Kriya Management Group completes acquisition of Wingate by Wyndham Las Colinas
Irving, Texas - March 27, 2007
Kriya Management Group completed the acquisition of the Wingate by Wyndham located in Las Colinas, a master planned community located in Irving, Texas. This property is located in a key location that Kriya wanted to expand it's presence. The Las Colinas market has over 22 million square feet of office space which includes world Headquarters for companies such Verizon, Fluor, Kimberly-Clark & Exxon Mobil.
The Kriya Executive Team is very excited about this acquisition as this fits in very well with their hotel investment criteria. The City of Irving recently passed a moratorium ordinance that ceases new hotel construction projects under $20 million which creates high barriers to entry for this market. Kriya also expects to realize many synergies with their other two hotels located in Irving. Approximately $500,000 is planned on refurbishment and modernization for the property. This acquisition reconnects the relationship between Kriya and Wyndham Worldwide. Kriya previously owned two Ramada properties in Oklahoma City franchised under Wyndham Worldwide, then known as Cendant.
The Wingate is a 100 room property located in a highly desirable area of Las Colinas. The property is a prototype Wingate Inn construction and has amenities geared towards business travelers. There are 3 available meeting rooms, including a boardroom setup. An Avis desk is also available on-site as an added convenience for travelers.
About Us
Kriya Management Group was founded to effectively perform real estate property management to its valued clients. Our Executive Team offers a highly revenue and sales driven philosophy. Our goal is to provide the highest quality of service to maximize the value of our property owners' assets. We take pride in the level of commitment we devote to our clients and to each property within our portfolio. We offer our clients a full service solution and aspire to optimize the performance of our portfolio.
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