Hawkeye Hotels, an Iowa family owned hospitality firm, has purchased the Radisson Quad-City Plaza in downtown Davenport and is making plans for a complete renovation.
The acquisition marks the 15th hotel property in Iowa for the Coralville-based company and its second Quad-City property. The company announced the real estate deal in a news release Thursday.
"When we see this type of pragmatic opportunity to invest more in our home state, it’s a win-win for both our company and the state of Iowa," said John Hall, chief financial officer of Hawkeye Hotels. "We believe we can contribute to the city’s thriving business environment and look forward to helping Davenport grow."
Scott County Assessor's Office records show that the property at 111 E. 2nd St. was acquired Nov. 6 for $10,206,500 by Bucktown Lodging LLC, Coralville, which is part of the Hawkeye Hotels family of companies.
The Radisson's 2017 assessment is nearly $12 million. It had been owned by Atrium Hospitality.
In an interview Thursday, Raj Patel, the company's chief development officer, said plans are being made to renovate all the Radisson's 221 guest rooms with new carpeting, wallcoverings, furniture and refreshed interiors. "I expect the bulk of the staff will remain there through renovations," he said, adding that the hotel will remain operational during the work. The project also will include renovations to the lobby, atrium and restaurant.
Patel, whose parents Bob and Angie Patel entered the hotel business in 1982, said the company "has been in and out of Davenport for many years." Previously, it owned the former Davenport Hampton Inn, which converted to a LaQuinta hotel, and years ago built both the Days Inn off Davenport's Brady Street and the new Hampton Inn & Suites near the Davenport cinemas.
The Hawkeye Hotels' other area property is the Motel 6 near the Quad-Cities International Airport in Moline. It owns more than 50 hotels in 16 states, with the majority in Iowa, said Patel, a graduate of the University of Iowa.
"Our acquisition and renovation of this hotel will breathe new life to a property that has been a staple of Davenport for the last 20 years," Samir Patel, development manager for Hawkeye Hotels, said in the release.
Hawkeye Hotels said the hotel supports steady demand from government entities and major corporations, such as John Deere, United Healthcare, Chase, US Bank and Wells Fargo, as well as local educational institutions across the Quad-City region.
"We've always been actively looking in the Davenport market," said Raj Patel. He added that downtown's recent resurgence, as well as its growing dining and entertainment options, make the area a strong draw.
"Travelers want to stay in these downtown markets, and they want to stay near the (Mississippi) River," he said. "The Radisson was just a prime fit for us to meet that traveler demand and come back into a market we've been in for decades."
Today, Hawkeye Hotels is owned by founders Bob and Angie Patel, the company's CEO and corporate director, respectively, as well as their sons Ravi Patel, president, and Raj Patel, chief development officer, and daughter Sajni, vice president. The parents got into the hotel business in 1982, two years after they emigrated from India, with their purchase of a roadside motel in Mena, Arkansas.
Raj Patel, who recalls literally growing up in the business — living in the family's hotels the first 10 years of his life, said that today the business is vertically integrated. "We're not just one facet. We develop, manage and own the companies."
He attributed the company's growth to both acquisition and new development from the ground up. "We have about a dozen under development now and will break ground on another six next year." Among its properties is the historic Hotel Fort Des Moines, which is undergoing a $40 million renovation.
One of the country's fastest-growing family owned hospitality companies, Hawkeye Hotels relocated its corporate headquarters to Coralville from Burlington, Iowa, where it maintains administrative offices for payroll and accounting.
In addition to Iowa and Illinois, the firm has properties in Arkansas, Colorado, Indiana, Louisiana, Maryland, Missouri, Ohio, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, West Virginia and Wisconsin. Hawkeye Hotels employ more than 1,500 employees across its portfolio of hotels and corporate offices and maintains affiliations with brands such as Marriott, Hilton, InterContinental and Starwood.