Fla. - May 18, 2007 - Hilton Hotels Corporation, Apollo Real Estate
Advisors and Rida Development Corporation announced today the
groundbreaking of the 1400-room Hilton hotel located south of the
Orange County Convention Center. Hilton Hotels Corporation will manage
the hotel with a minority ownership interest, while Apollo Real Estate
Investment Fund V and Rida Development Corporation will have majority
ownership of the hotel. The 18-story hotel, which sits on 26.4 acres,
is expected to cost approximately $380 million and is scheduled to open
in the summer of 2009.
"We are excited to bring this new and contemporary Hilton to Orlando's Orange County Convention Center and to help fill the need for high-end hotel rooms in the area," said Jeff Diskin, senior vice president, Hilton Brand management, Hilton Hotels Corporation. "The destination's vibrant personality combined with Hilton's upscale standards set the stage to make this property the convention center's flagship hotel."
The hotel is to feature 1,400 well-appointed guestrooms, including 52 suites, and is to offer direct access to the south Concourse through a pedestrian sky bridge. The property is to include a 15,000-square-foot spa and fitness center, an Italian restaurant, a fine dining restaurant, an upscale sports bar, a lobby lounge, pool bar and grill and a deli. In addition, an abundance of recreational amenities will be offered.
"The Hilton Orlando is a true full-service hotel that will not only serve the convention center but will also have a great leisure and spa component, allowing both conventioneers and leisure guests the opportunity to enjoy Orlando," said Ira Mitzner, president of Rida Development Corporation, who will act as lead developer of the Project.
The Hilton Orlando is poised to take advantage of a booming Orlando convention market that currently offers relatively few hotel rooms within walking distance of the convention center. The hotel is to feature more than 130,000 square feet of meeting space, which is to include a 50,000 square foot grand ballroom, a 30,000 square foot junior ballroom and 38 meeting rooms.
The Hilton Orlando Convention Center is being designed by HKS Architects in Orlando and will be built by Welbro Building Corporation.
"We are thrilled to be forming this unique partnership with Hilton, who will not only manage the new hotel but also be our partner in the deal," said John Jacobsson, managing partner of Apollo Real Estate Advisors.
About Rida Development Corporation
Established in 1972 by David Mitzner, Rida Development Corporation has achieved a national and international reputation for creating innovative, premium quality and economically successful real estate. Headquartered in Houston, Texas, with major operating divisions in Orlando, Fla. and Central Europe, principal officers, David, Jacob and Ira Mitzner have assembled a dedicated and highly competent team of professionals to create and maintain a quality - and ever expanding - real estate portfolio.
Rida has developed and is currently developing retail, office, distribution, residential, hotel and mixed-use land developments with a total value in excess of $3.5 billion. Rida's projects have earned it a reputation as one of Florida's leading multi-faceted developers, building an outstanding portfolio of well-planned, high-profile and financially sound commercial and residential real estate.
About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate investor and fund manager. Since the firm's founding in 1993, Apollo has overseen the establishment of 16 real estate funds and joint ventures totaling approximately $8.7 billion in equity commitments for investment in the United States and globally. The Apollo funds have collectively invested in over 400 transactions with an aggregate value in excess of $30 billion. The firm's Web site is www.apollorealestate.com.
About Hilton Hotels Corporation
Hilton Hotels Corporation (NYSE:HLT) is the leading global hospitality company, with more than 2,800 hotels and 480,000 rooms in 76 countries and territories, including 100,000 team members worldwide. The company owns, manages or franchises a hotel portfolio of some of the best known and highly regarded brands, including Hilton®, Conrad® Hotels & Resorts, Doubletree®, Embassy Suites Hotels®, Hampton Inn®, Hampton Inn & Suites®, Hilton Garden Inn®, Hilton Grand Vacations™, Homewood Suites by Hilton® and The Waldorf=Astoria Collection®.
|Also See:||Joint Venture to Build 1,400 room Hilton Hotel in Orlando Near Orange County Convention Center / March 2006|
|Orlando's Convention Center Expansion Will Create the Country's Second-largest Convention Center; On Hold Hotel Projects with 4,000 Rooms Creates Concern / June 2002|