News for the Hospitality Executive
Clearview Hotel Capital, LLC and Starr International USA
Acquire 494-room JW Marriott, New Orleans, LA
NEWPORT BEACH, Calif., Jan. 24 /PRNewswire/ -- Clearview Hotel Capital, LLC, along with Starr International Company, Inc. through its subsidiary Starr International USA Investments LC ("Starr"), announced it has completed the acquisition of the 494-room JW Marriott located in New Orleans, Louisiana from Ashford Hospitality Trust ("Ashford"). The Hotel will continue to be managed by Marriott International ("Marriott").
The JW Marriott opened in June 1984 as a Le Meridien and was converted to the JW Marriott brand in April 2003, following a significant renovation. The property was acquired by Ashford in April 2007, as part of a 59-property, $2.4 billion transaction.
The 31-story property contains a Shula's Steak House, 19,000 square feet of indoor meeting and banquet space, a fitness center, a rooftop outdoor swimming pool, a parking garage, and a business center. The property is located at 614 Canal Street, one block south of Bourbon Street.
Jon D. Kline, Clearview Hotel Capital's Founder and President, stated, "We are believers in the robust recovery of New Orleans as a convention and travel destination. The city's unique heritage and culture distinguish it from other leading convention cities ... there is only one French Quarter. The confluence of the initiatives being driven by the City, the CVB, and Marriott has sparked the beginning of a recovery that we expect to gather strength over the next few years."
Diane Yep from Starr stated, "The city of New Orleans and the region of Southern Louisiana have great appeal because of their rich culture, superior restaurants and entertainment, vivid history and people. Starr is looking forward to actively participating in the dramatic, continuing recovery and growth of both New Orleans and Louisiana from Hurricane Katrina to allow the region to reclaim its position as a pre-eminent business and entertainment destination. Starr believes that Clearview, with its significant hotel investment experience, will be a great partner for us in this transaction. Starr looks forward to working with Marriott, along with the JW Marriott's already impressive management and operations teams."
Clearview Hotel Capital, LLC is a hotel investment company formed by Jon Kline in Newport Beach, California. Mr. Kline was previously President of Sunstone Hotel Investors, an approximately $3.8 billion New York stock exchange listed, publicly traded hospitality real estate investment trust headquartered in San Clemente, California. During the four years that Mr. Kline was a senior executive at Sunstone, the Company purchased 24 hotels for a combined $2.4 billion and raised over $4.0 billion of capital, including $1.6 billion of equity in the form of both public and private equity placements. Prior to joining Sunstone in 2003, Mr. Kline ran the hospitality and leisure investment banking practice at Merrill Lynch. Clearview Hotel Capital's business plan contemplates purchasing and asset-managing hotels in urban or unique locations with strong upside and significant barriers to entry. Clearview was established in July 2007 and has also purchased two boutique properties, Hotel Vintage Park in Seattle, Washington and Hotel
Vintage Plaza in Portland, Oregon. This transaction is the third acquisition
Clearview Hotel Capital, LLC
|Also See:||President of Sunstone Hotel Investors, Inc., Jon D. Kline, Stepping Down / May 2007|
|LaSalle Hotel Properties Sells New Orleans Grande Hotel (formerly Le Meridien New Orleans) for $91.5 million / April 2003|
|LaSalle Hotel Properties Removes Le Meridien from New Orleans Hotel; Interstate to Manage the Renamed New Orleans Grande Hotel / Dec 2002|