|COSTA MESA, Calif., June 3, 1999 - Tarsadia Hotels, one
of the nation's leading privately-owned hotel companies, today announced
its largest acquisition to date -- the 1,033-room Anaheim Marriott -- for
The Marriott is the second largest hotel in Orange County. Marriott International will continue to manage the facility. With the addition of the Marriott to its Anaheim portfolio, Tarsadia now owns 2,200 Anaheim area hotel rooms, representing 14% of the city's hospitality market. This positions the company as the hotel owner with the most properties and rooms in Orange County.
Tarsadia said it will invest $15 million in the renovation of the Marriott during the next two years. "The expanded Anaheim Convention Center, scheduled to open Christmas Day, 2000, is going to transform Anaheim from a primarily Disney theme park destination to a world-class convention center in competition with the leading West Coast convention centers of San Francisco, San Diego and Las Vegas," said Greg Casserly, Company president. Mr. Casserly added that with the addition of the Marriott, Tarsadia will control 35% of the convention-oriented hotel room inventory in the Anaheim area.
In addition to the purchase of the Marriott from Lend Lease Corp., (formerly Equitable Real Estate) an Australia-based company, Tarsadia is also developing a 250-room Westin Hotel and a 300-room Sheraton Suites Hotel on a portion of the old Jolly Roger Inn site at Katella Avenue and Harbor Boulevard. In total, Tarsadia owns 47 acres of hotel-zoned property in the Anaheim area. Tarsadia holdings include a five-acre site fronting Katella Avenue which has been approved for an additional 700-unit hotel or time share project; and the Plaza Alicante development, anchored by the Hyatt Regency and a 210,000 square foot office building, which Tarsadia intends to convert to a 280-suite addition to the Hyatt, creating the fourth largest hotel in Orange County.
Tarsadia Founder and Vice Chairman B.U. Patel said the acquisition of the Marriott is a major step forward in an Anaheim development program he launched almost 24 years ago with the purchase of the 20-room Anaheim Dunes Motel. "My goal has always been to develop a legacy of first-class hotels in the Anaheim area which my sons, Tushar and Mike, can pass on to their children." Tushar Patel is chairman of the Company and Mike Patel is co-vice chairman with his father.
"I couldn't be happier than to be dealing with Tarsadia," said Steve Joyce, Senior Vice President, Marriott International. "They have a dynamic vision for hotel development in the Anaheim area and we look forward to participating in that vision with them."
In addition to its strong position in the Anaheim hotel market, Tarsadia continues to expand its portfolio of first-class, full-service and all-suite hotels in other areas of Orange County as well as the key gateway cities of San Francisco, Los Angeles and San Diego.
"We have successfully completed a transaction a month for 60 months, which has given us the reputation of being among the most active and knowledgeable California hotel investors," said Mr. Casserly. "We believe that the development of a strong operational infrastructure over the past 18 months, comprised of talented team members and based on our mission, values and guiding principles, has allowed us to concentrate on the expansion and enhancement of our portfolio."
Headquartered at South Coast Plaza in Costa Mesa, California, Tarsadia Hotels employs more than 1,500 people. The company owns 16 hotel properties in Southern California and San Francisco, representing a portfolio of more than 4,100 rooms. Tarsadia began building new properties in 1985 and today has more than 1,600 rooms in the planning process, including a 171-room addition to the 320-room San Mateo Marriott. Established in 1976 with a single property, Tarsadia, which derives its name from Founder B.U. Patel's birthplace in India, is recognized today as a leading privately-held owner and operator of hospitality related assets.
|Also See:||San Mateo's Historic Dunfey Hotel Becomes The Regency Plaza Hotel / March 1998|