News for the Hospitality Executive
Urgo Hotels Acquires
Ocean Point Hotel in Pompano Beach, Florida;
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.>
Jerry Daly or Chris Daly
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