March 10, 2004

Renovations to the Antlers Adam's Mark Hotel in Colorado Springs will begin this spring. New owners Pyramid Hotel Group and the Morgan Stanley Real Estate Fund will spend between $7 million and $10 million to refurbish the 292 guest rooms, 27,000 square feet of meeting space, two restaurants and the lobby. The renovations will be finished by the end of the year. A new management company for the hotel is expected to be announced in the next two months.

The 158-room Four Points by Sheraton Manhattan Chelsea opened last week in New York City's Chelsea district. Formerly the Chelsea Grand Hotel, which itself opened only last December, the property is the first Four Points in the Big Apple. Two boardrooms are available for groups of up to 12 people each.

On April 5, 2004, Marriott International Inc., will assume management of the Adam's Mark hotel in downtown Columbus, Ohio. The 415-room property, recently purchased by Terrapin Columbus LLC, will be reflagged the Renaissance Columbus Hotel. Renovations to the property's guest rooms, meeting space, lobby and restaurant will begin immediately, with work to be completed in early 2005. The hotel currently has 33,500 square feet of meeting space, including an 11,700-square-foot ballroom.

On Tuesday, developer John Q. Hammons announced construction of a new $50 million, 300-suite Embassy Suites Hotel and a 100,000-square-foot convention center in La Vista, Neb. The 10-story hotel, to be jointly owned by Hammons and the city of La Vista, will offer high-tech suites, complete with high-speed Internet hookups. "As the city of Omaha's western boundary continues to expand, the La Vista market will flourish," said Hammons.

Jim Schultenover has been named president of the Krisam Group, a hotel sales and marketing firm based in Washington, D.C. He replaces Mark White, COO, who recently left the company to pursue opportunities outside the hospitality industry. Prior to his appointment, Schultenover was chief marketing officer of Ian Schrager Hotels; he also served as vice president, sales and marketing, for the Ritz-Carlton Hotel Company.