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Fourth Hotel within the Celebrate Virginia Development |
| FREDERICKSBURG, VA / METRO WASHINGTON D.C � August 14, 2006 � Silver
Companies announced today plans to build a fourth hotel to serve the Fredericksburg/Metro
Washington D.C. market. Located within Celebrate Virginia�s tourism and
conference campus, Hyatt Place � a brand new select service hotel concept
by Global Hyatt Corporation � will join the previously-announced three
Hilton-brand hotels.
Celebrate Virginia�s 148-room Hilton Garden Inn opened November 2005 and Silver Companies has already broken ground on a 124-room Homewood Suites that is expected to open 2nd Quarter 2007. A 122-room Hampton Inn & Suites is slated to open 4th Quarter 2007, and the 139-room Hyatt Place is expected to open 4th Quarter 2008. In total, 533 new rooms will be available within the next two years. �We are extremely excited to bring Hyatt Place TM to Celebrate Virginia,� said Silver Companies CEO Larry D. Silver. �The name Hyatt signifies quality. It is a brand that we have long admired, and the design and features of this new concept are ones we think will be attractive to the metro Washington D.C. and tourism markets to which we cater. The Hyatt Place coupled with the Hilton products already at Celebrate Virginia will allow our guests a wide array of quality choices in hotel stays.� Master-planned by Silver Companies and jointly developed with the MMI Hotel Group, the hotels� location within Celebrate Virginia offers striking advantages. Situated along three major roadways � Exit 130 of I-95, Virginia Route 3 and US Route 1 � approximately 143,000 highway travelers pass the site daily on I-95 alone. In addition, the Celebrate Virginia hotels are in close proximity to an impressive number of demand generators and area amenities. The newly-opened Fredericksburg Expo Center is a state-of-the-art 116,000 sq. ft. facility located adjacent to the hotel sites. Opened in January 2006, the Expo Center has booked over 160 events for 2006 and anticipates growth in bookings in 2007 and 2008 as well as a 15,000 sq. ft expansion in the next three years. In close proximity is Central Park, considered to be the East Coast�s largest �power center� with an extensive tenant list that counts among its 140 retail destinations 25 national retailers (e.g., Borders Books & Music, Sports Authority, Best Buy, Kohl�s, Toys �R� Us) and over 50 national restaurant chains (e.g., Outback Steakhouse, T.G.I. Friday�s, Smokey Bones and Bonefish Grill). Local companies such as GEICO Insurance and the Fredericksburg Auto Auction generate commercial business in the area, along with government/military demand from Quantico Marine Base, Fort AP Hill and Dahlgreen Naval Center. Fredericksburg also is home to Mary Washington University and within a one-hour drive of three major airports, including Dulles International Airport, Ronald Reagan Airport and Richmond International Airport. Expanded corporate, commuter and freight service capabilities are provided by Stafford Regional Airport. Location and landmarks further make Celebrate Virginia a prime location for hotels. Located mid-way between the capital of the Confederacy and the capital of our nation � and along the highway connecting the eastern seaboard from Maine to Florida � the area in and around Celebrate Virginia is rich in history. The four Fredericksburg Civil War battlefields receive roughly 700,000 visitors a year according to area officials and are within easy driving distance. Additional attractions include George Washington�s boyhood home, President James Monroe�s law office and 350 original 18th and 19th century buildings in Fredericksburg�s 40-block national Historic District, not to mention Washington D.C. itself. The nationally-recognized golf course at Cannon Ridge Golf Club and such future projects as the National Slavery Museum and a host of other eco-adventure and entertainment outlets will further add to Celebrate Virginia�s destination appeal. About Silver Companies Silver Companies is a Metro Washington, D.C. and Boca Raton, Fl�based master developer of large commercial and residential land tracts and a diversified real estate investment firm. Since 1941, Silver Companies has built an impressive private enterprise with commercial development approaching 11 million sq. ft. and residential site development totaling more than 50,000 units. In addition, the company�s private equity division has provided more than $1 billion in capital to builders and developers during the last six years. Silver Companies is led by CEO Larry D. Silver and is backed by teams of division presidents, engineers, contractors, project managers, lending, leasing and acquisitions professionals and nationally-recognized strategic partners. For more information, visit www.silvercompanies.com. About MMI Hotel Group MMI Hotel Group is a 50-year old company recognized by its peers as a leader and innovator in the hospitality industry. MMI was founded in 1956 with the operation of its first property -- a Holiday Inn in Meridian, Mississippi (among this national chain's first Inns). Much has changed at MMI and in the industry since. Yet MMI's founding principal of excellence in every facet of operations and its firm belief that "the guest is our true boss," will never change. MMI is comprised of two distinct, yet fully interdependent and complementing divisions: MMI Hotel Group and MMI Dining Systems. Together, the two divisions own, manage or serve over 100 locations in the southeast U.S., bringing the MMI commitment to excellence to tens of thousands of guests each day. About Global Hyatt Corporation There are 215 Hyatt branded hotels and resorts (over 90,000 rooms) in 44 countries around the world, operating under the Hyatt, Hyatt Regency, Grand Hyatt and Park Hyatt brands. Currently, there are an additional 32 Hyatt hotels and resorts under development, including 11 new hotels in China. Hyatt Corporation (domestic U.S., Canada and Caribbean hotels) and Hyatt International Corporation (international properties) are subsidiaries of Chicago-based Global Hyatt Corporation. Global Hyatt Corporation is also the owner of Hyatt Vacation Ownership, Inc. operators of the Hyatt Vacation Club (timeshare and fractional residential product), Hyatt Equities, L.L.C. (hotel ownership), Select Hotel Group L.L.C. (which owns, operates and franchises AmeriSuites hotels, Hyatt Place and Summerfield Suites hotels) and U.S. Franchise Systems, Inc. (which franchises Hawthorn Suites, and Microtel Inns and Suites). |
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| Contact:
Bernadette Bruce
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| Also See: | Hyatt Responds to Consumer Demand With New Products and Services Including 24 Hour Fitness Centers, a Non-smoking Room Guarantee, and Bed Type Guarantee / April 2006 |