February 04, 2013 at 10:05 AM EST
Richfield Hospitality and Shelbourne Falcon Investors Acquire DoubleTree by Hilton Burlington, Vt.

Richfield Hospitality, a leading hotel management company, and Shelbourne Falcon Investors, an opportunistic real estate investment company, today announced that they acquired in a joint venture the 161-room DoubleTree Burlington hotel in Vt. for an undisclosed amount. It is the fourth hotel acquisition made by the two companies.

“We like the Burlington market because of its multiple demand generators,” said Greg Mount, president of Richfield Hospitality. “We continue to seek growth opportunities in similar locations with strong partners like Shelbourne Falcon.

“This acquisition points to a strong year for Richfield,” he said. “We expect to see accelerated growth both in hotel management and acquisitions as the hotel industry continues to strengthen and more hotels change hands.”

“The DoubleTree by Hilton Burlington has outperformed the market so when it became available, we were eager to once again join forces with Richfield and add it to our growing portfolio of full-service hotels,” said Joe Fox, managing partner Shelbourne Falcon Investors. “We continue to have a robust appetite for quality hotels throughout the United States.”

Located at 1117 Williston Road S., the hotel is just off 189 Interstate highway. “Because of its location in the state capital, the DoubleTree by Hilton Burlington is well positioned to serve business and government travelers,” Mount said. “It also has a strong leisure traveler base serving families visiting three nearby colleges and universities, and providing close proximity to Vermont’s leisure attractions like Lake Champlain and numerous nearby ski resorts. The property has the feel of a country inn, the amenities of an upscale hotel and spacious meeting facilities capable of handling up to 400 guests.”

The DoubleTree by Hilton Burlington offers 128 rooms and 33 suites all featuring the brand’s signature Suite Dreams beds, Wolfgang Puck in-room coffee, Crabtree and Evelyn amenities and the warm chocolate chip cookie welcome known the world over as the symbol of genuine hospitality.

Trader Duke’s serves breakfast, lunch and dinner daily and the hotel welcomes guests with an indoor pool and hot tub, 24-hour fitness center, 24/7 airport shuttle service and complimentary parking and WiFi. The hotel is pet friendly.

Just five minutes from the Burlington International Airport (BTV), the hotel is located near Vermont ski resorts, Stowe, Smuggler’s Notch, Sugarbush and Bolton Valley. The University of Vermont, Ben and Jerry’s, IBM, Green Mountain Coffee Roasters and the Department of Homeland Security also are nearby.

About Richfield Hospitality

Richfield Hospitality, Inc. is a leading hotel management company with a premier track record of maximizing profitability and improving asset values for hotel owners. From hotel operations and property management to electronic distribution and interactive marketing, Richfield achieves superior operating results through its strong commitment to guests, employees and owners. Based in Denver, Richfield is part of City Developments Limited, one of the world’s largest real estate, hotel investment and technology conglomerates with a market capitalization exceeding US$6 billion. Additional information about Richfield Hospitality may be found at the company’s website www.richfield.com.

Contacts:

Daly Gray
Chris Daly or Lauralee Dobbins
(703) 435-6293
Chris@dalygray.com
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