Advisor on Sale of Long Beach Hilton
by The Plasencia Group in Past 24 Months Alone
LONG BEACH, CA / January 18, 2005 - The Plasencia Group, Inc. of Tampa, the nation's leading hospitality transaction and consulting services firm, announced today that it served as exclusive marketing advisor to LBWTC Partners, LLC and AEW Hotels LLC in the sale of the Long Beach Hilton and Executive Meeting Center to HEI Hospitality LLC. Terms of the transaction were not disclosed.
With this transaction, The Plasencia Group has completed more than $400 million in California hotel sales in the past 24 months, according to Bernie Murphy, vice president of the company's western region. Internationally, in the past twelve months alone, the firm has advised on transactions involving nearly 16,000 hotel rooms valued at more than $1.5 billion.
"This transaction was challenging in that the seller had just invested millions of dollars in building a state of the art Executive Meeting Center at the property, and prospective purchasers were buying into the long term upside income potential of this yet unproven investment," Murphy said. "The property's management, owners and The Plasencia Group presented the compelling story of the Long Beach Hilton & Executive Meeting Center. HEI Hospitality valued the vision and prevailed over a large number of prospective purchasers," concluded Murphy.
The Hilton is part of a mixed-use complex containing meeting and conference facilities, retail shops, and a 550,000-square-foot, 27-story Class A office tower. The hotel features 393 newly renovated guestrooms, 34,000 square feet of outstanding meeting and conference space, exceptional decor and amenities, panoramic views of Long Beach Harbor, the Pacific Ocean, and Catalina Island and is considered the finest hotel in the central city, Murphy pointed out. .
Founded in 1993, The Plasencia Group (www.tpghotels.com) is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses. The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as CIGNA (NYSE: CI), Host Marriott Corporation (NYSE: HMT), MeriStar Hospitality Corporation (NYSE: MHX) and Metropolitan Life Insurance Company (NYSE: MET). With regional offices in Tampa, Chicago, Dallas, Hartford, Houston, Little Rock, Providence and San Diego, The Plasencia Group offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, asset management and disposition, and proprietary industry research.
|Also See:||The Plasencia Group Appoints Brian K. Rodgers as Senior Associate, Western Region / Aug 2004|
|The Plasencia Group Appoints Stephen Kindl as Regional Vice President for the Northeast / July 2004|
|The Plasencia Group Advises on the Sale of the San Jose Wyndham / July 2004|
|The Plasencia Group Advises on the Sale of the Marriott Irvine, Orange County, California / June 2004|
|The Plasencia Group Appoints Eric M. Holtze as Director of Financial Analysis / June 2004|
|The Plasencia Group Launches Sunbelt Hospitality, Led by Robert Wiemer in Houston / March 2004|
|The Plasencia Group Advises on the Sale of Interest in the Don Cesar Beach Resort / December 2003|
|The Plasencia Group Advises on the Sale of the Hilton Garden Inn, Ybor City, Tampa / Sept 2003|
|The Plasencia Group Appoints Jessica L. Corcoran Director of Marketing and Business Development / Aug 2003|
|The Florida Mid-Year Lodging Report / Ernst & Young LLP / Sept 2003|