Lowe Enterprises (“Lowe”) and AECOM Capital, the investment fund of
AECOM Technology Corporation (NYSE:ACM), have formed a joint venture
with long-time property owner Atlas Hotels, Inc. to own, operate and
reposition the Town and Country Resort & Convention Center in the
Mission Valley area of San Diego. Lowe’s hospitality management
subsidiary, Destination Hotels & Resorts, has assumed management of the
954-room resort located at 500 Hotel Circle North.
“Town and Country is centrally located to San Diego’s top attractions
and just minutes from downtown with its array of restaurants and
entertainment. It presents an exceptional opportunity to work together
with Atlas Hotels to refresh and reposition the property to take full
advantage of San Diego’s continually growing tourism and meeting
business,” said Robert J. Lowe, Jr., co-president of Lowe Enterprises.
Located in the popular Mission Valley area, the hotel’s two towers and
three swimming pools, award-winning rose gardens, numerous fountains and
outdoor seating areas are spread across the 40-acre property.
“This is an opportunity to invest in an established resort property in
one of the country’s premier visitor destinations. With a strategic
capital-improvement program, we can enhance the appeal and increase the
value of this expansive property,” said John T. Livingston, chief
executive of AECOM Capital.
The resort boasts the largest convention facility in the San Diego area
outside of downtown, with more than 200,000 square feet of flexible
meeting space, including the 41,000-square-foot Grand Exhibit Hall, and
more than 50,000 square feet of outdoor event space. In addition, the
property offers abundant recreation and dining options with the
14,000-square-foot Bella Tosca Day Spa with fitness center and three
restaurants.
“We look forward to working with our new partners, Lowe and AECOM, to
create a new chapter in the long and successful history of the Town and
Country Resort,” said Terry Brown, president of Atlas Hotels, Inc.
Built in 1953 by the late Charlie Brown, founder of Atlas Hotels Inc.,
the Town and Country Resort is immediately adjacent to the 27-hole
Riverwalk Golf Club, San Diego’s premier shopping center, Fashion Valley
and a San Diego trolley light rail stop, providing easy access to San
Diego sites and attractions. The property is five miles from the beach
and 15 minutes from downtown San Diego.
“Over the next few months we will be finalizing a long-term plan for the
property that will include new marketing initiatives as well as physical
property improvements,” noted Jamie Sabatier, president of Destination
Hotels & Resorts, the new manager of the Resort. Destination Hotels &
Resorts will bring its institutional operations experience to the
management of the property while its national sales and marketing force
will seek to expand both group and leisure business.
The new ownership group will immediately begin developing and
implementing a program of property-wide infrastructure upgrades and
creating a new long-term vision for the property.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate
investment, development and management firm. Over the past 41 years, it
has developed, acquired or managed more than $21 billion of real estate
assets nationwide. Lowe’s activities in the San Diego area include
developing the 915,000 square foot County Operations Center and the
planned IDEA1 urban mixed-use project in downtown San Diego, with
I.D.E.A. Partners. Lowe led the $70 million restoration of the Hotel del
Coronado in 2001 and created and processed the expansion plan for the
historic property. Lowe is currently responsible for more than $5
billion of commercial, hospitality and residential assets. In addition
to its Los Angeles headquarters, Lowe Enterprises maintains regional
offices in Southern California and Northern California, Denver,
Philadelphia, Seattle and Washington, DC.
About AECOM Capital
With offices in New York City and Los Angeles, AECOM Capital was
established in early 2013 with a focus on direct investments in real
estate projects and public-private partnerships. AECOM Capital is a
semi-open-ended fund with an initial funding from AECOM Technology
Corporation of $150 million in AECOM Capital Global Fund I. AECOM
Capital has closed on/or is in contract for over $2 billion and more
than 5 million gross square feet of ground-up real estate development
projects.
About AECOM
AECOM is a global provider of professional technical and management
support services to a broad range of markets, including transportation,
facilities, environmental, energy, water and government. With
approximately 45,000 employees around the world, AECOM is a leader in
all of the key markets that it serves. AECOM provides a blend of global
reach, local knowledge, innovation and technical excellence in
delivering solutions that create, enhance and sustain the world's built,
natural, and social environments. A Fortune 500 company, AECOM
serves clients in more than 150 countries and had revenue of $8 billion
during the 12 months ended March 31, 2014. More information on AECOM and
its services can be found at www.aecom.com.
About Atlas Hotels
Atlas Hotels has been instrumental in the growth and development of the
tourism industry in San Diego over the past 50 years. Atlas developed
the Town and Country Resort & Convention Center and owned and operated
the property since 1953. The 40 acre Town & Country Resort & Convention
Center is the largest privately owned convention and meeting hotel on
the West Coast.
About Destination Hotels & Resorts
Destination Hotels & Resorts is the largest operator of independent
hotels and resorts in North America with a portfolio of more than 40
luxury and upscale properties. Located in premier destinations including
Aspen, Chicago, Denver, Lake Tahoe, Los Angeles, Maui, Miami, New
Orleans, Phoenix, San Antonio, San Diego, Santa Fe, Seattle, Vail and
Washington D.C., the award-winning company operates 20 golf courses, 18
full-service spas, six IACC-certified conference centers and more than
121 unique culinary venues. For more information on Destination Hotels &
Resorts, visit www.destinationhotels.com.
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Forward-Looking Statements: All statements in this press release
other than statements of historical fact are "forward-looking
statements" for purposes of federal and state securities laws, including
any projections of earnings, statements of plans for future operations
or expected revenue. Actual results could differ materially from those
projected or assumed in any of our forward-looking statements. Important
factors that could cause actual results to differ materially from our
forward-looking statements are set forth in our quarterly report on Form
10-Q for the fiscal quarter ended March 31, 2014, and our other reports
filed with the U.S. Securities and Exchange Commission. AECOM does not
intend, and undertakes no obligation, to update any forward-looking
statement.
Copyright Business Wire 2014