Gatehouse Capital to Operate W Hotel &
Residences in Hollywood, California
|June 7, 2005 - Hooray for Hollywood! W Hotels Worldwide, the fastest
growing luxury hotel brand in the world, announced today plans for a new
W Hotel & Residences in the Hollywood district of Los Angeles. Starwood
Hotels and Resorts Worldwide, Inc. , W's parent company, entered into an
agreement with HEI Hospitality, a hotel investment and operating company,
and Gatehouse Capital, a Dallas-based real estate investment firm, who
will jointly develop the property, which will be operated by Starwood.
Located at one of the world's most famous intersections at Hollywood and Vine, the W Hollywood Hotel & Residences will neighbor the world-famous Kodak theatre, home to the Oscars. The hotel will feature approximately 300 rooms and 150 W Residences, a signature restaurant, a rooftop bar, branded 9200- square-foot spa and 25-yard lap pool.
"Hollywood has long been considered the heart of all that entertains us. It's only fitting that we chose to build a W there," said Ross Klein, President of W Hotels. "Our brand's heightened sense of style, design and 'Whatever/Whenever' service will mix with Hollywood's authentic buzz to create the perfect L.A. escape."
The fifth residential project announced by W Hotels, the W Hollywood will feature 150 luxurious residences, including one, two and three bedroom units with spectacular views of the "Hollywood Sign". Residents will have all the benefits of being attached to a W Hotel, including signature amenities enjoyed by hotel guests and exclusive access to a private rooftop pool and fitness center. Owners will have access to the hotel's facilities, including 24-hour room service, daily housekeeping and concierge services.
"A project like this comes along once in a lifetime", says Marty Collins, President of Gatehouse Capital, "and we look forward to greatly enhancing the social design and economic fabric of Hollywood which has enthusiastically endorsed our efforts. We fully expect to produce something entirely different than anything currently in the market."
"We are excited to partner with Gatehouse and Starwood to undertake what will be a very exciting mixed-use development," said Gary Mendell, Chairman and CEO of HEI. "We believe that the combination of the W Hotel, W Residences, and highly branded retail will make this Hollywood location highly appealing to hotel guests and homebuyers alike."
The W Hollywood will offer W Hotel's signature Living Room experience, a place where guests, residents and L.A. insiders will sip and socialize on the adjoining outdoor terrace and rooftop club. The hotel's other distinctive elements include substantial luxury retail space, 16,000 square feet of meeting, banquet and pre-function space and Wired, a full-service business center open 24 hours. Guest rooms and suites (including spa suites) will indulge guests with W's signature beds with feather-top mattress, 350 thread- count Egyptian cotton sheets and goose down comforters.
The W Hollywood, scheduled to open in 2008, will be the second W property in Los Angeles, the first being the W Los Angeles - Westwood. Since its opening in April of 2000, the 258 all-suite hotel has become the most sought- after venue for Hollywood premieres and after parties. It's also home to the newly-opened Nine Thirty restaurant and a spectacular 4,000-square-foot sundeck graced with colorful cabanas which has served as the backdrop for countless movie scenes and celebrity photo shoots.
About Gatehouse Capital:
About HEI Hospitality:
About W Hotels:
Jane Glastein Lehman
W Hotels Worldwide
|Also See:||Reig Capital Puerto Rico, Inc. Developing the W Vieques - Martineau Bay, Located on the Island of Vieques / June 2005|
|The W Dallas Victory Hotel & Residences Adding 2nd W Residence Tower; Nears Sellout of First 61Condo Units / April 2005|