Oakland Marriott City Center and the 162-room Courtyard
by Marriott Oakland Downtown
ARLINGTON, Va., June 21, 2007—Interstate Hotels & Resorts (NYSE: IHR), one of the nation’s largest independent hotel management companies, today announced that the company has signed a long-term contract to manage two Marriott-branded properties in downtown Oakland, California: the 484-room Oakland Marriott City Center and the 162-room Courtyard by Marriott Oakland Downtown. Both properties were recently acquired by CIM Group, a large real estate investor based in Hollywood.
In addition, Interstate will manage the 75,000 square foot Oakland Convention Center adjacent to the Marriott City Center hotel. The new owners expect to conduct a substantial renovation of the properties over the next three years, to include rooms and public space.
“While we manage a number of hotels in northern California, these two hotels represent our entry into the Oakland market and bring our total number of contracts in the state to 32,” said Thomas F. Hewitt, chief executive officer. “Oakland is in the middle of an urban renaissance, and we are very optimistic about the long-term profit potential of these two downtown properties, which will continue to benefit from the rapid growth in business, retail and residential projects. With our size and operational advantages, and previous experience with convention center properties, we are confident we can deliver a better bottom line for our owners and help these properties live up to their full operating potential.”
“CIM Group is a major private equity fund based in California,” said Leslie Ng, chief investment officer. “We look forward to expanding our relationship with CIM Group and will continue to seek opportunities to expand our core hotel management business. We remain focused on first-class, full-service and select-service hotels affiliated with top-quality, internationally known brands like Marriott, Sheraton, Westin, and Hilton, as well as independent hotels and resorts.”
City Center Marriott
The Oakland Marriott City Center is connected to the Oakland Convention Center and together provide more than 89,000 square feet of state-of-the-art meeting and exhibit space, comprising 32 meeting rooms and three lavish ballrooms. Hotel amenities include a full-service business center, fitness center, outdoor heated pool, and high-speed Internet access. Restaurant/lounge facilities include the City Center Grill, offering three-meal service, Java Parc Café and the Atrium Lounge.
Courtyard by Marriott Oakland Dowtown
Hotel amenities include an heated outdoor swimming pool, whirlpool, Jacuzzi, fitness room, wireless high speed Internet access, and the Courtyard Café, which is open for breakfast. Guestrooms feature a comfortable, large, well-lit work desk with an ergonomic chair, two phones with data ports and free Internet access.
About CIM Group
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.
|Also See:||Park Lane Hotels International Building $25 million Courtyard by Marriott in Downtown Oakland; First Hotel Built in Downtown in 17 Years / April 2000|
|CIM Group Signs Joie de Vivre to Manage The Strand Hotel in Huntington Beach, California / May 2006|