San Jose Wyndham
effort on behalf of MeriStar Hospitality (NYSE:MHX) in the past 120 days
San Jose, CA, July 12, 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 MeriStar Hospitality (NYSE:MHX) in its sale of the San Jose Wyndham to Pacifica Companies, based in San Diego. This is the final transaction in a three-property portfolio concluded on MeriStar’s behalf with Pacifica. Terms of the transaction were not disclosed.
The sale of the 355-room property, situated in the heart of San Jose along First Street, follows successful marketing efforts on behalf of MeriStar in the past several months that include the sale of the Howard Johnson Key Largo Resort and the sale of the 135-room Courtyard Century City, both which sold and closed in the past 120 days. The three transactions total close to 600 rooms, resulting in the realization of significant value for a TPG client engaged in an ongoing disposition process of non-strategic assets.
"The San Jose Wyndham offers tremendous value right in the heart of San Jose, with close proximity to the San Jose International Airport," said Bernie Murphy, Regional Vice President at The Plasencia Group, Inc. He concluded, “The hotel is well positioned to benefit from a rebound in corporate travel, its outstanding location and its proximity to a number of major corporate demand drivers and key attractions in the San Jose area.”
CEO Lou Plasencia, concluded, “This property attracted a number of very qualified investors. Working with Pacifica and their group of professionals has been a real pleasure. We look forward to working with them again very soon.” He concluded, “Thanks to a carefully planned and executed process, this disposition was concluded quickly and efficiently and completed a three-property disposition effort for MeriStar that has resulted in significant value.”
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), FelCor Lodging Trust (NYSE: FCH), 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 Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004|
|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|