Subject: TNM
CoralTree Hospitality, a Wholly Owned Subsidiary of Lowe, Buys Controlling Interest in Magnolia Hotels Brand; Takes Over Management of Denver, Houston, St. Louis and Omaha Hotels
DENVER, Sept. 9, 2021 /PRNewswire/ -- Tom Luersen, president of CoralTree Hospitality, today announced that, in partnership with its parent company Lowe, it has acquired a controlling interest in the Magnolia Hotels brand from Denver-based Stout Street Hospitality. CoralTree will manage four of Magnolia's six properties in Denver, Houston, St. Louis and Omaha while licensing the name to the New Orleans and Dallas properties. The Magnolia brand is known for its award-winning, independent properties that reflect the spirit of each location with curated personal service for both business and leisure travelers. With the addition of the six new Magnolia Hotels, CoralTree has a portfolio of 22 hotels and resorts throughout the United States.
"CoralTree is committed to purposeful growth," said Luersen. "Magnolia Hotels is a great complement to our mission at CoralTree to work with distinctive, independently-minded properties. Magnolia hotels are known for capturing the spirit of the locations in which they operate which is in alignment with our operational goals to deliver a distinctive guest experience to our group, corporate travel and leisure guests. We look forward to expanding the brand, when appropriate, to other metropolitan markets."
The Denver, Houston and St. Louis hotels will remain a part of the Tribute Portfolio's distribution network including access to the Marriott Bonvoy loyalty program. Tribute Portfolio is a collection of high-end independent boutique hotels bound by their indie spirit and heart for connecting people and places.
"For more than four decades, my family has owned and managed hotels throughout the United States including the Magnolia brand which launched in 1995 with the opening of our Denver hotel," said Sarah Holtze Treadway, president and co-chief executive officer of Stout Street Hospitality. "It's been a labor of love for all of us to see the brand expand into new destinations over the years. We are confident in CoralTree's stewardship of the brand as they usher it into its next chapter and look forward to our partnership and pursuing new opportunities together." Stout Street Hospitality will continue to asset manage its current portfolio as well as develop and manage future opportunities.
"The CoralTree and Stout Street teams are aligned in many ways from our roots as family-owned businesses to our values and the shared philosophy that every individual hotel should tell a unique story," added Luersen. "We have both a common culture and similar histories." CoralTree is a wholly-owned subsidiary of Los Angeles based Lowe, a real estate investment, development and management firm founded nearly 50 years ago by Bob Lowe and now operated by his son's Rob and Mike Lowe. Similarly, Steve Holtze originally formed Stevens Holtze Corp. in 1993 before handing the reigns to children Eric Holtze and Sarah Treadway under the Stout Street moniker in 2016.
The brand's first property, Magnolia Hotel Denver, is located in what was formerly the American National Bank Building and is listed on the National Register of Historic Places. The 297-room property was restored to reflect its original appearance with terra cotta details and a replicated corner clock adorns this 13-story landmark edifice built in 1910. The hotel, which opened in 1995, features Harry's lobby lounge for dining, 13,450 square feet of meeting space, a library and fitness center. The property is located in the heart of downtown Denver with easy access to the Colorado Convention Center, Ball Arena, Coors Field, shopping and entertainment along the 16th Street Mall, as well as many other local attractions and businesses.
Magnolia Hotel Houston opened in 2003 in Houston's most renowned downtown structure, the former Post Dispatch building, which is listed on the National Register of Historic Places. The 314-room Magnolia Hotel offers a fitness center with new, high-tech equipment; a rooftop pool and Jacuzzi; and a luxurious Club Room lounge and billiards area, as well as more than 16,000 square feet of meeting space. The Magnolia's prime location is close to Minute Maid Park, the Toyota Center, the Houston Aquarium, Bayou Place and the theater district.
The 145-room Magnolia Hotel Omaha is located in the heart of downtown Omaha. It is ideally situated next to the area's finest attractions including the Qwest Center, the historic Old Market, and Orpheum Theatre, as well as all the major corporate headquarters and offices downtown. It was named to the National Register of Historic Places in 1974 and seamlessly brings together historic nuances with urban amenities such as The District, featuring contemporary American cuisine in a casual setting, a business center and 8,000 square feet of meeting space.
Situated in the heart of downtown St. Louis, the 182-room Magnolia Hotel is within walking distance of numerous attractions including the America's Center Convention Complex. Originally opened as the Mayfair Hotel in 1925, the St. Louis hotel is a true boutique property with distinctive touches including putting the customary chocolate on the pillow at turndown ? a tradition inspired and essentially established by Cary Grant, who while a guest of the Mayfair, left a trail of chocolates leading his paramours to his suite. Listed on the National Register of Historic Places in 1979, the hotel remains modern and elegant with contemporary amenities such as Robie's, which serves three meals a day, a fitness center and 8,000 square feet of meeting space.
About CoralTree Hospitality
Launched in December 2018, CoralTree Hospitality is a wholly-owned subsidiary of Los Angeles based Lowe, a real estate investment, management and development firm. Colorado-based CoralTree delivers distinctive, memorable experiences that celebrate the surroundings, culture and community of each property. CoralTree was named among the top 20 hotel management companies in the U.S. after only one year of operation by Hotel Business magazine. The company provides marketing licensing, hospitality, and asset management services to 22 hotels and resorts in the United States. The collection includes independent, branded and soft-branded properties such as Terranea Resort on the Southern California coast, Hotel Lincoln in Chicago, The Woodlands Resort in Houston, Suncadia in Cle Elum, Washington and the new Eddy Taproom & Hotel in Golden, Colo. The company also is overseeing the creation of the Lake Nona Wave Hotel in Orlando, Florida, which is scheduled to open in late 2021. For more information on CoralTree, visit www.CoralTreeHospitality.com.
About Stout Street Hospitality
Developing hotels since 1993, Stout Street Hospitality is a fourth-generation family business. The Denver-based company has traditionally focused on revitalizing urban core, historically significant properties into unique independent hotels, under the Magnolia Hotels brand. Going forward Stout Street Hospitality will continue to own and develop new Magnolia Hotels as well as pursue a wide range of asset management, management, acquisition and development opportunities. The company currently owns and asset manages Magnolia hotels in Denver, Houston, Omaha, St. Louis, and New Orleans. For more information, visit www.stoutstreethospitality.com.
About Lowe
Los Angeles-based Lowe, formerly known as Lowe Enterprises, is a leading national real estate investment, development and management firm. Over the past 49 years, it has developed, acquired or managed more than $32 billion of real estate assets nationwide as it pursued its mission to build value in real estate by creating innovative, lasting environments and meaningful experiences that connect people and place. Lowe currently has more than $2 billion in commercial real estate projects in the pipeline or under development. In addition to its Los Angeles headquarters, Lowe maintains regional offices in Southern California, Northern California, Charleston, Denver, Seattle, and Washington, DC. For more information visit www.Lowe-RE.com, www.hospitality-work.com and www.coraltreehospitality.com
SOURCE CoralTree Hospitality Group
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