SOURCE: Axela Hospitality

November 15, 2007 16:31 ET

Axela Hospitality Acquires the Phoenix Crowne Plaza Hotel

Expands Portfolio of Upscale Hotels and Resorts

WASHINGTON, DC--(Marketwire - November 15, 2007) - Axela Hospitality, a subsidiary of WexTrust Capital, announced today that is has acquired the Crowne Plaza® Hotel Phoenix. Terms of the transaction were not disclosed. InterContinental Hotels will manage operations for the hotel.

Located at 2532 W. Peoria Avenue near Interstate 17 in Phoenix's West Valley, the 248-room hotel is just 15 minutes from the Phoenix Sky Harbor International Airport. The newly renovated hotel boasts 36,000 square feet of indoor and outdoor meeting space with 11 function rooms; indoor and outdoor swimming pools and hot tubs; 24-hour fitness and business centers; complimentary high-speed Internet and Wi-Fi access; two onsite eateries serving Southwestern cuisine, cocktails, and casual dining; a Starbucks café; a game room and arcade; complimentary shuttle service in a 5-mile radius; and access to nearby golf.

Neighboring properties in close proximity to the hotel include a strong mix of retail and office park development including several Fortune 500 corporations such as Cigna Healthcare, USAA, Ping Golf Equipment, Bechtel, IBM, PetSmart and Honeywell. The area is also served by the 1.4 million square feet Metrocenter Regional Mall.

"With its strong amenity base and close proximity to the Phoenix Sky Harbor International Airport and office locations of several Fortune 500 companies, we see a tremendous opportunity to shift the hotel's focus from leisure to corporate transient and group business," said Elmer Coppoolse, CEO of Axela Hospitality.

For more information on the Crowne Plaza Phoenix or to make a reservation, please visit www.cpphoenix.com or call: 1-602-943-2341.

About InterContinental Hotels Group

The InterContinental Hotels Group PLC (IHG) of the United Kingdom [LON: IHG, NYSE: IHG (ADRs)] is the world's largest hotel group by number of rooms. IHG owns, manages, leases or franchises, through various subsidiaries, over 3,800 hotels and more than 563,000 guest rooms in nearly 100 countries and territories around the world. IHG owns a portfolio of well recognized and respected hotel brands including InterContinental® Hotels & Resorts, Crowne Plaza® Hotels & Resorts, Holiday Inn® Hotels and Resorts, Holiday Inn Express®, Staybridge Suites®, Candlewood Suites® and Hotel Indigo®, and also manages the world's largest hotel loyalty program, Priority Club® Rewards with over 33 million members worldwide.

About Axela Hospitality

Axela Hospitality, LLC is a subsidiary of WexTrust Capital, LLC. Axela Hospitality specializes in the development and management of high quality lodging assets. WexTrust Capital is a globally diversified private equity and specialty finance company with a proven track record for protecting its clients' assets and delivering a superior return-on-investment through its diverse portfolio of principal investments. WexTrust Capital specializes in unique investment opportunities ranging from real estate to specialty finance and investment banking. Headquartered in Chicago, the company also maintains offices in New York, Norfolk, Va., Atlanta, Boca Raton, Fla., Nashville, Tenn., Tel Aviv, Israel, and Johannesburg, South Africa. More information can be found at www.wextrust.com.

Contact Information