| CHICAGO—(February 16, 2006)—The Harp Group, a Chicago-based real estate
investment and development company specializing in hospitality and retail
projects, announced today that it has acquired the Doubletree Hotel Los
Angeles International Airport in El Segundo, Calif. for a purchase price
of $30.5 million. Colliers International Hotels’ Irvine and
San Francisco offices brokered the deal. The 215-room hotel with
4,500 square feet of meeting space will retain the Doubletree flag and
be managed by Portfolio Hotels & Resorts based in Chicago.
Located
less than two miles from Los Angeles International Airport at 1985 East
Grand Avenue, the Doubletree Hotel Los Angeles International Airport is
a full-service hotel providing convenient access to Los Angeles area attractions,
destinations, beaches and business districts.
“We are pleased to add the Doubletree Hotel at LAX to our hotel portfolio,”
said Peter G. Dumon, president of The Harp Group. “We hope that this
is the first of several acquisitions in the area as The Harp Group
is actively seeking additional hotel assets in the southern California
region. We are looking to purchase both stabilized assets as well
as repositioning opportunities.”
Business and leisure travelers alike will enjoy the contemporary California-style
hotel with its spacious guestrooms featuring the signature Sweet Dreams
Bed by Doubletree, wireless high-speed Internet access, business center,
Roxii Restaurant & Bar, fitness center, heated outdoor pool and complimentary
airport shuttle. The hotel’s flexible meeting and banquet space can
accommodate groups up to 160 with private meeting suites available for
smaller conferences.
About The Harp Group:
Founded by Peter G. Dumon in 1997, The Harp Group is a Chicago-based
real estate investment and development company with a focus on hospitality
and consumer real estate projects. The company specializes in creating
hospitality and retail destinations through imaginative and enduring designs
with a true understanding of the relationship between a project’s architectural
appeal and the people drawn to it. The Harp Group is recognized for
its expertise in complex development projects that require a high degree
of specialization and organization. For more information on The Harp
Group call 630-971-1360 or visit the company on the Internet at www.theharpgroup.com.
About Portfolio Hotels & Resorts:
Based in Chicago, Ill., Portfolio Hotels & Resorts specializes
in managing unique, boutique-style destination resorts and significant
urban hotels in domestic and international markets. The company currently
operates the 106-room Orchard Hotel in San Francisco, the 285-room Ambassador
East Hotel and Pump Room restaurant in Chicago, and the 113-room Courtyard
Cleveland Beachwood by Marriott in Beachwood, Ohio. Portfolio Hotels
& Resorts has been selected to manage the following properties currently
under development: the 86-room Orchard Garden Hotel in San Francisco;
the 200-room Everlee Hotel in Chicago’s trendy Lincoln Park neighborhood;
and the 144-room La Quinta Inn and Suites and the 260-room Hilton Suites
both in Des Plaines, Ill. For more information on Portfolio Hotels &
Resorts call 630-971-1360 extension 105 or visit the company on the Internet
at www.portfoliohotels.com.
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