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 Portman Holdings and Phelps Development, Co-developers of the 1,190-room
Hilton San Diego Convention Center, Set to Start Construction; $348 million
Project Completely Financed with Private Capital
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ATLANTA, Ga./GREELEY, Colo., January 23, 2006 -- Officials of Portman Holdings and Phelps Development, co-developers of the 1,190-room Hilton San Diego Convention Center, today announced that construction financing has been completed on the $348 million project with San Diego National Bank.  The hotel is the result of a team effort between Portman Holdings, Phelps Development, ING Clarion Partners, Hilton Hotels Corporation and the Unified Port of San Diego.  Construction is expected to begin shortly with a planned fall 2008 opening.

“This project has been under development for nearly four years, and it is gratifying to clear the last hurdle,” said Thomas Arasi, president of Portman Holdings.  “This hotel will have a dynamic impact on both San Diego’s skyline and economy, and will dramatically enhance the marketing strength of the Convention Center.”   

“This property not only is likely to be the largest single hotel project undertaken in 2006, it will be  ,” said Thomas Wierdsma, director of development for Phelps Development.  “The hotel has a prime, unduplicatable location in San Diego, on the waterfront, adjacent to the Convention Center and directly across the street from PETCO Park and the historic Gaslamp Quarter.”

Phelps Development is a wholly owned subsidiary of Hensel Phelps Construction Co., an employee-owned company headquartered in Greeley, Colo.  The Phelps Companies develop and construct a diverse range of project types, including new construction and renovation of commercial office, airport, distribution and industrial, correctional, public assembly, sports, health care, educational, institutional, residential, mixed use, retail, hospitality, mass transportation, entertainment, microelectronics, research and development, and laboratory facilities.  The company is consistently ranked among the top general contractors and construction managers in the nation.  Additional information is available at the company’s web site www.henselphelps.com.

Headquartered in Atlanta, Portman Holdings is the development division of the Portman companies, a real estate owner, developer and architectural firm, founded in 1953.  Its other divisions include AmericasMart, the largest wholesale market of its kind in the world with 4.2 million square feet of exhibit space; and John Portman and Associates, one of the world’s most prestigious architectural firms.  Various Portman entities own, in conjunction with partners, a diversified portfolio of high-quality real estate assets with an aggregate value in excess of $1.5 billion. Additional information about the company may be found on the division’s web site, www.portmanholdings.com.

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Contact:

Jerry Daly
 Daly Gray Communications
(703) 435-6293

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Also See: Thomas Arasi Appointed President of Portman Holdings, the Real Estate Development Division of the Portman Companies / November 2004
Baltimore Development Officials Proposing 100% Financing for 750-room Hilton Adjacent to Baltimore Convention Center; Would Issue $290 million in Tax-exempt Revenue Bonds / November 2004


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