�We plan to take advantage of Sage�s particular expertise in Historic Adaptive Reuse and their proven success in managing luxury high-end hotel properties,� said John F. Quinn, president of NCP Investments, LLC. �These two buildings are treasures in this region of South Florida. Restoring them preserves the rich history of the area dating back to Florida�s land boom era and provides us with an opportunity to bring two powerful hotels brands into this key urban center.�  The new Aloft hotel will be located in the Southern Bell building at 326 Fern Street and The Comeau is located in the Comeau building on Clematis Street. Both hotels are in the historical commercial district of downtown West Palm Beach.  �We plan to maximize the potential for these historic properties and un-tap the hidden beauty of the buildings to the benefit of the community and our hotel guests,� said Walter Isenberg, president and CEO of Sage Hospitality. �Clearly the strength of the Marriott and Starwood brands will be an advantage. The new aloft brand is a dynamic and exciting new concept for Starwood Hotels and Resorts, and Marriott�s Renaissance brand has become a standard for luxury hotels around the world. �In addition, the hotels will be located in the popular and vibrant community of West Palm Beach, Florida. Part of the Miami Beach-Fort Lauderdale region, the location offers a unique opportunity for the hotels to support both business and leisure travel.�

Comeau Building 319 Clematis Street West Palm Beach, Florida

The Aloft, planned to open in late 2009, will have 150 rooms, meeting spaces, and a full bar with grab and go food service. Plans call for an upscale rooftop pool and lounge with outstanding views of the beach and waterfront. 

The Comeau, a Renaissance Hotel, will have 162 rooms, a fitness center and meeting spaces.  Like the aloft property, there will an upscale rooftop pool and lounge with outstanding views of the beach and waterfront. The Comeau will also feature a Sage Restaurant Group custom restaurant. 

"These projects will help add to the economic momentum in downtown West Palm Beach and also bring us much-needed hotel space," said Mayor Lois J. Frankel.  "We're excited that the hotel guests will be able to enjoy our fabulous shops, unique restaurants and beautiful downtown waterfront." 

The Comeau is already listed on the National Historic Registry and the application is currently in review to have the Southern Bell Building added to the national list as part of the adaptive re-use development. Both buildings are on track to receive local Historic designation.  

Florida�s rich history can still be seen across West Palm Bean and especially in the historic district where these hotels will be located. The historic Southern Bell building was originally constructed in 1926 by Southern Bell as its regional headquarters and switching facility. When the switching use was discontinued, the building was converted to offices. The Comeau was built in 1925 as an office building and has been used in this manner ever since.  

The Comeau will be replacing the aluminum windows which had been installed in the 60�s or 70�s to a style that more closely resembles the original architecture of the building.  Balconies will be created on the 2nd and 3rd floors of the hotel on existing roof setbacks.  At the Meridian where the aloft is planned, a new park will be built in place of an existing parking lot at Fern and Dixie and donated to the City of West Palm Beach.  Also, a new annex will be built on the south side of this park connecting to the Meridian Building creating an L shaped structure overlooking this new park.

"We are very pleased to be working with Sage Hospitality," said Quinn. "Their success in this industry is unparalleled. We have high expectations for these two projects and plan to establish a prominent place within the community." 

About Sage Hospitality 
Founded in 1984, Sage Hospitality has strategically grown into one of the largest privately held hotel management and development companies in the nation and is recognized as a leading innovator in the field. During the past eight years, the Denver-based firm has completed more than $600 million in acquisition and development projects, using some of the most unique financing structures in the industry. Sage Hospitality's comprehensive management portfolio includes major international brands as well as independent boutiques and hotels, including the Oxford Hotel in Denver.

In 1997, Sage Hospitality pioneered the company's urban redevelopment initiative converting the blighted Joslin's department store in downtown Denver into a showplace Courtyard by Marriott. Since then, Sage Hospitality has preserved and transformed five additional, underused national landmark buildings into award-winning hotel properties that serve as important catalysts for downtown revitalization. Projects include the historic Blackstone hotel in Chicago and the upcoming Portland hotel The Nines in the historic Meyers and Frank building. For more information, please visit www.sagehospitality.com 

About NCP Investment, LLC
NCP Investments, LLC was founded in 1999 as an enhanced return real estate development and investment firm targeting properties in the greater Chicago and Southeast Florida markets.  John Quinn, NCP�s principal, has personally directed commercial real estate transactions valued in excess of $500 million.  NCP Investments has been actively involved in West Palm Beach commercial real estate for over eight years.

Sage Hospitality
Antonette Smith 303.595.7267
[email protected]