Hotel Online Special Report 
Maritz, Wolff Co. Acquires Historic Miramar Hotel in Santa Monica, California LOS ANGELES, Sept. 9, 1999 – Maritz, Wolff Co., a Los Angeles-based private investment fund that owns several of the world’s finest hotels and resorts, announced today that it has finalized the purchase of the historic Miramar Hotel in downtown Santa Monica from an affiliate of Fujita Corporation, a Japanese construction company based in Tokyo, Japan. The 302-room hotel is located on five acres at the corner of Wilshire Boulevard and Ocean Avenue. The new owners plan a multi-million dollar renovation that will transform the property, first opened in 1921, into a “world-class” hotel.
According to Lew Wolff, co-founder of Maritz, Wolff Co., the investment group he represents has been searching for the right Los Angeles area property for several years. The group already owns the Four Seasons Aviara Resort in Carlsbad and the Four Seasons Biltmore in Santa Barbara. “The Miramar is an exceptional property located on quite possibly the best real estate in Southern California,” said Mr. Wolff. “The Miramar, with its convenient access to some of the finest shopping and restaurants in the southland, its spectacular views of the Santa Monica Bay and Malibu coastline, and its historical significance within the community, is well-positioned to become one of the world’s great hotels. Maritz, Wolff Executive Vice President, F. Matthew DiNapoli, who is representing the fund in this acquisition, added: “While we recognize such a transformation will be challenging, we are excited about this property’s vast potential.”
Over the past six years, a $33-million renovation project restored the bungalows, relocated the pool area, refurbished the lobby and renovated the Palisades rooms.
According to Tatsuo Fujii and Lars Hellmont, officers of the seller, two of the most important goals of this transaction were met: to conclude a deal principal-to-principal; and to secure a commitment from the buyer to the Miramar employees. In addition, the seller was impressed with the buyer’s pledge to continue the work they have begun to enhance the 78-year-old property.
“Maritz, Wolff has a proven track record at improving values of the properties they own and manage and they are well respected for preserving the historical significance of the properties they acquire,” said Mr. Hellmont.
Contact: Sydney Knott of The PR Group 702-646-8470 for Maritz, Wolff Co Also See: Rosewood Hotels & Resorts and Maritz Wolff & Co., Joint Venture Takes Ownership of Little Dix Bay / Aug 1998 Maritz, Wolff Co. Reaches Agreement to Acquire 50% Stake in Fairmont Hotels / March 1998