(PRWEB) September 23, 2013
Dellisart Wellspring LLC is pleased to announce the construction of a 108-room Hyatt Place hotel in downtown Bowling Green. The hotel will be located adjacent to the WKU Alumni Building in southern end of the TIF district.
The ownership of the Hyatt Place hotel in Bowling Green will be Dellisart Wellspring, LLC. This partnership was formed by Wellspring Investment, LLC (Ray Chen & Family) and Dellisart, LLC (Douglas Artusio). The two groups have known each other for several years and started their association with the development of the 124 all-suite Staybridge Suites Hotel in Bowling Green which is now open next to the Carroll Knicely Conference Center located at the corner of Nashville Rd and Campbell Lane.
The developer, Dellisart LLC, will begin construction of the four-story hotel will begin this fall with a slated opening in fall of 2014. Meridian Design Build who built the Staybridge Suites Bowling Green on Nashville and Campbell Lane was awarded the construction contract for the Hyatt Place hotel.
Dellisart Wellspring LLC has executed a letter of commitment from US Bank and is scheduled for a loan closing in the upcoming weeks.
The WKU Gateway to Downtown Bowling Green TIF (Tax Increment Financing) District stretches for over 350 acres in the heart of downtown Bowling Green. The TIF district TIF legislation was authorized by the State in 2007 and was activated in Bowling Green in 2008. The TIF had a goal of $150 Million in Capital investment within the TIF boundaries by December of 2014. In August of 2013, the TIF Authority was notified of certification by the Commonwealth of Kentucky as having attained the investment goal. As of December of 2012, the WKU Gateway to Downtown Bowling Green TIF had a capital investment certified at $187 Million.
Gary A. Ransdell, President, Western Kentucky University
"The TIF development was intended not only to revitalize downtown Bowling Green but also to connect the WKU campus to downtown," said Gary A. Ransdell, President of Western Kentucky University. "The addition of a Hyatt Place hotel next to the Augenstein Alumni Center is the cornerstone that will complete that gateway to downtown. This is an exciting opportunity for our community and our campus, and we are pleased to welcome Hyatt Place to Bowling Green."
Mike Buchanon, Warren County Judge Executive
"Today's announcement is the culmination of efforts by the county, city, state and community leaders to grow our community, revitalize the downtown and truly connect with the WKU campus. This will be a tremendous addition to the TIF development, and we are so pleased to see another investment in our community by Dellisart-Wellspring LLC," said Warren County Judge Executive Mike Buchanon.
Bruce Wilkerson, Bowling Green Mayor
"Bowling Green welcomes Dellisart-Wellspring LLC and Hyatt Hotels. We look forward to and thank them for their investment in our community. This development will fill a need for hotelier service in the downtown area."
Craig Browning, U.S. Bank Regional President, commented on the bank's involvement.
“U.S. Bank is a proud partner of the Hyatt Place project on the edge of WKU's beautiful campus. This project is yet another example of our willingness to invest in the downtown revitalization efforts of Bowling Green, the university as an economic engine of this region, and our community at large. The hotel will create meaningful jobs and provide a much-needed service, which is key to the University's strategic plan. There are many strengths to this opportunity including the support of local government, the university, and a very experienced hospitality management team. We have every confidence this project will exceed expectations.”
Doug Gorman, Chairman of the Warren County Downtown Economic Development Authority
“This development by Doug Artusio and his team is a shining example of not only the hard work of Mr. Artusio but also of the partnership between WKU, the City of Bowling Green, County of Warren and the TIF authority. Critical to the success of the WKU Gateway to Downtown Bowling Green TIF has been a hotel. We are excited about the opportunities that a Hyatt Place development brings to our community.”
Kevin Schramm, Vice President of Development for Hyatt Hotels & Resorts
“We are very excited to be working with Doug Artusio’s team on the first Hyatt-branded hotel in Bowling Green. This project presented us with a great opportunity as Hyatt looks to expand the Hyatt Place brand in communities like Bowling Green. Hyatt Place Bowling Green will be a valuable addition to the expanding roster of Hyatt Place hotels on or near college campuses, and we look forward to introducing this innovative brand to the city and to a new group of travelers.”
Jeff Flater, Vice President of Marketing for Hyatt Place
“The Hyatt Place brand is a perfect fit for a campus environment because it was designed for people living a multitasking lifestyle, not just a business traveler or a leisure traveler. From visiting parents and sports teams to guest lecturers and prospective students, and we believe that all guests will appreciate the casual hospitality and practical amenities offered at Hyatt Place Bowling Green.”
About Dellisart LLC
The Hyatt Place hotel in Bowling Green will be managed by Dellisart LLC, this is the second managed hotel in Bowling Green since opening the Staybridge Suites in November of 1012. Dellisart having been established in March 2001 for the purpose of developing and managing a portfolio of company owned assets, the executive team set forth to establish a strong foundation to support both the pre-opening and post-opening needs of its own hotels. In doing so, the team brought together over 80 years of direct hotel level management and sales & marketing experience, as well as over 40 years of corporate management and brand expertise, to develop the platforms in use today. From pre-project financial modeling, plan reviews, vendor selection and purchasing management, pre-opening sales & marketing support, staff selection and training, pre-opening critical path management, and accounting and payroll services, to the development of post-opening objectives and strategies designed to maximize profits, maintain product quality, and drive guest and associate satisfaction levels, this a truly a turn key solution. Dellisart offers on property operational and sales and marketing support, remote revenue management assistance, employee benefit administration, the management of a fully automated on-line accounting system, as well as budgeting and capital planning functions, are all simply components of the solution. We believe in hiring the right people, treating and compensating them fairly, putting them in the right position, with the right amount of responsibility and authority, providing and surrounding them with the right resources and tools, so that they have the greatest opportunity to succeed. This solution and approach to management is now being made available to 3rd party management partners in order to assist them in achieving the realization of their maximum potential.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a proud heritage of making guests feel more than welcome. Thousands of members of the Hyatt family strive to make a difference in the lives of the guests they encounter every day by providing authentic hospitality. The Company's subsidiaries manage, franchise, own and develop hotels and resorts under the Hyatt®, Park Hyatt®, Andaz®, Grand Hyatt®, Hyatt Regency®, Hyatt Place® and Hyatt House® brand names and have locations on six continents. Hyatt Residential Group, Inc., a Hyatt Hotels Corporation subsidiary, develops, operates, markets or licenses Hyatt ResidencesTM and Hyatt Residence ClubTM. As of June 30, 2013, the Company's worldwide portfolio consisted of 524 properties in 46 countries. For more information, please visit http://www.hyatt.com.
Certain statements and assumptions in this press release contain or are based upon “forward-looking” information and are being made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. When we use the words “will,” may,” “anticipate,” “estimate,” “should,” “expect,” “believe,” “intend,” or similar expressions, we intend to identify forward-looking statements. Such statements are subject to numerous assumptions and uncertainties, many of which are outside of Englewood LLC’s or Hyatt’s control, which could cause actual results to differ materially from those expressed in or implied by the content of this document. Forward looking statements made in this press release are made only as of the date of their initial publication and neither party undertakes an obligation to publicly update any of these forward looking statements as actual events unfold.
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