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 Lowe Enterprises Investment Management Completes Acquisition of Miramonte Resort & Spa in Indian Wells, California; Plans $5 million in Renovations


LOS ANGELES - Dec. 2, 2004 -- Lowe Enterprises Investment Management (LEIM) has acquired the Miramonte Resort & Spa in Indian Wells, Calif. from Marcus Hotels and Resorts, a division of The Marcus Corporation (NYSE:MCS), on behalf of an investment client. Destination Hotels and Resorts ("Destination"), a LEIM affiliate, will operate the 215-room property.

"Miramonte is a beautiful property in a premier location in the heart of the Palm Springs area desert communities," said Bleecker Seaman, executive vice president of LEIM. "It is located on Highway 111, the major thoroughfare through the region that also is the commercial hub for the area with distinctive shops and dining as well as many golf courses and other recreation options."

The Miramonte Resort & Spa is an upscale, full-service resort located in Indian Wells, Calif., an exclusive suburb of Palm Springs. The hotel was built in 1963 as Erawan Gardens. It closed in the late 1990s for a $28 million renovation before reopening as Miramonte Resort in 1998. In May 2004, the resort opened THE WELL Spa, a $3.5 million, 12,000-square-foot destination wellness facility. Lowe plans to invest more than $5 million in renovations to guest rooms, meeting space and public areas.

"Miramonte is an ideal addition to our family of unique hospitality experiences," said Charlie Peck, president and chief operating officer of Destination. "The property is one-of-a-kind in the Palm Springs market and we will make it even more distinctive through intimate guest service modeled after our other successful resort properties such as Royal Palms in Phoenix and L'Auberge Del Mar in California."

The Tuscany-themed property, set on 11 acres, includes a restaurant, lobby lounge, gift shop, two outdoor pools, two hot tubs, an exercise room and 12,000 square feet of indoor meeting space, in addition to the spa. Guests at the resort also have access to the adjacent Golf Resort at Indian Wells, winner of Golf Magazine's Silver Medal Award. The property offers convenient access to a wealth of activities in the Palm Springs area including tennis, hiking, rock climbing and ballooning.

Destination currently manages the Shadow Mountain Resort in Palm Springs and The Reserve a private golf community originally developed by Lowe Enterprises.

Los Angeles-based Lowe Enterprises is a leading national real estate investment, development and management firm. Over the past 32 year, it has developed, acquired and managed more than $6 billon of real estate assets nationwide. Through LEIM, its investment advisory affiliate, the firm currently manages in excess of $1.9 billion in real estate assets on behalf of institutional investors. The firm maintains regional offices in Denver, Phoenix, Sacramento, San Francisco, Irvine and Washington, DC.

Destination Hotels & Resorts, a wholly owned subsidiary of Lowe, is a lodging management company located in Englewood, Colo. With 29 independent, luxury and upscale hotels, resorts and golf clubs, DH&R is the fourth largest independent hospitality management company in the country. The company's portfolio features more than 7,500 guest rooms, 17 golf courses and eight full-service spas. DH&R properties are located in key metropolitan and resort markets including New York, San Francisco, Washington, D.C., Chicago, Denver, Dallas, Boston, San Diego, Aspen, Phoenix, Jackson Hole, Maui and Lake Tahoe.

Jann Diehl
Lowe Enterprises
(310) 571-4250
Also See: CNL Hospitality Properties, Inc. and KSL Recreation Corporation Acquiring Hotel del Coronado from Lowe Enterprises Investment Management / October 2003
Lowe Hospitality Group Acquires Interest in the Resort at Squaw Creek Near Lake Tahoe; Destination Hotels & Resorts to Manage Resort Operations / April 2004

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