Richfield Hospitality and Shelbourne Falcon Investors Complete Acquisition of Renaissance Syracuse Hotel

SYRACUSE, NY/DENVER, CO—Richfield Hospitality, a leading hotel management company, has completed the acquisition of the 279-room/suite Renaissance Syracuse Hotel (top left photo) in a 50-50 joint venture with Shelbourne Falcon Investors for an undisclosed amount.

The complex transaction involved acquiring the hotel’s loan and negotiating a deed in lieu of foreclosure exchange with the owner. Richfield will operate the hotel.

The hotel will convert to the Crowne Plaza brand in mid-August and begin a $5 million renovation in September that includes upgrading all guest rooms and public spaces, as well as enhancements to the exterior. The renovation will occur in phases to minimize potential guest disruptions.

Mark Zimmerman, a 30-year hotel veteran, has joined the hotel as general manager. Previously, he was general manager at another Richfield property in Albany.

 His career includes more than 17 years with Marriott International, including sales and marketing and operations, where he won awards for operating excellence. He is a member of the Advisory Boards for SUNY Delhi University and Schenectady Community College.

“Upon conversion to the Syracuse Crowne Plaza, this well located, newly renovated property will be well positioned to quickly gain market share,” said Greg Mount,  (middle right photo)Richfield Hospitality president.

“This is our first acquisition under our new growth strategy focused on adding hotels to our portfolio as owners/joint venture partners and through third-party management. We also have added third-party and asset management assignments.

"We have seen an increase in acquisition opportunities to our already robust pipeline since the first of July. We continue to focus on hotels and resorts in the U.S., Canada and the Caribbean.”

Contact: Jerry Daly or Chris Daly, (703) 435-6293