The Harp Group Acquires Chicago's Ambassador East and Pump Room
And the Courtyard Cleveland Beachwood by Marriott
CHICAGO, IL, January 19, 2006. The Harp Group, a Chicago-based development company specializing in hospitality and retail projects, announced today the recent acquisition of two prominent hotels, the Courtyard Cleveland Beachwood by Marriott in Beachwood, Ohio, and The Ambassador East and Pump Room in Chicago, Ill. In partnership with Mid-America Development Partners, The Harp Group purchased the 113-room Courtyard Cleveland Beachwood by Marriott in December 2005. The purchase price of the hotel was $15,225,000. Centrally located near downtown Cleveland and the affluent suburbs of Beachwood, Shaker Heights, Cleveland Heights and Chagrin Falls, the hotel's large guestrooms, efficient work-desk area and free high-speed Internet with virtual printing networks make it an ideal choice for business travelers. The hotel is operated by Portfolio Hotels & Resorts as a Courtyard by Marriott under a franchise license from Marriott International.
The Harp Group, through a joint venture with Mid-America Development Partners and The Fordham Company, acquired the historic Ambassador East Hotel and Pump Room restaurant in Chicago's upscale Gold Coast neighborhood in December 2005 for a purchase price of $47,000,000. The second phase of this acquisition project includes a total renovation of the hotel's lobby, guestrooms and restaurant scheduled for completion by the end of 2006. A member of Preferred Hotels & Resorts, this AAA Four Diamond hotel features 285 guestrooms including 74 suites and is conveniently located within walking distance of Chicago's Magnificent Mile and Lake Michigan. The renowned Pump Room is a Chicago dining destination known for its unparalleled cuisine, Booth 1 and Wall of Stars. A former Omni hotel, The Ambassador East is now managed by Portfolio Hotels & Resorts.
"Both of these hotels hold significant importance in their communities," said Peter G. Dumon, president of The Harp Group. "We are excited to include them in our growing portfolio of hotels, and look forward to being part of these thriving neighborhoods. We are actively seeking to acquire additional resort, full-service and select-service hotels throughout the United States."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
