Tishman Hotel Corporation Appointed
New Manager of 476-room Hotel
|Los Angeles, December, 2003 — Stone-Levy LLC
closed on the sale this month of the 476-room, full-service Warner Center
Marriott in Woodland Hills, California, on behalf of a pension fund client.
Concurrently, Tishman Hotel Corporation (THC) was appointed manager of
the hotel, bringing the number of rooms in its management portfolio to
Arnold Levy, President of Stone-Levy LLC, said: “We’re pleased to have this exceptional property, which is a unique one within the San Fernando Valley marketplace, as an asset in the pension fund we advise. I’m certain the transition to THC management, under the able leadership of Bill McCreary, one of the top executives in the hospitality world, will be a smooth one.”
Timothy Haskin, THC Executive Vice President and Managing Director, added: “The Warner Center Marriott was a highly sought-after asset and has been a strong, consistent performer through difficult times in the hotel industry. Located in a key, strategic market, it was purchased at a price below replacement cost and stands to benefit from the improving economy and the strong fundamentals within the greater L.A. market.”
The selection of THC as property manager marks the addition of another Marriott brand under the firm’s management. THC recently opened the Courtyard by Marriott Warsaw International Airport Hotel in Poland.
The acquisition and management change comes at an opportune time, since the hotel is nearing the completion of a major renovation that includes upgrading the entire lobby, restaurant and bar areas; adding 13 new guestrooms; and opening a new, on-property Starbucks.
Tishman Hotel Corporation Background
Properties owned by Tishman affiliates include The Walt Disney World Swan and Dolphin Resort Hotels in Orlando; The Hilton in the Walt Disney World Resort in Florida; the Sheraton Chicago Hotel & Towers; The Westin Chicago River North; and The Westin New York at Times Square, opened in October, 2002.
Properties managed by THC include The Westin Rio Mar Beach Resort & Golf Club in Puerto Rico; The Goodwin Hotel in Hartford, CT; Four Points by Sheraton @ Los Angeles International Airport; The Radisson Deauville Resort Miami Beach, Florida; The Shoreham, The Mansfield, and The Clarion Fifth Avenue Hotel in New York; The Crown Plaza Harrisburg in Harrisburg, PA; the Radisson O’Hare at Chicago’s International Airport; the Courtyard by Marriott Warsaw International Airport Hotel in Poland; and the Warner Center Marriott Woodland Hills.
THC is an affiliate of Tishman Realty & Construction Co., Inc., one of the world’s premier real estate managers, developers, owners, builders, and advisors, founded in 1898 and headquartered in New York.
Tishman Hotel Corporation
|Also See:||Tishman Realty Opens the Arquitectonica Designed 863-room, 45-story Westin New York at Times Square / Oct 2002|
|Walt Disney World Swan Hotel Guestrooms Redesigned by Acclaimed Architect, Michael Graves / Oct 2002|