News for the Hospitality Executive |
POMPANO BEACH, Fla./BETHESDA, Md.,
January 20, 2011—Urgo
Hotels, a major operator, developer and owner of upscale hotels, today
announced that it has acquired for an undisclosed amount the Ocean
Point Hotel,
a beachfront property in Pompano Beach, Fla. It is the ninth
hotel the
company has added to its owned and managed portfolio in the past 13
months. The company now owns or operates 26 hotels in the U.S.
and
Canada. “This property has outstanding potential
and will benefit
from our total planned makeover,” said Kevin Urgo, senior vice
president of
Urgo Hotels. “We have enjoyed substantial growth during the
recent
difficult economy, adding nine hotels to our portfolio through both
acquisitions and third-party management contracts, aggregating 1,426
rooms. We continue to have an aggressive appetite for expansion
and have
the infrastructure in place to continue comfortably at this pace for at
least
the next several years. We have the resources and flexibility to
invest
as a joint-venture partner or in wholly owned projects, as well as
provide
third-party management.” The Ocean Point Hotel is situated on
approximately
two-and–-half acres of oceanfront property with more than 500 linear
feet of
beachfront at 1208 and 1200 North Ocean Boulevard, as well as a half
acre
overflow parking lot across the street. The company plans to
close the nine-story
hotel in June to carry out an approximate six-month renovation program
that
will totally make over the property into a brand new hotel. The
company
currently is reviewing options to convert the hotel to a major, premium
full-service or select-service brand. The hotel will reopen under
the new
flag in the fourth quarter of 2011 in time for the high season. Urgo currently is completing renovation
and expansion
plans for the total property, including adding approximately 114 rooms
and
3,000 square feet of indoor function/meeting space and some 2,000-plus
square
feet of outdoor function space, a health club, large outdoor pool and a
spacious lobby that opens to lushly landscaped outdoor terraces,
overlooking
the pool and the Atlantic Ocean. The company currently is in
negotiations
with a well-regarded restaurateur to operate an upscale, separately
branded
tiki bar and true beachfront indoor/outdoor restaurant, one of only a
handful
in southeast Florida. “This will be a custom-designed, upscale
boutique hotel
when completed operating under a premium brand,” Urgo noted. “We
have
considerable experience in the Florida market and look forward to
creating a
jewel of a hotel for the Pompano Beach market.” About Urgo Hotels Urgo Hotels is a Bethesda, Md.-based hotel company that develops, owns and operates 26 distinctive and unique hotels and resorts, aggregating nearly 3,800 rooms, in major markets and resorts in Canada, the Caribbean and the United States. The company develops, builds, and operates for its own account, as well as provides third-party management and asset management services. Additional information about the company may be found at www.urgohotels.com. |
Contact:
Jerry Daly or Chris Daly
(703) 435-6293 |