Interstate Hotels & Resorts Signs Two Management Contracts in Oakland, California
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Interstate Hotels & Resorts Signs Two Management Contracts in Oakland, California
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Category: North America & West Indies / Carribean islands
This is a press release selected by our editorial committee and published online for free on 2007-06-22
Interstate Hotels & Resorts (NYSE: IHR), one of the nation's largest independent hotel management companies, today announced that the company has signed a long-term contract to manage two Marriott-branded properties in downtown Oakland, California: the 484-room Oakland Marriott City Center and the 162-room Courtyard by Marriott Oakland Downtown. Both properties were recently acquired by CIM Group, a large real estate investor based in Hollywood.
In addition, Interstate will manage the 75,000 square foot Oakland Convention Center adjacent to the Marriott City Center hotel. The new owners expect to conduct a substantial renovation of the properties over the next three years, to include rooms and public space.
"While we manage a number of hotels in northern California, these two hotels represent our entry into the Oakland market and bring our total number of contracts in the state to 32," said Thomas F. Hewitt, chief executive officer. "Oakland is in the middle of an urban renaissance, and we are very optimistic about the long-term profit potential of these two downtown properties, which will continue to benefit from the rapid growth in business, retail and residential projects. With our size and operational advantages, and previous experience with convention center properties, we are confident we can deliver a better bottom line for our owners and help these properties live up to their full operating potential."
"CIM Group is a major private equity fund based in California," said Leslie Ng, chief investment officer. "We look forward to expanding our relationship with CIM Group and will continue to seek opportunities to expand our core hotel management business. We remain focused on first-class, full- service and select-service hotels affiliated with top-quality, internationally known brands like Marriott, Sheraton, Westin, and Hilton, as well as independent hotels and resorts."
Oakland City Center Marriott
Located at 1001 Broadway, in the Central Business District, adjacent to the Oakland Convention Center and a BART station, the 21-story Oakland City Center Marriott hotel offers commanding views of Lake Merritt, Berkeley Marina, the bay and skyline of San Francisco, and both the Golden Gate and Bay Bridges and is convenient to all Bay Area attractions, including Napa and Sonoma wine country, the East Bay, and Berkeley. Downtown San Francisco is only 12 minutes away by BART.
The Oakland Marriott City Center is connected to the Oakland Convention Center and together provide more than 89,000 square feet of state-of-the-art meeting and exhibit space, comprising 32 meeting rooms and three lavish ballrooms. Hotel amenities include a full-service business center, fitness center, outdoor heated pool, and high-speed Internet access. Restaurant/lounge facilities include the City Center Grill, offering three- meal service, Java Parc Cafe and the Atrium Lounge.
Courtyard by Marriott Oakland Downtown
Located at 998 Broadway, across the street from the City Center Marriott, the five-story Courtyard Oakland Downtown provides a more residential feel, within easy walking distance of Oakland's central business district, Federal and State offices, Superior Courts, shops, restaurants and BART to San Francisco, Berkeley, Walnut Creek and the Oakland Arena / Coliseum. Hotel amenities include an heated outdoor swimming pool, whirlpool, Jacuzzi, fitness room, wireless high speed Internet access, and the Courtyard Cafe, which is open for breakfast. Guestrooms feature a comfortable, large, well- lit work desk with an ergonomic chair, two phones with data ports and free Internet access.
About CIM Group
CIM Group is an integrated, full service real estate investor with in- house acquisition, development, finance, leasing, and management capabilities. CIM Group directs its efforts towards districts of high population density, including the downtown areas within large cities, smaller "main street" districts within towns and suburban cities, and other locations which lie within the metropolitan areas of the country. Since its inception in 1994, CIM Group has been a leading force in the creation of great streets in the cities of Santa Monica, San Diego, Pasadena, Brea and Hollywood.
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