About the property
Built in 1984, and substantially renovated, the centrally located Crowne Plaza Greenville features 203 guest rooms, includes a state-of-the art 24-hour fitness center, business center, indoor heated pool, parking, lobby bar, and a Ruth’s Chris Steak House. The Property also offers 7,000 square feet of flexible meeting space. The $4.4 million renovation in mid-2014 included upgrades to all guest rooms, the fitness center, meeting rooms, landscape, and general structures and systems to the building.
Stratford’s Role
After extensive negotiations, Stratford successfully persuaded IHG to award Rialto Capital the Crowne Plaza flag in exchange for a transformative PIP. Stratford aided Rialto Capital in selecting the General Contractor and advised the project manager who completed the PIP ahead of schedule and on budget. As asset manager, Stratford contributed to turning around a property that was abandoned by the IHG system, to one of the standout performers in the brand.
Location
Greenville, South Carolina
Deal Sourcing
Bought by Rialto in Note Pool
Value Creation
Replaced owner-operator with a third-party management company
Put in place a Sales and Marketing team that drove groups to the hotel
Renovated the hotel with a $4MM PIP and repositioned the hotel in the competitive set
