to Taj Hotels Resorts and Palaces for $58 million
Secures Significant Profit Following Eighteen-Month Ownership
FRANCISCO - April 5, 2007 - Kor Hotel Group, the Los Angeles-based hotel
operator known for its upscale properties in prime destinations, announces
that it has entered into an agreement with India-based Taj Hotels Resorts
and Palaces for the impending sale of Campton Place Hotel in San Francisco.
Purchased by Kor eighteen months ago for $44 million as an ideal entry
into San Francisco’s desirable but difficult-to-access hospitality market,
Campton Place is now being sold for $58 million.
“Our decision to pass this distinguished property into the capable hands of Taj Hotels Resorts and Palaces,” said Brad Korzen, CEO and Founder of The Kor Group, “was based entirely on an opportunity that arose due to the property’s rising real estate value. We stand behind the property’s quality and are proud of Kor’s achievements while owner and manager. During our supervision, the property appeared on Condé Nast Traveler’s elite 'Gold List,' Travel + Leisure’s 'Top 500 Hotels' and registered some of Kor’s highest customer satisfaction scores. We are sorry to see Campton Place leave our portfolio, but believe the decision is in the best interests of both Kor and the hotel.”
Kor Hotel Group’s primary direction over the next few years is multi-pronged: continue to focus on the international expansion of its Viceroy and Tides brands, move beyond its inception as a boutique hotel operator and enhance its signature “urban retreat” properties. As a 1909 landmark property on Union Square and home to a renowned, four-star destination restaurant, Campton Place’s identity as a San Francisco institution is profound. It is Kor’s belief that transitioning the hotel to a Kor-branded property would have detracted from its unique character and diluted the special place it holds in San Francisco heritage.
Although initially seeking a third-party management partner to direct
the hotel’s operations, Kor accepted Taj’s impressive offer confident that
the purchase would best optimize the property’s competitive situation.
Given Taj’s high-end market positioning and its reputation as a luxury
hotel operator, the company represents the best choice to serve an elite
property such as Campton Place. Kor is pleased to pass the reins to such
reputable new owners.
About Kor Hotel Group
The Kor Group is a privately held real estate development and management firm with investments primarily in hotels, resorts and multi-family real estate. Kor Hotel Group, the hospitality division of Kor, holds a diverse property portfolio and manages both its own assets and non-owned hotels under third-party management agreements. Kor Hotel Group’s properties include Viceroy Santa Monica and Viceroy Palm Springs, Avalon Hotel and Maison 140 in Beverly Hills, The Tides South Beach, Chamberlain in West Hollywood, Loden in Vancouver, The Tides Riviera Maya near Playa del Carmen and Villa del Sol in Zihuatanejo on the Mexican Riviera. Resorts and Residences projects in Miami, Anguilla and Riviera Maya are forthcoming in 2008 and 2009.
Kor Hotel Group
|Also See:||Kor Hotel Group Acquires and Now Managing the 110 room Campton Place Hotel, San Francisco/ November 2005|
|Taj Hotels Resorts and Palaces Assumes Ownership of the 80-year-old Beaux Arts Hotel Facing the Boston Public Garden; The Taj Boston is Taj Hotels' Second U.S. Hotel / January 2007|