in New Mexico; Poperty Currently Closed While it Completes
a $12 million Restoration
May 12, 2006 - Officials of Gemstone Resorts International, LLC, a leading resort and hotel management company, today announced that it has signed a contract to manage the historic, 107-room La Posada de Albuquerque in New Mexico. The property currently is closed while it completes a $12 million restoration and is expected to re-open in the first quarter of 2007.
"La Posada is a perfect complement to our portfolio of unique hotels and resorts," said Thomas Prins, Gemstone principal. "Following completion of a multi-million dollar renovation, and with the introduction of our proprietary management and marketing systems, we fully expect this hotel to re-establish itself as a leading urban resort destination."
Opened in 1939, La Posada is on the National Register of Historic Places and was the fourth hotel built by New Mexico native Conrad Hilton, the founder of Hilton Hotels Corporation. The renovation, which began in December 2005, will completely make over all of the guest rooms, lobby and meeting space, and will include installation of state-of-the-art energy management systems and a complete solar heating system that will dramatically reduce the hotel's impact on the environment. Two restaurants are planned, including sidewalk dining and rooftop garden options.
The hotel also will serve as an urban cultural center and will feature exhibits from area museums, as well as live music performances and an interactive kiosk which allows guests to plan cultural activities in the area. Regular live activities at the property will include NM Symphony Orchestra events, UNM College of Fine Arts music series, a jazz series and workshop, Native American music, an artist-in-residence program with lobby plaza artist- at-work and workshops, and additional cultural displays and workshops. Displays will be provided by local museums, local organizations, and art galleries.
"We have gone to great lengths to make this a very environment-friendly hotel, including installation of cutting-edge energy conservation systems and solar hot water heating systems that will allow us to reduce energy and resource consumption by 50 percent, compared to a conventional hotel," said Gary Goodman, hotel owner. "For example, we will install one of the most advanced, computer controlled climate sensors in the state. These systems will contain motion monitors that track movement in the room, allowing us to turn off or reduce AC/heating in an unoccupied room. This electrical efficiency alone potentially can reduce CO2 emissions by 290 tons annually. We believe the La Posada will become a model for all future hotels."
Located at 125 Second Street NW, the 10-story, Southwestern-style boutique hotel in the heart of downtown Albuquerque, offers picturesque views of the Sandia Mountains. Featured among the hotel's 107 rooms and suites is the Zsa Zsa Suite, once occupied by honeymooners Zsa Zsa Gabor and Conrad Hilton. The architecture and interior design will take advantage of the original Spanish Colonial character and incorporate a memorable, contemporary edge into all aspects of the project. Guest rooms will feature the latest in technology, including free high-speed Internet access, state-of-the-art soundproofing and environmentally safe products and materials, two telephone lines, dedicated work space, experience style showers and ergonomic desks and chairs.
The hotel will offer 8,000 square feet of meeting space, including a unique boardroom, indoor and outdoor venues and an updated version of New Mexico's most famous ballroom. The space is designed to help create memorable meetings for groups of 10 to 100 and accommodate up to 200 people for social events, such as weddings and other family events. The property's relaxed atmosphere will feature coffee nooks, a library, an intimate and one-of-a kind, fine dining outlet and a lively three-meal indoor/outdoor cafe and bar. The lobby lounge will take advantage of the lobby's open spaces, comfortable gathering spots and extraordinary acoustics by featuring live entertainment five nights a week.
"The renovation will help position the hotel as a prime destination in 'the center of it all' for upscale business travelers and groups," said Sandra G. Morrill Esparza, Gemstone regional director. "The restoration will not only celebrate the past, but create a style previously not seen in the city. Additionally, leisure travelers will enjoy the hotel's unique, historical component, exciting food and beverage locations and multitude of arts and cultural offerings."
Headquartered in Park City, Utah, Gemstone Resorts is a full-service management and asset management company that specializes in luxury and upscale urban hotels and complex resorts. The company is engaged in resort and unique hotel marketing and management and asset management for a variety of well- regarded hotel real estate investors and owners. Gemstone currently manages or asset manages 22 projects, including The House of Blues Hotel, Chicago, Ill.; The Hotel ZaZa, Dallas, Texas; The Hotel ZaZa Houston, Texas; Pala Mesa Resort, Fallbrook, Calif.; Calistoga Ranch in Napa Valley, Calif.; The Mosaic Hotel, Beverly Hills, Calif.; The Westward Look Resort, Tucson, Ariz.; The Sedona Rouge Hotel and Spa in Sedona, Ariz.; and The Equinox Resort, Manchester Village, Vt. Additional information about the company may be found at http://www.gemstoneresorts.com/.
|Also See:||Historic La Posada de Albuquerque Bought Out of Bankruptcy for $4 million; The Goodman Realty Group Planning 18 Month Restoration / March 2005|
|Plans to Renovate La Posada de Albuquerque Hotel, Original Hilton Built in 1939 Under Conrad Hilton's Direction, Come Unraveled / April 2004|
|Trigild International, Inc. Awarded Management Contract for the La Posada de Albuquerque Hotel / May 2004|