Pinnacle Condominium Resort in Las Vegas
Va., May 26, 2006—Interstate Hotels & Resorts (NYSE: IHR), the nation’s
largest independent hotel management company, today announced that it has
been selected to manage the 1,100-unit Pinnacle Condominium Resort in Las
Vegas. The twin-tower, 36-story structure, currently in pre-sale,
is expected to break ground in the fall of 2006 and open in the second
quarter of 2009. The resort may offer its condominium owners the
opportunity to place their units in a rental arrangement. The $850
million condo resort project is being developed by The Falcon Group, which
also owns the land.
“We have significant experience in the condominium hotel niche and are well versed in the operation of these complex, lifestyle destination resorts that have a mix of resident owners, vacation and second residence owners and resort guests,” said Thomas F. Hewitt, Interstate’s chief executive officer. “As a current operator of condo hotels, we fully understand the service, operations and marketing aspects of these unique projects.”
Situated on 12 acres off Las Vegas’ West Strip, Pinnacle will be an architecturally unique “vertical neighborhood,” consisting of two curvilinear, 36-story condominium resort towers connected by three “Sky Bridge” suites, ultra-luxurious two-story, glass-clad residences, each with their own rooftop gardens and panoramic views. In addition to the 1,100 residences, the luxury development will feature a three-acre amenity pool deck on the sixth floor that includes a pool with island; poolside snack bar; private cabanas; lounge with full bar, dining, banquet and meeting space; one-quarter-mile jogging track; movie theater; fully equipped health and fitness center; and full-service spa. The hotel will offer multiple food and beverage outlets, as well as a gourmet market and coffee bar and ground-floor retail and executive office space.
“While we have owned the land for years, we believe that now is the right time to develop this unique project,” said Michael Bellon, development director of Pinnacle and a partner of the Falcon Group, a consortium of Pennsylvania and Las Vegas-based businessmen. “We realize that this is a very complex undertaking, and we sought out an experienced operator that has a proven track record in this very specialized segment. Interstate has the size and scale that translates into strong operational management and synergies in such areas as marketing and purchasing. Perhaps more important, we believe they have the ability to transform this project into a one-of-a-kind lifestyle destination.”
The Falcon Group is a strategic alliance of developers and investors consisting of the Falconi Group, Praxis Resources, Inc. and Elysium Enterprises. The Falconi Group has been operating for many years in the Las Vegas market and has a long history of residential development throughout the U.S. Praxis Resources, Inc. is a real estate development company whose management has been associated with many prominent retail projects throughout the country. Elysium Enterprises is led by Las Vegas resident Mike Bellon, a successful real estate developer and entrepreneur. For more information, visit www.thepinnaclelasvegas.com, or contact the Pinnacle sales center at (877) 889-4144.
As of April 30, 2006, Interstate Hotels & Resorts operated 266 hospitality properties with more than 60,000 rooms in 41 states, the District of Columbia, Canada, and Russia. BridgeStreet Worldwide, an Interstate Hotels & Resorts’ subsidiary, is one of the world’s largest corporate housing providers. BridgeStreet and its network of Global Partners offer more than 8,900 corporate apartments located in more than 90 MSAs throughout the United States and internationally.
This press release contains "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, about Interstate Hotels & Resorts, including those statements regarding future operating results and the timing and composition of revenues, among others, and statements containing words such as "expects," "believes" or "will,” which indicate that those statements are forward-looking.
Interstate Hotels & Resorts
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