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News for the Hospitality Executive |
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The Kyoto Grand Hotel and Gardens in Los Angeles Acquired by
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 NEWPORT BEACH, Calif.
- October 10, 2011 - Rim Hospitality, one of the largest hotel
management
companies, announced they have partnered with a large institutional
investor
and sponsored the acquisition of the 434-room Kyoto Grand Hotel. Rim
Hospitality has been in the hotel business for almost 30 years and with
this
current addition has 94 properties in their portfolio. The acquisition
was
brokered by the Los Angeles office of Jones Lang LaSalle Hotels. "This is a great opportunity
for Rim to operate a Hilton product in a market that is long overdue. I
am
confident this property will do well and I am happy to add it to our
growing
portfolio," said Mark Burden, President & CEO of Rim Hospitality. The 21 story Kyoto Grand is
a full
service hotel located in the heart of Los Angeles, two miles from the
Convention Center and within walking distance to LA Live. Rim
Hospitality will
immediately begin the $10 to $15 million renovation to convert the
property to
a DoubleTree by Hilton with anticipated completion in 2012. Mark LeBlanc, Sr. VP of
Development
for Rim Hospitality stated, "This has all the criteria that we look for
in
an acquisition, ability to reposition with a quality brand, operational
upside,
great location in a market with great barriers to entry and a
price well
below replacement cost. We are actively sourcing a
significant
number of qualified opportunities like this one to our network of
investment
groups and expect to close more deals this year." Rim Hospitality has engaged
in the
acquisition, repositioning and management of many full-service and
select
service hotels and recently was involved with the acquisition of the
451 room
Universal Studios Sheraton. About Rim Hospitality Formed in 1983, Rim
Hospitality is
a national hotel management company that has almost 30 years of
experience
operating hotels and currently manages over 90 hotels throughout the
United
States. Rim is an approved management company for Hilton,
Starwood,
Marriott, IHG, Hyatt and almost every other major brand. If you would like more
information
about Rim Hospitality, please visit www.rimhospitality.com
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| Contact: Mark
LeBlanc Senior Vice President
of
Development (209)
602-4432
Evan Morick |