Acquest to Oversee $15m MeadowView Marriot Expansion Project in Kingsport, TN

Bloomfield Hills, MI, January 31, 2008 --(PR.com)-- Acquest Development, Inc. – a single source real estate developer specializing in hotels and conference centers – today announced that it will oversee and manage a $15 million expansion/enhancement project for the MeadowView Marriott Conference Resort and Convention Center in Kingsport, Tenn.

Scheduled to begin this summer, the project includes the construction of two new wings, which will add a total of 110 new guest rooms; renovations to the indoor/outdoor swimming pool complex; and upgrades to the existing 195 guest rooms. The project is scheduled to be completed by the end of summer 2009. When completed, all 305 guest rooms will offer the latest Internet technology and 32-inch flat panel televisions.

Since opening, the MeadowView Marriott Conference Resort has consistently rated within the top percentile for customer satisfaction among Marriott managed/owned hotels. Additionally, the property has received numerous national honors for customer service, including Marriott’s Top Operations Excellence Hotel award.

“The MeadowView Marriott Conference Resort and Convention Center is an excellent example of how public and private entities can come together to create a successful partnership with a lasting economic impact on the city,” said Joan Cleland, President, Acquest Development, Inc. “For the past several years, this property has experienced high occupancy rates. The expansion and proposed upgrades will enhance its marketability to larger groups and potential visitors.”

Over the past several years, the MeadowView Marriott Conference Resort and Convention Center has generated more than $20 million per year in total economic impact to the area.

The MeadowView Marriott Conference Resort and Convention Center originally opened in 1996 as part of a public/private partnership between the City of Kingsport and the Eastman Chemical Company. Acquest Development, Inc. served as the developer for the resort, convention center and the Cattails Golf Course.

For its role in that project, Acquest structured the public/private partnership, arranged the private equity financing and had sole responsibility for administering and monitoring the project budget and schedule. The City of Kingsport owns the convention center and the adjoining Cattails Golf Course, while the hotel and restaurant are the property of Eastman Chemical Company. The entire facility, including the golf course is managed by Marriott International.

About Acquest
Acquest Realty Advisors, Inc. was founded in 1980 and for more than two decades has provided real estate services to major pension funds, corporate, institutional and public sector investors.

Acquest is a development management expert, specializing in the coordination of successful public-private partnership projects that bring lasting value to communities. Acquest has served as development manager for downtown revitalization developments in Fort Wayne, IN, a mixed-use project within Harrison Square to develop an urbanized Courtyard by Marriott in partnership with White Lodging; Trenton, NJ, working with the New Jersey Economic Development Authority, the City of Trenton and the State of New Jersey to build The Trenton Marriott Hotel and Conference Center, a full-service hotel in the only state capital city previously without one; Midland, MI and the creation of the H hotel (formerly the Ashman Court Hotel and Conference Center); Erie, PA and the development of the Sheraton Erie Bayfront Hotel and Convention Center and in Kingsport, TN with the development of the MeadowView Marriott Conference Resort and Convention Center.

For more information, visit www.acquestrealty.com.

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