Cypress Hotel in Cupertino Sold
SAN FRANCISCO, CA, June 7, 2007. On behalf of Kimpton Development Opportunity Fund LP, Jones Lang LaSalle Hotels has arranged the sale of the 224-room Cypress Hotel in Cupertino, California, in the heart of Silicon Valley. The property was sold to a joint venture between Rockpoint Group and SCS Advisors. Kimpton Hotels & Restaurants will retain management of the hotel.
The 224-room Cypress Hotel boasts luxury amenities in a boutique setting that is designed to evoke and inspire wellness and vitality. The property was constructed in 2002 and features 28 suites in addition to its inventory of oversized standard guestrooms. Park Place restaurant, located adjacent to the hotel, is a popular dining establishment for locals and guests.
The hotel is proximate to a number of the world's leading technology firms including Apple Inc., Hewlett-Packard Company and Symantec Corp. The resurgence of the Bay Area economy, highlighted by the remarkable recent improvement in Silicon Valley, has catalyzed substantial gains in the hotel market as evidenced by the 18 % increase in RevPAR experienced in the market in 2006.
"We're excited to partner with Rockpoint Group and SCS Advisors, and demonstrate why so many major investors believe Kimpton is the operator of choice in the lifestyle boutique segment of the lodging industry," said Michael Depatie, chief executive officer and president for Kimpton Hotels & Restaurants.
"The Cypress Hotel is one of the leading hotels in Silicon Valley," said Arthur Buser, managing director and president - Lodging Capital Markets - Americas. "The market is experiencing a phenomenal turnaround that will allow Rockpoint Group and SCS to capitalize on higher average daily rates and increased cash flow in coming years."
"Kimpton is recognized as the leader in the boutique/lifestyle segment, and they will continue to manage this hotel with great success. The original boutique industry pioneer with more than 26 years of proven experience, Kimpton stands alone as the operator of choice," said Arthur Adler, managing director and CEO - Americas for Jones Lang LaSalle Hotels. "Not only is Kimpton capable of delivering an unparalleled guest experience, but they also generate a highly profitable bottom line for their owners."
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