasis on multifamily and hospitality assets. With a national portfolio of approximately 2.8 million square feet, Interwest has become an industry leader through extensive experience restructuring significantly underperforming assets and has a strong track record of successfully repositioning historic properties. Interwest now owns six hotels with more than 1,000 hotel rooms across the United States.
For more information about Interwest Capital, please call 858-622-4900 or visit www.interwestcapital.com.
About HRI Lodging
HRI Lodging, Inc. (HRIL) is one of the 50 largest hotel management companies in the U.S. with a current portfolio of 18 hotels and resorts spanning the continental U.S. By building alliances with major domestic and international investment firms, the organization pursues a dual mode growth strategy of managing independent, boutique properties as well as partnering with industry leading brands, including Marriott, Hilton, Hyatt, Starwood and Intercontinental Hotel Group. HRI Lodging is the hotel management division of New Orleans-based HRI Properties, a full-service real estate development company and a national leader in the adaptive reuse of historic structures. HRI?s mission is: Revitalizing Cities by Creating Diverse, Vibrant and Sustainable Communities.