Marriott Irvine, Orange County, California
Real Estate to Achieve Strategic Goals
Tampa, Florida, June 28, 2004 – The Plasencia Group, Inc., the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, served as advisor to CIGNA Corp. in its sale of the Marriott Irvine to MeriStar Hospitality (NYSE:MHX). Located in Irvine’s Business Complex immediately adjacent to the San Diego Freeway (I-405), the 484-room hotel offers more than 30,000 square feet of flexible meeting and banquet space, five food and beverage outlets, and is strategically positioned to benefit from a recovery in its surrounding market.
"This transaction allows our client, CIGNA, as well the buyer to meet important strategic goals," said Lou Plasencia, President and CEO of The Plasencia Group, Inc. "CIGNA asked that we identify the right partner to continue to maximize the performance of a landmark hotel. In turn, MeriStar sought to enhance its portfolio consistent with its desire to acquire larger urban or resort-market properties with significant meeting space and strong brand affiliations.”
Plasencia concluded, “We are pleased to have been involved as a continuous advisor to CIGNA to produce a win-win transaction for these two important players in the real estate and hospitality industries.”
Plasencia added that the transaction is further evidence of The Plasencia Group’s special effectiveness in marketing properties in the upscale and upper-upscale segments. Within the past year, the company has advised in the sale of an interest in the Don CeSar Beach Resort, St. Pete, Florida; the Jacksonville Marriott, Jacksonville, Florida; the 405-room Norfolk Marriott Waterside in Norfolk, Virginia; the 197-room Marriott Waterford Hotel in Oklahoma City, Oklahoma, and the 279-room Palm Beach Gardens Marriott in Palm Beach Gardens, Florida.
Founded in 1993, The Plasencia Group, Inc. is the leading hospitality transaction and consulting services firm, representing public and private owners of hotels, resorts, and golf courses. With transactions encompassing close to 11,000 hotel rooms valued at well over $1 billion in the past twelve months alone, The Plasencia Group, Inc. has provided personalized, valued-added investment opportunities and services to clients such as Cigna Insurance, Host Marriott Corporation (NYSE: HMT), MeriStar Hotel Company (NYSE: MHX), Lend Lease Real Estate Investments and the Metropolitan Life Insurance Company. With regional offices in Tampa, Chicago, Dallas, Houston, Little Rock, Providence and San Diego, The Plasencia Group, Inc. offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, asset management and disposition, and proprietary industry research. Learn more about The Plasencia Group, Inc. at www.tpghotels.com.
|Also See:||The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004|
|The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004|
|The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003|
|The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003|
|The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003|
|The Florida Mid-Year Lodging Report / Ernst & Young LLP / Sept 2003|