RobertDouglas Advises Richardson Redo LLC in the Sale of the Residence Inn Hartford Downtown
New York, (Dec. 22, 2015) – RobertDouglas announced today that it advised Richardson Redo LLC ("Redo") in the sale of the Residence Inn Hartford Downtown, a, mixed-use property located in the historic Richardson Building, a former Brown Thompson department store designed by H. H. Richardson, the pre-eminent 19th Century architect. The property includes the 120-suite Residence Inn by Marriott, nearly 70,000 square feet of retail and commercial space, and 139 spaces of garage and surface parking. Located in the heart of downtown Hartford, the Residence Inn has consistently been a market leader.
Marc S. Levine, a Redo principal, observed "my partners and I are extremely proud of what we accomplished during our 17-year ownership of this historic landmark. With the help of one of our partners, the Waterford Hotel Group and its affiliates, we materially upgraded the property and repositioned it as a successful Residence Inn, and incorporated a variety of retail and office uses, including City Steam Restaurant and Hartford Stage Company. We are confident the new owners will continue to operate and maintain the property with sensitivity to its historic significance and strong location in downtown Hartford."
Evan Hurd, a Senior Director with RobertDouglas, observed that "Hartford is undergoing a renaissance that has seen a very encouraging amount of public and private investment in the last five years. New firms are entering the market, and there is a rapidly-growing base of luxury urban residences and supporting amenities. Combined with the insurance and higher education institutions that have always been the foundation of the market, you have the ingredients for sustained, long-term growth." Mr. Hurd added, "investment demand for the property included a broad range of private and institutional investors."
Downtown Hartford is home to a broad array of hotel demand generators, including seven million square feet of office space, the headquarters of five Fortune 500 companies, the 500,000 square-foot Connecticut Convention Center, and Trinity College. Hartford is the state capital of Connecticut and is a gateway market for New England. Long-recognized as the insurance capital of the U.S., Hartford's business base has broadened to include an impressive roster of financial services, technology and educational companies.
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RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact [email protected] or go to www.robert-douglas.com.
Douglas Hercher
Managing Director & Principal
+1 (212) 993-7424
