JER Plans $32mil Renovation of the Stanford Court
Sale was Announced in December
SAN FRANCISCO, Jan. 25, 2007 - The world famous Stanford Court Hotel has been sold to JER Partners, a division of J.E. Roberts Company, a fully integrated private equity, real estate investment management company. The sale was finalized on December 14, 2006. Marriott International retains a long-term management contract and the hotel will remain within the Renaissance Hotels & Resorts brand.
"We're delighted to announce the sale," said Bill Love, the hotel's general manager, "as JER Corporation will bring important resources to completely revive the hotel and its guest amenities and maintaining its status as a world class property."
The planned renovation, expected to cost $32 million, will focus on a complete facelift of the hotel, including all guest rooms, meeting room facilities, upgrading of the lobby and front desk, and porte-cochere as well as all new restaurant concept.
The renovation will take place in phases, and is expected to be completed in mid 2008.
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 
