Madison W Plans $13M Hotel Renovation in Lexington, KY

LEXINGTON, KY-Madison W Properties has planned a $13 million renovation of the 367-room Lexington Downtown Hotel & Conference Center. The New York City-based company purchased the 22-story hotel at 369 W. Vine St., previously a Hilton affiliate, along with a neighboring office building, in August for $35 million. The planned redevelopment comes in conjunction with the hotel’s conversion and full designation to become a Hilton brand hotel.

“The thinking is that if the market is slower, you have less disruptions to the hotel if you do renovations during that period,” Peter C. Lewis, president and chief investment office with Madison W, tells GlobeSt.com. “You can also shave 20% to 30% off labor costs, because labor and material is cheaper.”

Further impetus was that Lexington will host in September 2010 the World Equestrian Games, an international event which is expected to bring 300,000 visitors to the city. “We want this hotel ready to showcase because we are going to have international clientele,” Lewis says. “When they leave, they can talk about us and bring in new business.”….

Read the entire article By Cari Brokamp
Date: 02-06-2009
Source: www.globest.com