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Of The Peabody Little Rock |
| ORLANDO, Fla. - June 4, 2002-- Marty Belz, president and chairman,
Peabody Hotel Group, Memphis, Tennessee, has announced the company's acquisition
of 100% ownership of The Peabody Little Rock. This follows PHG's recent
buy-out of MHI Holdings LLC's 49% interest in the property which opened
its doors for business as The Peabody Little Rock on January 31, 2002,
following a $40+million makeover of what formerly was Arkansas' Excelsior
Hotel.
"We are very pleased to have participated in the metamorphosis of this grand hotel and are proud to pass the torch of full ownership to Marty Belz and Peabody Hotel Group. With the hotel's renovation virtually complete, and the Peabody flag flying high in Little Rock, now is a perfect time to turn our attention to our other interests," commented Ian Warburg of MHI Holdings LLC, 49% partner in the deal struck nearly two years ago. "The Peabody Little Rock is a splendid hotel property and we wish Marty and his fine team great success." In making the announcement, Belz thanked the former owners of the property, the Kasuga family, and Ian Warburg of MHI Holdings LLC, for their patience and cooperation during the initial and subsequent acquisition stages. He also acknowledged the loyalty and hard work of the hotel's associates who had endured the inconveniences and rigors of reconstruction, renovation and redecoration. "This is a significant acquisition for Peabody Hotel Group and especially for the management and associates of The Peabody Little Rock," said Timothy S. Gonser, vice president and general manager of the hotel. "The remaining renovation projects for the hotel, notably the Conference Center, Mallards Bar, Business Center, Beauty Salon and shops, are nearing completion. "Peabody hospitality standards, and excellence through ongoing training and mentoring, are the hallmarks of a Peabody-flagged property. The legendary Peabody service cultures and standards will continue to blossom here at the Peabody Little Rock, making this hotel another shining jewel in our Peabody crown." One of the nation's premier, privately-held hotel management companies, Peabody Hotel Group, totals eleven properties: The Peabody Memphis, The Peabody Little Rock and The Peabody Orlando. There are eight franchise properties within PHG's portfolio, including the Hilton Hotel, University Avenue, Little Rock, AR. |
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Peabody Hotel Group, Orlando MaureenBrigid Gonzalez 407/345-4521 [email protected] |