News for the Hospitality Executive
|CHICAGO, IL (August 3, 2012) – Kokua
Hospitality, LLC announces the purchase of Baltimore’s Tremont Suites
Hotel & Grand Historic Venue by
Garrison Investment Group and Chartres Lodging Group. Kokua Hospitality
the management company of this 300-room, all suite Baltimore property
Conveniently located within downtown Baltimore’s celebrated cultural hub, Inner Harbor, the sophisticated all-suite Tremont Suites Hotel & Grand Historic Venue, a highly-respected local institution, provides guests a distinct combination of comfort and convenience. From top shopping and dining to an array of popular nightlife and entertainment outlets, the Tremont Suites Hotel & Grand Historic Venue offers walkable access to the best that Baltimore has to offer in a colorful and eclectic locale. Its close proximity to other nearby attractions, including the National Aquarium; the Maryland Science Center; Oriole Park at Camden Yards and M&T Bank Stadium; and the historic Fells Point and Canton neighborhoods, makes it an ideal location for both leisure tourists and business travelers.
With this acquisition, Kokua Hospitality seeks to enhance the Tremont Suites Hotel & Grand Historic Venue guest experience as well as the ambiance of the thriving downtown Baltimore market. By preserving jobs and supporting the central business district, Kokua Hospitality will further bolster the local economy and aid in creating new demand for Baltimore as a go-to tourism market.
"We are excited to announce our first partnership with Garrison Investment Group and add the already-celebrated Tremont Suites Hotel & Grand Historic Venue properties to the Kokua Hospitality portfolio,” said Maki Nakamura Bara, President of Chartres Lodging and Co-Chairman of Kokua Hospitality.
"We’re thrilled to enter into this venture with Chartres Lodging and Kokua Hospitality and we anticipate this property making a positive impact in the downtown Baltimore community," said Chuck Pomerantz, Senior Vice President of Garrison Investment Group. “Baltimore is an incredible, blossoming city,” said Rudi Rainer, General Manager. “Locally, we are eager to support the Downtown Partnership and Historic Charles Street in their commendable efforts to continue to revitalize and invigorate downtown Baltimore and the Inner Harbor neighborhood.”
“We’re enthusiastic about this big win for downtown Baltimore,” said Kirby Fowler, President of the Downtown Partnership. “This investment will help to increase lodging demand, benefit employment, support the local tax base, and tremendously aid in our ongoing revitalization of the city.”
Tremont Suites Hotel & Grand Historic Venue’s stylish guest suites combine the comforts of home with full-service amenities. Guests are invited to relax and enjoy, with plush in-room accommodations including exclusive Beautyrest mattresses, luxe bedding, functional kitchenettes, flat panel HD LCD TVs, and complimentary Wi-Fi. Also featuring a state-of-the-art business center; on-site dining including Tugs restaurant; fitness options including a yoga studio, sauna, and gym; and a seasonal outdoor pool, the Tremont Suites Hotel & Grand Historic Venue caters to the needs of today’s business, leisure, and extended-stay guests.
“We look forward to welcoming guests to the Tremont Suites Hotel & Grand Historic Venue to experience incredible service, authentic hospitality, and comfortable luxury,” said Phil Tufano, Chief Operating Officer of Kokua Hospitality. “As an all-suites hotel with an adjacent multi-functional venue, this property is conducive to all of today’s travel and event needs.”
In addition to guestroom accommodations, the Tremont Suites Hotel location encompasses the acclaimed Grand Historic Venue, which underwent a $27 million renovation in 2006. Featuring 45,000 square feet of meeting space with 19 individually-restored banquet rooms, the classic elegance of the Grand Historic Venue offers a stunning backdrop for any wedding, event, meeting, or party. From the breathtaking Marble Room—a distinguished ballroom space featuring stained-glass windows circa 1866—to the Corinthian Room—the magnificent grand ballroom adorned with soaring chandeliers, gilded columns, and cutting-edge technology offerings—the Grand Historic Venue is celebrated as the city’s premier destination for all event needs.
For more information, please visit Kokua Hospitality’s website at www.kokuahospitality.com
About Kokua Hospitality, LLC
Kokua Hospitality, LLC, is a hotel management firm founded by its parent, The Chartres Lodging Group, LLC, with the mandate to become the operator of choice for strategic institutional and select private lodging investors by producing superior results as turnaround specialists. Created by veteran lodging investment and management experts to appeal to an investor’s sensibility, Kokua Hospitality blends best-in-class operating practices with an owner’s DNA. Kokua Hospitality manages a growing portfolio of hotels and resorts nationwide. For more information on Kokua Hospitality, please visit http://www.kokuahospitality.com/ and follow us on Twitter @kokuahotels and http://kokuahospitality.wordpress.com/.
About Chartres Lodging Group, LLC
The Chartres Lodging Group, LLC, is an investment and advisory firm focused on the acquisition, asset management, renovation and development, and property management of lodging assets. Chartres Lodging's principals have been responsible for over $8 billion of lodging investments and have asset managed over 100 upscale and luxury hotels, resorts and conference centers. The firm is currently responsible for a $2.2 billion, 12,500-room portfolio of luxury and upscale hotels, conference centers and resorts in the United States and Japan. Chartres Lodging's principals and employees are direct investors in 90 percent of this portfolio. For more information on The Chartres Lodging Group, please visit www.chartreslodging.com .
About Garrison Investment Group
Garrison Investment Group is a leading U.S. credit and asset-based investor with $3.0 billion of assets under management. The firm invests across a wide range of asset classes including middle market corporate loans, commercial & industrial loans, consumer loans/assets and commercial real estate including a large and diversified hotel portfolio. Garrison is based in New York and has a team of 62 employees (37 investment professionals).
Statements in this press release, which are not historical facts, are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include statements about our plans, strategies, financial performance, prospects or future events and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, among others, the rate and pace of economic recovery following the recent economic downturn; levels of spending in business and leisure segments as well as consumer confidence; declines in occupancy and average daily rate; hostilities, including future terrorist attacks, or fear of hostilities that affect travel; travel-related accidents; changes in the tastes and preferences of our customers; relationships with associates and labor unions and changes in labor law; the financial condition of, and our relationships with, third-party property owners, franchisees and hospitality venture partners; risk associated with potential acquisitions and dispositions and the introduction of new brand concepts; changes in the competitive environment in our industry and the markets where we operate; outcomes of legal proceedings; changes in federal, state, local or foreign tax law; fluctuations in currency exchange rates; general volatility of the capital markets and our ability to access the capital markets. A more complete description of these risks and uncertainties can be found in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
KOKUA HOSPITALITY, LLC
541 North Fairbanks Court
Chicago, IL 60611
WAGSTAFF WORLDWIDE, INC.
Kelsey O’Neill / Cat Taylor
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