Whitestone Companies Purchases the 275 Room Le Meridien Atlanta Perimeter
Columbus, OH (June 2, 2024) – Today, Whitestone Capital, a division of Whitestone Companies, purchased the 275 room Le Meridien Atlanta Perimeter from Starwood Capital. This purchase marks Whitestone’s first purchase in the greater Atlanta metropolitan area and tenth hotel purchase in the last twelve months.
“Atlanta is a market we have been eyeing for quite some time,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “As with most things, it is about timing. With the Le Meridien, we believe we have found an incredible asset in a great location with considerable upside potential.”
The Le Meridien is a unique 12-story structure with over 10,000 square feet of meeting space. Known for its expansive public space incorporating a restaurant, lounge and outdoor fire pit, a great pool oasis with rental cabanas, and incredible views of the area, this property is a hidden jewel of the Perimeter area. “The property is truly amazing,” said Chuck Groger, Chief Revenue Officer of Whitestone Companies. “Over half of its inventory consists of expansive two bay, suite style guestrooms with over 800 square feet of living space. It is essentially a suites product without the name and very few people know about it. That, we need to change.”
The Perimeter area of Atlanta is a rapidly expanding retail and corporate submarket of the city and home to several major Fortune 500 headquarters and Georgia’s second largest mall complex.
Whitestone Companies has selected Shaner Hotels to manage the day-to-day operations of the hotel. Shaner brings to this project extensive experience in managing properties in the Marriott Premium Distinctive Brand Category. “We believe Shaner will be able to quickly infuse a premium brand guest experience the property has been missing in recent years,” said Batra. “Shaner excels in this segment, and we are expecting great things from our continued partnership.” This is the fifth project Whitestone Companies and Shaner Hotels are partners in together.
Whitestone Companies is expected to reimagine the public space and complete a soft goods refresh within the first 18 months of ownership.
The all-cash transaction closed in less than 45 days and was made possible through the diligent work of Hunter Hotel Advisors who advised both Whitestone Companies and Starwood Capital on the transaction.
Whitestone Capital Purchases Pennsylvania Holiday Inn and Plans to Reposition the Property
Columbus, OH (May 2, 2024) – Whitestone Capital, a division of Whitestone Companies, joined forces with PJD Capital to purchase the 152-room Holiday Inn East Mountain in Wilkes Barre, Pennsylvania. This acquisition marks the first joint venture between the two real estate companies.
“We are excited about our new partnership with PJD Capital to reposition this property into a product the Wilkes Barre community has been craving,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “We expect the transformation to happen in two phases with the first phase starting later this year.”
Phase one of the transformation will consist of a complete renovation to all areas of the hotel and a change in the brand. “The property will be converted to a very select class of DoubleTree Hotels,” said Batra. “A DoubleTree in name, driven by the power of Hilton, but not a typical DoubleTree. This property will feel more like a soft brand with design centered around a community-focused, light resort feel.”
The public area renovation will include a lobby redesign to better incorporate a more modern configuration of the restaurant and bar. “We sat down with the Whitestone team and together brainstormed all the different ways we could maximize the potential of this beautiful mountainside property,” said Prakash Datwani, Chief Executive Officer of PJD Capital. “Quickly, two driving thoughts emerged, repositioning the property into an upper upscale mini-resort style facility while also embracing the newest trends in design and event staging.”
Whitestone Companies Acquires Iowa TownePlace Suites
Whitestone Companies, a real estate development firm based in Columbus, OH, has acquired the TownePlace Suites Des Moines Urbandale in Des Moines, IA. This property is the company’s sixth hotel purchase in 2023 and expands Whitestone’s presence in the midtier extended-stay market.
“Urbandale is a community positioned to see accelerated growth over the next few years,” said Jay Batra, CEO, Whitestone Companies. ”We are excited to team up with Marriott and be part of it.”
The property features 116 apartment-style rooms, a pool and complimentary breakfast.
“The TownePlace Suites by Marriott is a wonderful addition to our growing extended-stay portfolio,” said Chuck Groger, chief revenue officer, Whitestone Companies. “The on-site team has done an incredible job of building relations in the community. Our plan is to expand on that as we position the TownePlace Suites to be a leader in the marketplace.”
With this addition, Whitestone Companies now has a portfolio of 17 hospitality assets across 10 states with several more in development.
Whitestone Companies Purchases Five Hotels from KKR
June 26, 2023 – Today Whitestone Companies announced the purchase of five hotels from KKR totaling 612 guestrooms. The hotels include: the Hilton Garden Inn Colorado Springs, Homewood Suites Colorado Springs, Homewood Suites Princeton, Homewood Suites Cleveland, and Courtyard West Palm Beach Airport.
“Today is a great day,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “We are excited to add these new properties to our growing portfolio. I would like to thank all the people who put in an incredible amount of work to make this deal happen.”
Whitestone Companies is a real estate investment company based in Columbus, Ohio and recently won Hilton’s Developer of the Year Award for its conversion of the Hampton Inn Newark Airport. With these new acquisitions, Whitestone Companies adds the states of Florida and Colorado to its list of investments stretching across nine states and three time zones.
“We not only grew by five hotels, but also by over 125 associates!” said Batra “To each of you, I want to say welcome to the Whitestone Family. We saw amazing potential in each of your hotels and together we will implement our strategy; upgrade the physical product, inspire operational excellence, and have a positive impact in each of your markets.”
This purchase enables Whitestone Companies to expand its relations with both Hilton and Marriott by adding two new brands to its current asset lineup. These include the Courtyard and Homewood Suites Brands.
While Whitestone Companies is known for its expertise in value-added projects, it is also recognized for taking on hotels in unique locations and enriching the guest experience. The addition of these five properties will continue in that tradition by providing a glimpse into many fantastic one-of-a-kind experiences. From viewing the beauty of the famous Pikes Peak out a window of the Hilton Garden Inn to feeling history flooding your senses as you walk the campus of Princeton University. From grooving to tunes at the Rock and Roll Hall of Fame in Cleveland to soaking up the ocean breeze on beaches stretching as far as you can see in West Palm Beach. Each of these hotels are only moments from the next amazing memory.
Whitestone Companies Awarded Hilton Development Award
June 1, 2023 – Whitestone Companies has been recognized by Hilton as the Best Hampton Inn Conversion of the Year for 2022. Hilton’s American Development Awards are designed to recognize Best in Class owners, development partners, and hotel teams in several categories across the Americas.
“Congratulations to all the owners and developers who were recognized in 2022. We look forward to continuing to partner with you to grow our Hilton network in the years to come,” said Kevin Jacobs, Chief Financial Officer and President, Global Development, Hilton.
The 191 room Hampton Inn Newark Airport opened in May 2022 after being closed for over a year while being transformed into Hilton’s newest Hampton Inn.
“We are honored to accept this award on behalf of our Hampton Inn Newark Airport team,” said Jay Batra, Chief Executive Officer of Whitestone Companies. “This hotel conversion is an excellent example of teamwork, and we want to congratulate our partners in the project, Striv Design for its excellent vision in design and Regal Hospitality for the great work with our property level team.”
Servicing New York’s second largest airport, The Hampton Inn Newark Airport has quickly become one of the area’s leading hotels. “Each day, we look forward to providing outstanding customer service and creating a memorable experience for our guests. I’m tremendously proud of my team and their hard work,” said Vijay Alimchandani, General Manager, Hampton Inn Newark Airport.
Whitestone Capital Enters Joint Venture with Crawford Hoying
October 2022 – Whitestone Capital, the capital investment division of Whitestone Companies, has entered a joint venture with Crawford Hoying, a real estate and development firm. Both firms are based in Columbus, OH.
The shared portfolio for this venture includes the Tapestry Collection Hilton (Taos, NM), Hampton Inn Taos, DoubleTree by Hilton (Neenah, WI), DoubleTree by Hilton (Huntington, WV), and Holiday Inn (Wilkes Barre, PA). Together, these hotels represent 639 guest rooms, seven outlets, and over 63,000 square feet of commercial banquet and office lease space.
“We are excited to team up with Whitestone Capital on these five market-leading hotels,” said Chief Operating Officer of Crawford Hoying, Jeremiah Thomas. He continues, “We look forward to working with the Whitestone team to grow these assets.”
This transaction expands Crawford Hoying’s hospitality portfolio across four new states including Pennsylvania, Wisconsin, West Virginia, and New Mexico.
Jay Batra, Chief Executive Officer of Whitestone Capital explains, “This alliance propels Whitestone Capital and our investors to another level of expansion.” Batra continues, “We are honored to partner with Crawford Hoying and look forward to future endeavors.”
Whitestone Capital Opens Hampton Inn Newark Airport
April 2022 – Whitestone Capital, a division of Whitestone Companies, announced today the opening of the new Hampton Inn Newark Airport.
“We are so happy to be adding another Hampton Inn to our portfolio,” said Jay Batra, Chief Executive Officer of Whitestone Capital. “The Hampton Inn Newark Airport is an amazing property that will offer our guests Hilton’s newest cutting-edge design in business accommodations.”
The Hampton Inn Newark Airport is the second closest property to the airport featuring 191 guestrooms with stunning views of the surrounding area. The hotel will offer a complimentary hot breakfast and will feature an onsite bar. Whitestone Capital has selected Regal Hospitality to manage the day-to-day operations of the hotel.
Hampton Inn Newark Airport is located at 450 Route 1 and 9 South in Newark, New Jersey. For more information or to make reservations, please visit Hampton Inn Newark Airport or call +1 973-242-0900.
Hampton Inn Newark Airport is part of Hilton Honors®, the award-winning guest-loyalty program for Hilton’s 18 distinct hotel brands. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits, including a flexible payment slider that allows members to choose nearly any combination of Points and money to book a stay, an exclusive member discount that can’t be found anywhere else and free standard Wi-Fi. Members also enjoy popular digital tools available exclusively through the industry-leading Hilton Honors mobile app, where Hilton Honors members can check in, choose their room and access their room using a Digital Key.
