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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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Thayer Acquires Three Marriott-branded Hotels at Miami Airport
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.
Key elements of the project include:
- Total makeover of the existing Marriott Hotel-The 366-room full-service Marriott will be
significantly renovated and upgraded to leading-edge Marriott standards. The central feature
of the renovation will be the conversion of the lobby to the new Marriott "great room" design,
which will provide a family room-type environment. The design includes comfortable furniture
in multiple relaxed settings where guests can unwind, meet with friends or business associates,
work and connect to the Internet and enjoy multiple food and beverage offerings. The hotel
offers 12,500 square feet of meeting space, a spa, health and fitness center, swimming pool
and business center.
- Expansion of the Courtyard by Marriott-The existing 126-room Courtyard will be completely
renovated by year-end 2007. A 10-story, 174-room tower will be constructed and connected on
each floor to the existing structure, bringing the total room count to 300. The existing
Courtyard lobby, restaurant and other facilities will migrate to the new tower upon its
completion, which is expected to open in early 2009.
- Construction of a new Residence Inn by Marriott-The current 285-room Fairfield Inn has
been closed and will be demolished and replaced with a 160-suite Residence Inn, comprising
studio, one and two-bedroom suites. The new hotel, which will be proximate to major medical
centers and substantial office space, will target guests who typically stay five nights and longer.
When the construction/renovation program is completed, the three hotels will share a spacious
central plaza and outdoor meeting and banquet space. Each hotel will feature high definition
television service, flat screen televisions, and cutting edge technology service in meeting and
guest rooms. "This complex will showcase how to integrate three Marriott brands into one site,"
said Leland Pillsbury, Thayer co-founder and co-chairman. "We will take advantage of the synergies
the complex offers, from marketing to meeting and dining facilities, which we believe will allow us
to achieve above-average operating performance. The presence of the full-service Marriott will
provide Courtyard and Residence Inn guests access to extra amenities and services, such as the great room.
"We enjoyed great success working with Marriott on our Grande Lakes Resort project, a luxury resort
with nearly 1,600 rooms in two hotels, 125,000 square feet of meeting space and a 40,000-square-foot
spa," Pillsbury said. "It generated exceptional returns for our investors, and we believe this acquisition holds equal promise."
"Thayer was able to move quickly on this complex transaction and shares our enthusiasm for the master
plan for this exceptional site," said Stephen Joyce, Marriott executive vice president, global
development/owner and franchise services. "Thayer has great strategic vision to carry out a project like
this. We look forward to additional opportunities to develop new projects with them."
"Our mission at Thayer is to realize exceptional returns through value-add business plans. Here, the
combination of creative renovation and new development in one of the country's high growth economies is
compelling," noted Bill Reynolds, Thayer chief investment officer. "Miami is an international crossroads,
and Marriott, as our brand partner, leverages this excellent real estate and hotel market."
About Marriott International, Inc.
Marriott International, Inc. is a leading lodging company with nearly 2,900 lodging properties in the
United States and 67 other countries and territories. Marriott International operates and franchises
hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard,
TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates
vacation ownership resorts under the Marriott Vacation Club International, Horizons, The Ritz-Carlton
Club and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished
corporate housing through its Marriott ExecuStay division; and operates conference centers. The company
is headquartered in Washington, D.C., and has approximately 151,000 employees at 2006 year-end. In fiscal
year 2006, Marriott International reported sales from continuing operations of $12.2 billion. For more
information or reservations, go to www.marriott.com.
About Thayer Lodging Group
Thayer Lodging Group is a real estate venture capital operating company that sponsors investment funds
specializing in hotel and hospitality investments. Formed in 1991, the company has achieved since its
inception more than a 29 percent compound rate of return on more than $1.7 billion of real estate
investments. Additional information about the company may be found at www.thayerlodging.com.
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