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Axela Hospitality Acquires the Phoenix Crowne Plaza Hotel
Expands Portfolio of Upscale Hotels and Resorts
| Source: Axela Hospitality
WASHINGTON, DC--(Marketwire - November 15, 2007) - Axela Hospitality, a subsidiary of WexTrust
Capital, announced today that is has acquired the Crowne Plaza® Hotel
Phoenix. Terms of the transaction were not disclosed. InterContinental
Hotels will manage operations for the hotel.
Located at 2532 W. Peoria Avenue near Interstate 17 in Phoenix's West
Valley, the 248-room hotel is just 15 minutes from the Phoenix Sky Harbor
International Airport. The newly renovated hotel boasts 36,000 square feet
of indoor and outdoor meeting space with 11 function rooms; indoor and
outdoor swimming pools and hot tubs; 24-hour fitness and business centers;
complimentary high-speed Internet and Wi-Fi access; two onsite eateries
serving Southwestern cuisine, cocktails, and casual dining; a Starbucks
café; a game room and arcade; complimentary shuttle service in a 5-mile
radius; and access to nearby golf.
Neighboring properties in close proximity to the hotel include a strong mix
of retail and office park development including several Fortune 500
corporations such as Cigna Healthcare, USAA, Ping Golf Equipment, Bechtel,
IBM, PetSmart and Honeywell. The area is also served by the 1.4 million
square feet Metrocenter Regional Mall.
"With its strong amenity base and close proximity to the Phoenix Sky Harbor
International Airport and office locations of several Fortune 500
companies, we see a tremendous opportunity to shift the hotel's focus from
leisure to corporate transient and group business," said Elmer Coppoolse,
CEO of Axela Hospitality.
For more information on the Crowne Plaza Phoenix or to make a reservation,
please visit www.cpphoenix.com or call: 1-602-943-2341.
About InterContinental Hotels Group
The InterContinental Hotels Group PLC (IHG) of the United Kingdom [LON:
IHG, NYSE: IHG (ADRs)] is the world's largest hotel group by number of
rooms. IHG owns, manages, leases or franchises, through various
subsidiaries, over 3,800 hotels and more than 563,000 guest rooms in nearly
100 countries and territories around the world. IHG owns a portfolio of
well recognized and respected hotel brands including InterContinental®
Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and
Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and
Hotel Indigo®, and also manages the world's largest hotel loyalty program,
Priority Club® Rewards with over 33 million members worldwide.
About Axela Hospitality
Axela Hospitality, LLC is a subsidiary of WexTrust Capital, LLC. Axela
Hospitality specializes in the development and management of high quality
lodging assets. WexTrust Capital is a globally diversified private equity
and specialty finance company with a proven track record for protecting its
clients' assets and delivering a superior return-on-investment through its
diverse portfolio of principal investments. WexTrust Capital specializes in
unique investment opportunities ranging from real estate to specialty
finance and investment banking. Headquartered in Chicago, the company also
maintains offices in New York, Norfolk, Va., Atlanta, Boca Raton, Fla.,
Nashville, Tenn., Tel Aviv, Israel, and Johannesburg, South Africa. More
information can be found at www.wextrust.com.