in Sale of Hyatt Regency Islandia Hotel
|TAMPA, FLORIDA-January 10, 2006 - The Plasencia Group, Inc., the leading
hospitality transaction and consulting services firm representing owners
of hotels, resorts, and golf courses, served as exclusive investment advisor
to Islandia Associates, LTD in the sale of the 421-room Hyatt Regency Islandia
Hotel in San Diego, California. The Hyatt Regency sits in a spectacular
resort-like setting with panoramic views of Mission Bay and the Pacific
Ocean. Hyatt Corporation will continue to manage the hotel.
The purchaser, KENCAL Ownership, LLC, plans a complete renovation of the property, totaling nearly $36 million.
Bernie Murphy, Vice President of The Plasencia Group's Western Region,
noted that this transaction was more challenging than is typical in vibrant
San Diego. "The combination of a city land lease, a union contract,
long term management encumbrance and the magnitude of required renovations
dissuaded many prospective purchasers," said Murphy. "We were able
to identify the ideal purchaser with the vision and resources to turn perceived
weaknesses into strengths and to return the Hyatt Islandia to world-class
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group (www.tpghotels.com) is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, with regional offices in Tampa, Chicago, Hartford, Houston, Little Rock, Providence and San Diego. In conjunction with its affiliates, Regent Street for luxury properties and Sun Hospitality Advisors for limited service properties, The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as CIGNA, Host Marriott Corporation, MeriStar Hospitality Corporation and Metropolitan Life Insurance Company. The Plasencia Group 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.
Cashman & Katz
|Also See:||The Plasencia Group, Inc. Advises Thayer Lodging Group on the Sale of Eight Properties to Pyramid Hotel Advisors, LLC Properties Combine Geographic Diversity, Performance and Growth Potential / July 2005|
|Robert C. O'Leary Named Vice President of the The Plasencia Group's Sun Hospitality Division / March 2005|
|The Plasencia Group Is Exclusive Marketing Advisor on Sale of Long Beach Hilton / January 2005|
|The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004|
|The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004|
|The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004|
|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|