With the addition of The Argent Hotel, Destination Hotels Resorts' portfolio now numbers 21 distinctive, independent, first-class hotels and resorts.

Lowe Enterprises Investment Management, Inc., acting on behalf of a major pension fund client, acquired the 667-room ANA Hotel, San Francisco from All Nippon Airways. Destination Hotels Resorts, the Denver-based hospitality subsidiary of Lowe Enterprises, assumed management of the hotel today.

Destination Hotels Resorts selected the hotel for addition to its portfolio because it is one of the city's most sophisticated, stylish and luxurious hotels, and also for its location in the flourishing business and cultural district South of Market (SOMA). The Argent Hotel attracts professional business travelers from the Bay area and beyond, convention participants at the nearby Moscone Center and leisure travelers wishing to experience the best the city has to offer in sightseeing, culture, shopping and entertainment.

"The name Argent, which means silver, reflects our commitment to providing our guests with the highest quality luxury accommodations, meeting space, special event settings, award-winning cuisine and exceptional service," said Charlie Peck, president and COO of Destination Hotels Resorts.

"We are proud to have The Argent Hotel, San Francisco as one of our distinct hotels in one of the world's favorite destinations," said John Platt, CEO of Destination Hotels Resorts. "The Argent Hotel's elegant decor, combined with the hotel's location in the heart of the city's new cultural center, allow us to create a memorable, quality experience for all our guests."

A 36 story, AAA Four Diamond hotel, The Argent Hotel -- with its moderne-style decor, rich interior of jewel-toned colors and one-of-a-kind art collection -- blends in perfectly with its artistic neighbors. As soon as guests enter the beautiful lobby, The Argent Hotel captures their imagination with its stone flooring, rich woodwork, gold leaf domes and carefully controlled lighting. A further visual delight awaits in their rooms: Each of the hotel's 667 luxuriously appointed guest rooms, including 26 suites, has floor-to-ceiling windows that give panoramic views of the city.

The hotel's spacious banquet and meeting rooms range in size from an intimate 300 square foot boardroom, to an 8,765-square-foot ballroom, with anigre mahogany, hand-blown Italian glass chandeliers and hand printed wall coverings, that can accommodate up to 900 people for dinners and up to 1,400 for receptions.

In the hotel's Cafe Fifty-Three restaurant, guests may select from Master Chef Joel Guillon's menu of French, Italian and Japanese dishes. The walls of the restaurant, adjoining bar and Jesters Lounge all feature fanciful, hand painted murals of Renaissance sentries and playing cards, while the outside Cafe Fifty-Three Garden displays sculptured art.

Additional hotel features include a full-service business center, "Executive Level" floors that offer enhanced services, a fully equipped fitness center and spa, and a floor of environmentally friendly rooms.

"Our guests will continue to experience everything they have come to expect from this hotel, and more," added Peck. "Our mission is to enhance the hotel's luxurious environment and first-class service, and raise its visibility as one of the premier hotels in San Francisco and on the West Coast."

Destination Hotels Resorts has slated more than $20 million for capital improvements to The Argent Hotel over the next five years. Improvements will be focused primarily on guest rooms, meeting space, corridors on the guestroom floors and Cafe Fifty-Three.

The Argent Hotel, San Francisco is at the epicenter of several sports, arts and business developments that promise to turn SOMA into the new heart of San Francisco: The Pacific Bell Baseball Stadium, which is scheduled to open in April of 2000; Mission Bay, a mixed-use project that is one of the largest real estate developments in the city's history; the Yerba Buena Center, which includes the Yerba Buena Center for the Arts, the San Francisco Museum of Modern Art, the Moscone Center, the Children's Center and Sony's Metreon entertainment complex; and the San Francisco Shopping Center, where Bloomingdale's will open a new store in 2000.

Destination Hotel Resorts manages 21 hotel properties nationwide featuring more than 6,000 rooms, 11 golf courses and three full-service spas. The company's successful management philosophy emphasizes local management of its hotels and resorts and supports investing in the local management teams and staff who run the properties autonomously.

Lowe Enterprises is a national real estate development, investment and management firm. Over the past 26 years, Lowe Enterprises has developed, acquired, or served as asset manager for more than $4.25 billion of real estate assets nationwide. The firm maintains offices in Austin, Brea, Dallas, Denver, Indianapolis, Los Angeles, San Francisco, Seattle and the Washington, D.C. area. Each distinctive, well-situated Destination Hotels Resorts property offers exceptional recreational opportunities and conference facilities. Properties include the Hotel del Coronado near San Diego; the Inverness Hotel Golf Club near Denver; the Royal Palms Hotel Casitas in Phoenix; Wild Dunes Resort in Charleston, S.C.; Sunriver Resort in Sunriver, Ore.; and Tenaya Lodge in Yosemite, Calif. To find out more about Destination Hotels Resorts properties, visit the company's Web site at www.destinationtravel.com.