UA Sheraton Four Points to become Capstone Hotel
TUSCALOOSA (AP) — The 150-room Sheraton Four Points Hotel on The University of Alabama campus will become the Hotel Capstone under a deal approved this week by UA trustees.
The owners of the hotel plan to drop its affiliation with the Sheraton Four Points franchise, prompting the name change.
The original lease with the university called for the hotel to be part of a franchise. Under the new lease, the hotel will be independently operated.
Cory Jackson Jr., president of Birmingham-based Jackson Hospitality, one of the three firms operating the hotel, said renovations set to start in December will change the hotelís appearance from floor to ceiling.
No university money will be spent on renovations, said Mike Lanier, a vice president with Hoar Construction, which oversees UA building projects.
The university had stressed the need to renovate the 21-year-old building, however, and recommended the company put $5 million in a savings account to kick off a major overhaul.
That lump sum and an annual payment of 4 percent of gross revenues to the savings account for renovations are stipulated in the lease.
Copyright 2005 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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