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Sheraton Louisville Riverside
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Built: 1972
Acquired: 2006
Renovated: 2007
Rooms: 180
Meeting Space: 7,600 SF
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Opportunity:
Growing submarket adjacent to Louisville’s downtown
Prime waterfront real estate with potential for riverboat gambling as additional business driver
New University of Louisville arena constructed less than 1 mile from hotel, opening in 2011
Distressed asset with weak brand and management
Acquired at significant discount to replacement cost
Value Added by MDH:
$15.0 million PIP renovation completed Spring 2008 included: new lobby and pool structures, total roof and mechanical system replacement, new exterior façade and window systems, complete gut and remodel of all hotel spaces
Sheraton franchise license agreement to 2023; only Starwood product in Louisville market
New upscale restaurant tenant: Bristol Bar and Grille
New midscale family restaurant tenant: Bearno’s Pizza
Hotel was awarded Tiffany Crystal Award from Sheraton for ranking #1 in Overall Guest Satisfaction for 2009