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| HONOLULU, Jan. 3 /PRNewswire/ -- ALM LLC, an affiliate
of Outrigger Enterprises Group, announced today that it has acquired the
hotel operations of the Ala Moana Hotel from Ala Moana Property Development
LLC and Ala Moana Services, LLC, both of which are affiliates of Crescent
Heights, Inc., for an undisclosed price. The 1,154-room property at 410 Atkinson Drive will continue to be known as the Ala Moana Hotel. The acquisition includes the front desk, parking, restaurant spaces, meeting and banquet rooms and most retail and office spaces. The hotel's guest rooms are individually owned as condominium units and at least 1,000 of these rooms will be managed by ALM Management Services LLC, which is also an affiliate of Outrigger Enterprises Group, commencing in the first quarter of this year. Until then, Ala Moana Services, LLC, will continue to manage the hotel operations. "The Ala Moana Hotel has been superbly renovated and is a proud addition to our fine family of accommodations in Hawaii and the Pacific," said David Carey, CEO of Outrigger Enterprises Group. "We consider Outrigger to be one of the leading hotel-condominium management companies in the state of Hawaii and are extremely pleased that they will continue our initial strategic plan to reposition this hotel as a premier leisure and business hotel on Oahu," said Kathryn Acorda, regional marketing director for Crescent Heights. "Crescent Heights has put an extreme amount of time and financial resources into this property to ensure long term success for the hotel." Miami-based Crescent Heights acquired the Ala Moana Hotel in October 2004 and extensively upgraded the 36-story property before selling the individual hotel condominium units. Since September 2005, Outrigger Enterprises Group has provided advisory services for the management of the hotel. About Outrigger Enterprises Group Outrigger Enterprises Group is one of the largest and fastest-growing hospitality services group of companies in the Asia-Pacific region with nearly 60 years of hospitality experience. The company runs a highly-successful, multi-branded line of hotels, condominiums and vacation ownership resorts with over 50 properties representing more than 12,000 guest rooms in Hawaii, Australia, New Zealand, Fiji, Tahiti, Guam and Bali. Outrigger also operates and develops hotel properties and hospitality-related retail and real estate opportunities for partners in Hawaii, the Pacific, the mainland USA and Asia. For on-line information, log on at outriggerenterprisesgroup.com. About Crescent Heights Crescent Heights is the nation's largest condominium and hotel-condominium company. With projects in every major city in the country, Crescent Heights has redefined hotel-condominium living in America over the past three decades, creating award-winning condominium projects that offer a sophisticated lifestyle, superior design and incomparable value. In scores of prestigious properties, representing over $7 billion in sales and compassing over 60 properties throughout North America, Crescent Heights has established an unmatched record of success.
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