Kyoto Grand Hotel & Gardens in Los Angeles Acquired by UBS Realty Investors
Renovation and Reflagging to a DoubleTree by Hilton to Begin; Rim Hospitality to Manage the 434-Room Hotel
NEWPORT BEACH, CA - October 10, 2011 - Rim Hospitality, one of the largest hotel management companies, announced they have partnered with a large institutional investor and sponsored the acquisition of the 434-room Kyoto Grand Hotel. Rim Hospitality has been in the hotel business for almost 30 years and with this current addition has 94 properties in their portfolio. The acquisition was brokered by the Los Angeles office of Jones Lang LaSalle Hotels.
"This is a great opportunity for Rim to operate a Hilton product in a market that is long overdue. I am confident this property will do well and I am happy to add it to our growing portfolio," said Mark Burden, President & CEO of Rim Hospitality.
The 21 story Kyoto Grand is a full service hotel located in the heart of Los Angeles, two miles from the Convention Center and within walking distance to LA Live. Rim Hospitality will immediately begin the $10 to $15 million renovation to convert the property to a DoubleTree by Hilton with anticipated completion in 2012.
Mark LeBlanc, Sr. VP of Development for Rim Hospitality stated, "This has all the criteria that we look for in an acquisition, ability to reposition with a quality brand, operational upside, great location in a market with great barriers to entry and a price well below replacement cost. We are actively sourcing a significant number of qualified opportunities like this one to our network of investment groups and expect to close more deals this year."
Rim Hospitality has engaged in the acquisition, repositioning and management of many full-service and select service hotels and recently was involved with the acquisition of the 451 room Universal Studios Sheraton.
About Rim Hospitality
Formed in 1983, Rim Hospitality is a national hotel management company that has almost 30 years of experience operating hotels and currently manages over 90 hotels throughout the United States. Rim is an approved management company for Hilton, Starwood, Marriott, IHG, Hyatt and almost every other major brand.
If you would like more information about Rim Hospitality, please visit www.rimhospitality.com .
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