Davis, California - December 30, 2008 - Sushil Patel, Managing Principal
of Presidio Companies, has announced that the company�s affiliate, University
Hospitality Group, will soon break ground on a landmark $13 million development
at the University of California, Davis: a Hyatt Place hotel, which will
be located across from the Mondavi Center on the UC Davis campus. Construction
is set to begin this month, and the hotel is expected to open in late 2009.
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University Hospitality Group will
develop the property; Presidio Companies, a hospitality development and
management company, will oversee construction and operate the new Hyatt
Place hotel once it is open.
The new Hyatt Place hotel will be located adjacent to the south entry
quad at the I-80 entrance to UC Davis on the eastern edge the campus. In
close proximity to the Mondavi Performing Arts Center, Mondavi Institute
for Wine and Food Science, and the Buehler Alumni and Visitor Center, the
full development will include the Gallagher Hall Graduate School of Management
and Conference Center, a future art gallery, and a parking garage.
�The university community is excited about the groundbreaking on the
hotel project. We are confident that University Hospitality Group will
deliver a high quality project,� commented John Meyer, vice chancellor
for Resource Management and Planning for UC Davis. �The hotel will complement
the new home for the Graduate School of Management, Maurice J. Gallagher,
Jr. Hall, and the conference center that are both scheduled to open next
fall.�
Mary Hayakawa, executive director of Real Estate Services for UC Davis
attributes the successful launch of this project -- years in the making
-- largely to Presidio Companies� creativity and innovative approach to
the public/private partnership.
�Presidio Companies has breathed new life into this development with
their unique, strategic, and innovative decision-making and planning,�
said Ms. Hayakawa. �Because of their dedication, Hyatt Place will complete
the new public gateway to the university.�
Guneet Bajwa, Chief Operating Officer for Presidio Companies and a
principal of University Hospitality Group agreed.
�We are proud to catalyze this project�s culmination,� said Bajwa. �Working
with Ashok Patel, a local developer and principal of UHG, and the University,
we reinvigorated the development in 2006. We�ve finally reached the execution
stage and look forward to ushering this long-awaited vision for UC Davis
into realization with our strategic management and directorship.� |
 Sushil
Patel, Managing Principal of Presidio Companies, learned the hotel business
from the ground up, being raised and spending time in and around his father's
motel and hotel properties. Sushil has worked in a wide variety of capacities
from housekeeping to maintenance to the front desk. This range of experiences
helped him build a strong working knowledge and extensive skill set in
hospitality operations.
Sushil made his professional debut into the hotel business
in 1998. In partnership with his father and another family
member he acquired the Holiday Inn Select-Fairfield Inn/Napa Valley.
He coordinated a renovation of that property and over a period of three
years doubled the property's net operating income. In 2000, he and Edward
DeLorme partnered together to form Presidio.
As Managing Principal of Presidio, Sushil is responsible for overseeing
daily operations and management at all
company properties. He is involved with every facet of the
day-to-day management of the business including the
company's acquisitions, human resources, customer relations, business
development and investor relations.
Sushil received a Bachelor of Arts degree in History from
California State University, Sacramento. He is an active member of
the Young Presidents� Organization. Sushil lives with his wife Elizabeth
and two Siberian Huskies on a 15 acre vineyard in Napa, California. www.PresidioCo.com |
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Presidio Companies, University Hospitality Group and UC Davis anticipate
the opening of the new Hyatt Place hotel in late 2009 as one that will
greatly stimulate UC Davis campus perception and activity.
According to reports, UC Davis� plans for the area surrounding the
hotel envision a gateway that will welcome visitors, alums, and the general
public to the campus and encourage university and public connections and
interaction.
�We knew this project would be unique because of its size and scope,�
continued Ms. Hayakawa. �The driving force was to create an inviting atmosphere
that encourages people to experience and invest in the substance and essence
of UC Davis.�
The Hyatt Place hotel will have 75 rooms, a strategic decision made
by Presidio Companies and its affiliate when assessing best fit for the
development and management of the project in the university environment.
�The 49,000 square foot hotel will reflect the character of the beautiful
surrounding UC Davis campus,� said Sushil Patel, Managing Principal of
the Presidio Companies.
Equity partner is Colleyville, Texas-based Realty Capital Partners.
Financing for the UC Davis Hyatt project has been provided by First Northern
Bank in Davis.
Headquartered in Fairfield, Calif., Presidio Companies seeks and acquires
under-performing, franchised properties in the United States to redevelop
and transform them into successful, sustainable properties. Presidio also
selectively develops new build hospitality projects in high-barrier-to-entry
markets. Presidio Companies has developed over $300 million of hospitality
projects in the past eight years, always focusing on consistent high levels
of achievement in every endeavor. The Presidio Companies services include
development and construction supervision, brokerage, investment, and hotel
management.
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Presidio Companies
Deal History
www.PresidioCo.com
Holiday Inn Select � Fairfield, CA � 142 rooms.
This hotel was acquired in July 1998. The property was converted to
a Courtyard by Marriott in March 2007.
Hilton Garden Inn � Napa, CA � 80 rooms.
The first �ground up� project built under the Presidio umbrella. Construction
completed in September 2002. The hotel was sold in 2007.
Fairfield Inn by Marriott � Rancho Cordova, CA � 116 rooms.
Purchased in 2001. Sold in 2006. Enabled Presidio to develop a relationship
with Marriott International.
Rocklin Park Hotel � Rocklin, CA � 67 rooms.
A boutique hotel acquired at a substantial discount to replacement
cost from an offshore investor. Presidio gained experience managing a non-flagged
property in a competitive market. Presidio sold its interest in the property
to a local partner in 2005.
Courtyard by Marriott-Kauai Beach Resort & Spa � Kapaa, Hawaii
� 312 rooms.
Presidio acquired this property in September 2003. Shortly after closing
Presidio began a substantial $35 million renovation of the hotel and conversion
to the first Courtyard by Marriott in Hawaii. Property was sold in June
2006.
Adams Mark Portfolio � Tulsa, OK and Mobile, AL.
Acquisition consisted of 850 hotel rooms and the 180,000 square foot
Riverview Plaza Office Building. Closed in June of 2004. Adam�s Mark hotel
in Mobile was sold shortly after acquisition to the Retirement System of
Alabama. Riverview Plaza office building was sold in August 2005 . PHG
successfully converted the Adams� Mark in Tulsa to a Crowne Plaza and sold
the hotel in April 2006.
Sheraton Fort Worth Hotel and Spa � Fort Worth, TX � 431 rooms.
Presidio acquired the 431 room Plaza Hotel from an offshore investor
and spent over $40 million transforming the property into a full service
Sheraton Hotel. Opened in June 2008. Property benefits from stable and
growing downtown Fort Worth economy and a key location near the City Convention
Center. |
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Hyatt Place, a new kind of Hyatt for today�s relaxed lifestyle, combines
The Hyatt Touch® with stylish design, purposeful amenities and forward-thinking
technology. Catering to today�s discerning travelers, 130 Hyatt Place hotels
are to open across the U.S. by year-end 2008. Hyatt Place is a newly developed
brand of Global Hyatt Corporation. For Hyatt Place information or to make
a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.hyattplace.com.
From the U.S. and Canada, reservations for Hyatt Hotels & Resorts worldwide
may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com. |
