Strategic Considering Changes for Marriott's Las Palmas Resort
ORLANDO, FL, March 9,2006. In a speech given before the Raymond James 27th annual Instutional Investors Conference in Orlando, FL, Laurence Geller, CEO of hotel REIT Strategic Hotels & Resorts, said that his company is considering a residential component to its Marriott Rancho Las Palmas & Spa on its 1,240-acre property, according to the Palm Springs Desert Sun.
He subsequently revealed that Strategic is mulling a move to bump out Marriott as the hotel operator. "Las Palmas may have a better use than being solely a Marriott hotel," Geller said. "There is a lot of residential opportunity there," the Desert Sun reported
Scott Blaylock, general manager of Marriott's Las Palmas, said Marriott was made aware that the owner was looking at a range of different options for the property last fall. Geller did not elaborate on Strategic's plans for the hotel in his speech. But he did say that movement involving the Las Palmas property is imminent: "We'll move on (it) this year, sooner rather than later," he said.
Rumors have swirled among hotel staff and hospitality industry officials that Statregic was considering a repositioning and that it might bring in Loews Hotels Holding Corp. under a new management contract to start fractional resort or condo sales at the property. Spokespeople for Loews said they have no knowledge of any ongoing discussion for this property.
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