|MIAMI BEACH, Fla.--April 1, 1998 - Destination
Hotels Resorts today begins its management of Miami Beach's historic
Roc Resort Spa, a premier resort hotel in a popular international
destination. This transaction marks Destination Hotels Resorts' third major
addition to its portfolio in six months and reflects the company's outstanding
After completing negotiations today, officials announced that affiliates of Blackacre Capital Group, L.P., a major New York real estate investment firm, and Destination Hotels Resorts, manager of 23 luxury hotels and resorts nationwide, acquired the Eden Roc Resort Spa from the Goldman family. Destination Hotels Resorts will begin managing the resort immediately.
"Building on our experience with historic hotels, Destination Hotels Resorts plans to take the Eden Roc to the next level of quality and service, making it one of the top independent, landmark hotels in the country," said Charlie Peck, president of Destination Hotels Resorts. "The partnership will invest substantial capital to make the Eden Roc a remarkable experience for even the most discriminating traveler."
The Eden Roc Resort Spa, a 349-room luxury hotel, recently underwent an extensive $28 million renovation. Blackacre Capital Group and Destination Hotels Resorts plan to invest in excess of $15 million through the year 2000 in guest rooms, public areas and hotel operating systems to restore the Eden Roc's burnished image.
A growing company whose portfolio of 23 independent, luxury hotels and resorts nationwide includes San Diego's Hotel del Coronado and Colorado's Vail Cascade Hotel Club, Destination Hotels Resorts will bring extended marketing resources to this hotel and raise the Eden Roc Resort Spa to the level it deserves - making it the finest hotel on Miami Beach. And to the relief of Miami Beach residents, the remarkable Eden Roc Resort Spa will remain an independent, luxury resort, maintaining its unique local history and its name and reputation as a national and international landmark.
"Destination Hotels Resorts brings unique management expertise to Eden Roc through its portfolio of top independent, landmark hotels," said John Platt, Chairman and CEO of Destination Hotels Resorts. "In addition to providing access to global reservations systems, Destination Hotels Resorts comprises a network of 22 sister properties through which Eden Roc's national reputation will be enhanced and promoted." "The Eden Roc Resort Spa is another jewel in our growing crown of historic, unique hotels and resorts," said Platt.
The Eden Roc Resort Spa was originally designed and built in 1956 by famed architect Morris Lapidus. Its Art Deco design and architecture reflect the history and flamboyance of the hotel's glory days during the 1950s and 1960s when the hotel housed and entertained such noted celebrities as Elizabeth Taylor, Frank Sinatra, Barbra Streisand and Sammy Davis, Jr.
In 1992, the Goldman family purchased the hotel from the Federal Deposit Insurance Corp. and soon embarked on a comprehensive renovation, placing the resort again at the forefront of Miami Beach society. The oceanfront Eden Roc Resort Spa, on Miami Beach's Millionaire's Row, boasts state-of-the-art conference facilities and South Florida's only rock-climbing arena. The resort's 55,000 square-foot Spa of Eden is one of the largest oceanfront spas in the country.
Destination Hotels Resorts, the hospitality subsidiary of Los Angeles-based Lowe Enterprises, manages 23 hotel properties nationwide featuring more than 6,000 guest rooms and 11 golf courses. The company's successful management philosophy emphasizes local management of its hotels and resorts and supports investing in the local management teams and staff who run the properties autonomously.
Lowe Enterprises is a national real estate development, investment and management firm. Over the past 26 years, Lowe has developed, acquired or served as asset manager for more than $4.25 billion of real estate assets nationwide. The firm maintains offices in Austin, Brea, Dallas, Denver, Los Angeles, San Francisco, Seattle and the Washington, D.C. area.
Blackacre Capital Group, L.P. was formed in 1994 and is an affiliate of Cerberus Partners, L.P., a private investment fund. Blackacre specializes in identifying and consummating strategic debt, equity and hybrid investment opportunities in real estate assets and operating companies. Blackacre conducts a significant portion of its investment activities through partnerships and joint ventures with a broad network of strategic operating and capital partners.
Brian Ezratty of Eastern Consolidated Properties in New York was the investment broker for the Eden Roc transaction.
Each distinctive, well-situated Destination Hotels Resorts property offers exceptional recreational opportunities and conference facilities. Properties include the Hotel del Coronado near San Diego; the Inverness Hotel Golf Club near Denver; the Royal Palms Hotel Casitas in Phoenix; Wild Dunes Resort in Charleston, S.C.; Sunriver Resort in Sunriver, Ore.; and Tenaya Lodge in Yosemite, Calif. You can visit Destination Hotels Resorts' properties online at www.destinationtravel.com or call 800/MEET-DHR for a free brochure or CD-ROM.
Destination Hotels Resorts
Allison McGee Johnson, 303/799-3830
Eden Roc Resort Spa