WASHINGTON, DC -- Operator Also Will Oversee $3.5 Million Renovation Global private equity firm The Carlyle Group today announced that it acquired the Radisson Los Angeles Westside from the original developers of the hotel in an off- market transaction. In conjunction with the acquisition, Carlyle retained Davidson Hotel Company, one of the nation's largest full-service, independent hotel operators, to operate the 368-room hotel. In addition, Davidson will oversee a $3.5 million renovation of the property's guest rooms and meeting space. Financial terms were not released.
"This property is in excellent physical condition, having undergone a major, multi-million dollar renovation over the past 18 months, and this additional investment will complete the final phase of the make-over," said John A. Belden, Davidson's president and chief executive officer. "During this last phase, we will install Radisson's bedding system, including their exclusive Sleep Number(R) bed, which will wrap up the guest rooms renovation. We also will upgrade the hotel's more than 20,000 square feet of meeting and conference center space, creating top choice accommodations for meeting planners. This final stage of the renovation will begin this summer and be completed by year end with no perceptible disruption to guests."
"We have a strong working relationship with Davidson, which currently manages hotels for us in Coral Gables, Fla., and Austin, Texas, and will be managing the Westin Annapolis in Maryland upon its opening in 2007," said Paul Brady, managing director of The Carlyle Group. "They have established a track record of significantly improving operating results and the value of our assets. We are excited to acquire this asset, given its location on the west side of Los Angeles and its proximity to The Howard Hughes Center, the Playa Vista residential and commercial development and other nearby commercial demand generators."
Located at 6161 West Centinela Avenue, Culver City, the property is three miles north of Los Angeles International Airport and less than three miles from southern California beaches. The property's central location is easily accessible to nearby attractions such as The Howard Hughes Center, Loyola Marymount University, Marina del Rey, The Getty Museum, Universal Studios, Disneyland, Six Flags Magic Mountain, the Staples Center and other popular locations.
The Radisson Hotel Los Angeles Westside features a heated swimming pool, whirlpool and full-service fitness center. Maxi's Grill provides all-day dining, and Culver's Clubhouse offers a more informal dining option featuring 12 television screens, a pool table and a jukebox. The hotel's meeting and conference capabilities include space to accommodate groups from 10 to 500 people. The meeting facilities feature state-of-the-art technology, including videoconference and complimentary high-speed Internet access in guest and meeting rooms.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $39 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested $18.1 billion of equity in 463 transactions for a total purchase price of $73.2 billion. The Carlyle Group employs more than 650 people in 14 countries. In the aggregate, Carlyle portfolio companies have more than $46 billion in revenue and employ more than 184,000 people around the world. http://www.carlyle.com/.
About Davidson Hotel Company
Headquartered in Memphis, Tenn., Davidson Hotel Company is an award- winning, full-service hotel owner and third-party management company that provides management, development/renovation, acquisition, consulting and accounting expertise for the hospitality industry. The company currently owns and/or manages 26 upscale hotels with more than 7,500 rooms and 3,900 employees across the United States, including such brands as Hilton, Embassy Suites, Doubletree, Marriott, Renaissance, Westin, Sheraton and Radisson. Additional information on Davidson may be found at the company's Web site, http://www.davidsonhotels.com/.
Contact:
Cyndi Carl Jerry Daly, Carol McCune (media)
Davidson Hotel Company Daly Gray Public Relations
901 821-4155 (703) 435-6293
ccarl@davidsonhotels.comjerry@dalygray.com
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| Notes:
Source: Davidson Hotel Company
CONTACT: Cyndi Carl of Davidson Hotel Company, +1-901-821-4155,
ccarl@davidsonhotels.com; or media: Jerry Daly, jerry@dalygray.com, or Carol
McCune, both of Daly Gray Public Relations, +1-703-435-6293, for Davidson
Hotel Company
Web site: http://www.davidsonhotels.com/
http://www.carlyle.com/
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