| NEW YORK, Nov. 30, 2000 - In a continuing
effort to expand its portfolio of one-of-a-kind hotels, Loews Hotels has
announced that it will assume management of The Jefferson Hotel, the 100-room,
antique-filled luxury hotel in Washington, D.C. on December 1, 2000.
As of that date, The Jefferson will be known as The Jefferson, a Loews
Hotel. With the addition of The Jefferson Hotel, Loews Hotels will operate
two properties in the nation�s capital, joining the 370-room Loews L�Enfant
Plaza Hotel.
The Jefferson is owned by Value Enhancement Fund
III, a real estate opportunity fund for institutional investors.
The Fund is managed by Lend Lease Real Estate Investments, the global real
estate financial services company.
�We are delighted to expand in this important
market,� said Jonathan Tisch, President and CEO of Loews Hotels, �particularly
with a property that so perfectly reflects the destination�s rich history
and tradition. The Jefferson embodies the uniqueness that we look
for, from exquisite art and architectural detail to contemporary services
and amenities. The Jefferson is a natural addition to our expanding
portfolio.�
| �Loews was an obvious choice
to manage The Jefferson.� explained Michael DeNicola, Principal Lend Lease�s
Lodging and Leisure group, �Their management culture and excellent service
programs will enhance our guests� experience while respecting the heritage
of the Jefferson.�
Located at 16th and M Streets in downtown Washington,
D.C., just four blocks from the White House, The Jefferson�s Beaux Arts
inspired building was constructed in 1923 as a residence for Washington
society. In the 1940�s, it was converted into a hotel and housed
military personnel during World War II. In 1986, the building was
beautifully restored and now features exquisite antiques in its public
spaces and guestrooms, as well as an impressive collection of American
art and rare historical documents, including many signed by Thomas Jefferson.
The Jefferson Hotel recently completed a multi million-dollar renovation.
Future plans include a renovation of the Hotel�s lobby and reception area
in 2001.
Modern amenities and the efficient, unpretentious
service for which Loews Hotels is known will complement the hotel�s classic
elegance. The Jefferson will offer multi-lingual concierge service,
24-hour room service, use of the University Club�s full fitness amenities,
and Loews branded programs including the Loews Did You Forget Closet, Loews
Loves Kids, Generation G and Loews Loves Pets programs.
Each guestroom is beautifully decorated with fine
antiques and artwork. Rooms feature mini-bars, stereo systems, and
2-line phones with Internet access. The Restaurant at The Jefferson features
natural American cuisine with a menu prepared monthly by Executive Chef
James Hudock. Also prepared monthly is a tasting menu featuring wines chosen
to enhance the flavors of the Chef�s favorite dishes.
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Michael DeNicola Appointed
Head Of Hotel Group Oversees Acquisitions and
Asset Management
Atlanta-February, 15, 2000 - Lend Lease Real Estate Investments
has appointed Michael A. DeNicola as Head of the Hotel Group, responsible
for acquisitions and asset management of a 4,500-room, 20-hotel nationwide
portfolio. The announcement was made here today by Ray D�Ardenne, the company�s
Chief Operating Officer.
DeNicola joins Lend Lease from Carlson Hospitality Worldwide
in Minneapolis where he has been Executive Vice President for Carlson Vacation
Ownership since 1998. He joined Carlson in 1992, holding senior positions
in strategic planning, finance, mergers and acquisitions, and operations.
He was instrumental in the rapid growth of Radisson Hotels Worldwide and
the acquisition of Regent Hotels International. He also had a significant
role in the expansion of Carlson�s luxury cruise line, Radisson Seven Seas
Cruises and Carlson�s investment in Interval International, where he served
as a director.
Prior to Carlson, DeNicola worked for Kenneth Leventhal
and Company, VMS Realty Partners, Prudential Property Company and KMPG.
D�Ardenne said: �We�re extremely pleased that Mike DeNicola
has agreed to oversee our substantial hotel property portfolio. His tremendous
experience and diverse background are highly valued and recognized in the
hospitality industry. He has managed and acquired hotels, created strategic
plans for hotel and hospitality businesses, overseen M&As, the whole
gamut of responsibilities. We believe he will be able to add value to our
client portfolios, and develop new investment opportunities,� he said.
Among the leading hotels in Lend Lease portfolios are:
the Boston Harbor Hotel, Westin River North in Chicago, Ritz Carlton in
Pasadena, the Jefferson Hotel in Washington, D.C. and the Kapalua Bay Hotel
and Villas in Maui. The company is also developing a 226-room Ritz Carlton
resort hotel in Half Moon Bay, south of San Francisco.
DeNicola is a certified public accountant and a trustee
of the American Resort Development Association. He holds a BS degree from
Cornell University, School of Hotel Administration.
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As it does in every city in which it operates, Loews
Hotels will continue to demonstrate its commitment to the community through
its Good Neighbor Policy. The award-winning outreach program addresses
a range of social issues and concerns, including hunger relief, literacy,
environmental preservation and homelessness. These efforts have also
been expanded to include Welfare to Work programs at Loews Hotels to help
transition former welfare recipients into the lodging industry.
Loews Hotels currently owns and/or operates 16
hotels and resorts in the U.S. and Canada. As part of the largest
expansion in the chain�s 54-year history, the company has recently opened
four new properties, with three more in various stages of development.
These include the first ever House of Blues Hotel, a Loews Hotel, a 367-room
property located in Chicago�s Marina City that opened in October 1998,
and the opening of the 800-room Loews Miami Beach Hotel in December 1998.
And, as part of a joint venture with Universal, Inc. and the Rank
Organisation, Loews Hotels opened the first of three hotels located at
Universal Orlando. The 750-room Portofino Bay Hotel at Universal
Orlando, a Loews Hotel, opened in September 1999. That will be followed
by the 650-room Hard Rock Hotel at Universal Orlando, a Loews Hotel, in
January 2001, and the 1,000-room Royal Pacific Resort at Universal Orlando,
a Loews Hotel, in 2002. Most recently, Loews opened the 585-room
Loews Philadelphia Hotel, a conversion of the landmark PSFS building, in
April 2000. Boston will also be home to a Loews Hotel, scheduled
to open in 2003 is the 390-room Loews Boston Hotel in the city�s theater
district.
Lend Lease Real Estate Investments is one of the
largest real estate investment managers in the world and a leading U.S.
real estate advisor to pension funds. The company has $41 billion in real
estate and commercial mortgages under management for institutional and
private clients in the US. The company�s hotel portfolio totals 19
properties comprising approximately 4,700 rooms.
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