Behringer Harvard Acquires Doubletree Los Angeles-Westwood
Substantial Redevelopment, Kimpton Management Planned
DALLAS, TX, February 8, 2006. Behringer Harvard Strategic Opportunity Fund I LP announces its acquisition of Doubletree Hotel Los Angeles-Westwood, an 18-story hotel in the heart of Los Angeles' posh and trendy West Side.
Behringer Harvard will redevelop and reposition the property, located on the famous "Golden Mile" at 10740 Wilshire Blvd., as a boutique hotel managed by the Kimpton Hotels & Restaurants Group. The property is slated for conversion to an upscale Hotel Palomar, one of the popular and sophisticated styles of the Kimpton brand.
With completion scheduled for June 2007, the redevelopment will include remodeling of the guest rooms, expanded fitness and spa facilities, enhancement of the pool and lounge area, and a four-star restaurant. The redeveloped hotel will feature designs created by Cheryl Rowley Design of Beverly Hills that capitalize on the hotel's unique location, access and visibility.
Originally constructed in 1972 and converted to a Doubletree in 1997, the hotel currently offers 290 guest rooms that serve both business and leisure travelers. Within minutes, hotel guests can shop on Rodeo Drive, cruise Sunset Strip, head for Hollywood or bask in the sun on beautiful Santa Monica beaches.
The hotel's commercial clientele are well-served by its close proximity to major office complexes and the UCLA campus. Leisure travelers are attracted by its convenient access to Westwood Village shopping and family entertainment venues including Dodger Stadium, Disneyland, Knott's Berry Farm, Magic Mountain and the Getty Museum.
"The West L.A. lodging market is the strongest in the area, and we believe this property will benefit from this submarket's enduring desirability and high barriers to entry," said Robert M. Behringer, chairman and CEO of Behringer Harvard. "Our strategy for this asset is to increase its capital value and generate higher guest revenue."
This project represents the second Behringer Harvard venture that's involved San Francisco-based Kimpton Hotel Group. The firms are currently redeveloping another hotel property in Dallas that is an asset of Behringer Harvard Short-Term Opportunity Fund I LP. That landmark building, located near Southern Methodist University and prestigious Highland Park, is scheduled to open in mid-2006 as a new urban resort, called the Hotel Palomar and Residences. Behringer Harvard has contracted with Realty America Group to manage the redevelopment of both of these joint projects.
This release contains forward-looking statements relating to the business and financial outlook of Behringer Harvard Strategic Opportunity Fund I LP and Behringer Harvard Short-Term Opportunity Fund I LP that are based on our current expectations, estimates, forecasts and projections and are not guarantees of future performance.
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