By Mike Sharkey
Staff Writer
The Adam’s Mark is being sold to a California investment group and will operate as a Hyatt. The sale will be effective April 1 with the new name coming later.
The purchase price is unknown.
Sources say the 966-room downtown hotel is being purchased by Oxford Lodging, which operates luxury hotels in the United States and Japan.
The company operates large high-end hotels including the Pan Pacific in San Francisco; the Radisson Lexington, Doubletree Metropolitan and Milford Plaza in New York City; The National Conference Center in Lansdowne, Va.; the Hyatt Regency Bethesda in Bethesda, Md.; and the Wyndham Hotel in Wilmington, Del.
The company is in the Japanese market as well with holdings in Tokyo Disneyland, Kobe, Osaka, and Fukuoka.
Company President Robert Kline is expected here this week.
Kline, who founded the company, is a 20-year veteran of the lodging industry and according to the company website, has led over $4 billion in transactions. Prior to forming Oxford Lodging, Kline founded the Lodging Business for Lend Lease Real Estate Investments and was the head of acquisitions for Strategic Hotel Capital.
Also coming here is Executive Vice President Andrew Strasser, a former executive with the Hyatt chain, where he led strategic planning for the company.
The Adam’s Mark opened in February 2001 and is currently managed by Stuart Arp. It was built with $121 million in City incentives in order to entice the National Football League to place a Super Bowl here; the NFL requires a large downtown hotel for the game headquarters.
The hotel sale has been rumored for several years but no buyer has been able to make a deal with the St. Louis-based company that owns it. The latest effort was late last year when it appeared the hotel may become a Marriott.
The Hyatt chain is considered a top-line international company. It manages no properties in this area.