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June 2007 |
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Thayer Acquires Three Marriott-branded Hotels at Miami Airport |
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Thayer Lodging Group today announced that it has acquired a complex of
three Marriott-branded hotels at Miami International Airport from Marriott International,
Inc. (NYSE: MAR) for $57.5 million. Thayer said it plans to invest an additional $65 million
to totally makeover the complex. The renovation/construction will take place in phases, with
a final completion date planned for early 2009 to coincide with completion of a major expansion
of the airport and regional transportation hub. Marriott will continue to manage the hotels
and oversee all construction and renovation projects......
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TRANSACTION OF THE YEAR -- NEW DEVELOPMENT CATEGORY
Winner: Grande Lakes Orlando Orlando, Florida
Martin A. Reid, Managing Director, Thayer Lodging Group, says, "Thayer Lodging is delighted to receive this award with our developer partner, Marriott International. We are extremely pleased with the completed resorts and the early results from operations. The team at Grande Lakes has set a very high standard for leisure, golf, spa, meetings and social gatherings."
Transaction Summary: Grande Lakes Orlando Orlando, Florida
At a cost of nearly $600 million -- and for the first time -- two of the industry´s leading luxury brands, the Ritz-Carlton and JW Marriott Hotels, were brought together in the same spectacular setting -- the expansive 500-acre Grande Lakes Orlando estate.
At the headwaters of the Florida Everglades and bordering the Shingle Creek Basin, an environmental preserve which can never be built, the resort affords guests a vista of preserved wetlands and natural woodlands dotted with pine, palmetto, live oak trees and Florida wildlife. A Greg Norman designed 18-hole championship golf course accentuates this landscape and weaves alongside the two towering hotels to its finish near a massive resort pool and recreation area.
A number of industry firsts distinguish Grande Lakes Orlando including:
1) The first property in Orlando to provide the privacy and amenities of a luxury golf and spa resort along with convenient access to all the popular attractions of the Orlando tourist market. Within 10 miles of the resort, guests can visit the Orlando Orange County Convention Center (3.5 miles), Walt Disney World (10 miles), Universal Orlando (7 miles), and Orlando International Airport (10 miles).
2) The first property to offer guests their choice of either the outstanding Ritz-Carlton or JW Marriott brands
3) The first property to be managed by both the Ritz-Carlton Hotel Group and Marriott Hotels & Resorts
4) The first golf resort in the U.S. to offer an innovative Golf Caddie-Concierge Program and the first resort in the nation to offer a Golf FORE Kids Etiquette Class
5) The first resort in the world to have its own Citrus Consultant
Guests may select from either JW Marriott or the Ritz-Carlton, each hotel with its own distinctive presentation and design. The 584-room Ritz-Carlton is designed to feel like an Italian palazzo with a richly appointed lobby and a luxurious residential ambiance. Every room has a private balcony and oversized marble bathrooms with separate bathtub and shower. The hotel also includes 64 suites and 92 club level rooms for discriminating guests. The 1,000-room JW Marriott greets guests with an expansive grand lobby atrium with a showcase fountain and decorative obelisk. Designed with Spanish and Moorish influences, the bold colors of the Mediterranean are incorporated throughout the hotel. All guestrooms, including 64 suites, feature separate marble bathtub and shower and marble vanities. All rooms in both hotels provide guests with state-of-the-art dual data ports supported by fiber optic technology, as well as high-speed internet access.
The resort offers guests a 40,000 square-foot spa managed by Ritz-Carlton. The Spa is reminiscent of a luxurious Mediterranean palazzo and features 40 treatment rooms, a 4,000-square-foot private lap pool, and a 6,000-square-foot Wellness Center. Other resort recreational amenities include a 24,000 square-foot, winding lazy river pool (which holds 672,000 gallons of water), a hydrotherapy pool, multiple tennis courts and state-of-the-art fitness centers.
Grande Lakes Orlando offers 12 different lounge and dining choices including two signature dining venues: Norman´s, located in The Ritz-Carlton features the culinary expertise of celebrated chef Norman Van Aken, while the JW Marriott features acclaimed chef Melissa Kelly´s Primo restaurant. Both of these chefs are recipients of the James Beard Foundation Awards.
Meeting space is extensive with 33,000 square feet at The Ritz-Carlton, including two ballrooms and 14 meeting rooms, while the JW Marriott features over 72,000 square feet of meeting space, including two ballrooms, 23 conference rooms and two elegantly appointed boardrooms. Wireless high-speed internet access is available in all meetings rooms and public spaces.
The property is owned by Thayer Lodging Group and managed by The Ritz-Carlton Hotel Company, L.L.C., and Marriott Hotels & Resorts.
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