Substantial Redevelopment, Kimpton Management Planned
DALLAS, Feb. 8, 2006 - Behringer Harvard Strategic Opportunity Fund I LP announces its acquisition of Doubletree Hotel Los Angeles-Westwood, an 18-story hotel in the heart of Los Angeles’ posh and trendy West Side.
Behringer Harvard will redevelop and reposition the property, located on the famous “Golden Mile” at 10740 Wilshire Blvd., as a boutique hotel managed by the Kimpton Hotels & Restaurants Group. The property is slated for conversion to an upscale Hotel Palomar, one of the popular and sophisticated styles of the Kimpton brand.
With completion scheduled for June 2007, the redevelopment will include remodeling of the guest rooms, expanded fitness and spa facilities, enhancement of the pool and lounge area, and a four-star restaurant. The redeveloped hotel will feature designs created by Cheryl Rowley Design of Beverly Hills that capitalize on the hotel’s unique location, access and visibility.
Originally constructed in 1972 and converted to a Doubletree in 1997, the hotel currently offers 290 guest rooms that serve both business and leisure travelers. Within minutes, hotel guests can shop on Rodeo Drive, cruise Sunset Strip, head for Hollywood or bask in the sun on beautiful Santa Monica beaches.
The hotel’s commercial clientele are well-served by its close proximity to major office complexes and the UCLA campus. Leisure travelers are attracted by its convenient access to Westwood Village shopping and family entertainment venues including Dodger Stadium, Disneyland, Knott’s Berry Farm, Magic Mountain and the Getty Museum.
“The West L.A. lodging market is the strongest in the area, and we believe this property will benefit from this submarket’s enduring desirability and high barriers to entry,” said Robert M. Behringer, chairman and CEO of Behringer Harvard. “Our strategy for this asset is to increase its capital value and generate higher guest revenue.”
This project represents the second Behringer Harvard venture that’s involved San Francisco-based Kimpton Hotel Group. The firms are currently redeveloping another hotel property in Dallas that is an asset of Behringer Harvard Short-Term Opportunity Fund I LP. That landmark building, located near Southern Methodist University and prestigious Highland Park, is scheduled to open in mid-2006 as a new urban resort, called the Hotel Palomar and Residences. Behringer Harvard has contracted with Realty America Group to manage the redevelopment of both of these joint projects.
About Behringer Harvard
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies. Its publicly registered non-traded REITs and limited partnerships provide strategic opportunities for sellers of institutional-quality real estate as well as individual investors seeking to diversify their portfolios. The company’s finite-life programs, offered through the independent broker dealer community, generally feature a total return focus and the financial transparency of public securities. For more information, call toll-free 866.655.3600 or visit http://www.behringerharvard.com .
San Francisco-based Kimpton Hotels & Restaurants is a unique collection
of boutique hotels coupled with chef-driven, destination restaurants.
While all Kimpton Hotels are thoughtfully appointed and managed to help
guests maintain and enrich their lifestyles on the road, each is individually
designed to reflect the energy, personality and pulse of its distinct location,
history and architectural style. Kimpton currently operates 39 boutique
hotels with restaurants throughout the United States and Canada.
For more information, please visit http://www.kimptonhotels.com or call
|Also See:||Former Mockingbird Hilton on Dallas' North Central Expressway Acquired; $80 million Renovation Planned to Convert Former Hotel and Site to a Kimpton Hotel and Condominiums / November 2004|
|Behringer Harvard Investments Starts a $15 million Redevelopment of the Lakeway Resort and Spa on Lake Travis in Austin, Texas / November 2005|