Colony Capital acquires significant interest in Immobiliere Hoteliere Group subsidiary, owner of the world-renowned Amanresorts.LOS ANGELES--(BUSINESS WIRE)-- Sept. 16, 1996-- -- Leading U.S. Real Estate Investment Firm to Invest Up To $100 Million And Expand Five-Star Luxury Resort Hotel Brand -- Colony Capital  This article may contain improper references to .Please help [ improve this article] by removing . , a leading U.S. real estate investment firm, today announced that it has acquired a significant interest in Credicom Asia, a company specializing in luxury hotel and tourism related investments. Credicom Asia is owner/operator of the world-renowned Amanresorts, a five-star luxury resort hotel chain distinguished by extraordinary resort properties in exotic natural settings. Credicom Asia also owns the majority interest in Saresco, the world's 9th largest airport retailer. Following the transaction, the two companies intend to significantly expand the Amanresorts brand name, targeting future investment and development of five-star luxury resorts worldwide, as well as extending the company into several new areas of business. Colony Capital intends to continue its future investing in the luxury resort hotel segment through Credicom Asia. In the transaction, Colony will invest, over time, up to $100 million into Credicom Asia, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. incorporated in the British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. that is currently 100% owned by Credicom N.V., a publicly traded Belgian company. Credicom N.V., in turn, is 85% owned by Societe Immobiliere Hoteliere (SIH SIH Système d'Information Hospitalier SIH Syndicat Interhospitalier (French: union of hospitals) ), a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. headquartered in Paris, France. Donald L. Sturm, a Denver investor, will co-invest with Colony for 25% of the transaction. The assets controlled in whole or part by Credicom Asia total more than $450 million and include: Amanresorts, the five-star luxury hotel and management business consisting of 18 existing and under development hotels (800 keys); Saresco, the largest duty free airport retailer in France; the L'Ermitage Hotel in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. ; and interests in numerous parcels of land for future hotel development throughout the world, most notably, 300 acres in Ramatuelle overlooking St. Tropez in the south of France South of France south n the South of France → le Sud de la France, le Midi . The investment will be made in multiple stages beginning with an initial investment of $55 million for 30% of Credicom Asia. This initial investment will consist of the investors purchasing $40 million of existing shares from Credicom N.V., and $15 million of shares from Credicom Asia. The investors will subsequently provide by December 31, 1997 a maximum of $20 million to fund future hotel and related investments, in turn, bringing the total ownership to 37% in Credicom Asia. Colony and Sturm also may provide approximately $25 million in additional standby financing for the L'Ermitage Hotel. The investors will receive half of the seats on Credicom Asia's 8- member Board of Directors. Clement Vaturi, SIH Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , will remain as Chairman and CEO of Credicom Asia. "Our transaction today with Credicom marks one of Colony's largest international investments, and a major step in expanding the Amanresorts name worldwide," said Thomas J. Barrack BARRACK. By this term, as used in Pennsylvania, is understood an erection of upright posts supporting a sliding roof, usually of thatch. 5 Whart. R. 429. , Chairman & CEO of Colony Capital, Inc. "Amanresorts are renown for their exclusivity, service and breath-taking natural settings, and we greatly look forward to expanding Amanresorts' brand name and investment portfolio." "Colony Capital is one of the world's leading real estate investment firms and Donald L. Sturm is an exceptionally successful international specialist in management of growth and industrial development. Their active participation in our Group's effort to expand the five star hotel and tourism related activities is an exciting and promising assurance for the success of our enterprises," Mr. Vaturi said. Distinguished for their service and dramatic natural surroundings, Amanresorts are currently located primarily in exotic locations within Asia and the South Pacific, including Bali, Thailand, Java, Indonesia and Bora Bora Bo·ra Bo·ra A volcanic island of French Polynesia in the Leeward group of the Society Islands in the southern Pacific Ocean. . The hotels are typically just 40 rooms, offering guests superior service and exclusivity. Average daily rates ("ADR ADR - Astra Digital Radio ") range between $400 and $500 per night. Other Amanresorts are located in Europe and Australia, and one is planned for Morocco. Future growth is expected to continue throughout Asia, as well as other countries such as the United States, most prominently, at Spring Creek Lodge in Jackson Hole, Wyo. Saresco is the world's 9th largest airport retailer. Last year, the company had sales in excess of $240 million from 84 airport and city stores throughout France and Africa. The company is currently the largest duty-free airport retailer in France and has just received the cosmetic and perfume concession at the Singapore Airport. The L'Ermitage Hotel is a 129-key, all suite hotel in Beverly Hills. The hotel has been closed and Credicom is presently redeveloping the property. The hotel is expected to re-open in 12 months. Colony Capital, based in Los Angeles, is an international, private investment firm focusing principally on real estate-related assets and operating companies with a strategic dependence on such assets. Since 1991, the firm has purchased from public and private sellers more than 1,200 assets with an aggregate book value in excess of $4.5 billion. Last year, Colony raised $625 million of equity commitments for its second fund, Colony Investors II, LP. Colony Capital has been one of the country's leading investors in five-star "marquis" hotels. In June, Colony Capital acquired The Mayfair Hotel in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , having purchased earlier this year the famed 539-room Orchid at Mauna Lani, formerly the Ritz-Carlton Mauna Lani, on the Big Island of Hawaii. In 1993, Colony Capital led the acquisition of the 1,200-room Hilton Waikoloa Village, also on the Big Island. Donald L. Sturm, an investor and philanthropist, owns nine community banks in Kansas, Illinois, Colorado and Wyoming. He is a major investor in MFS MFS Medicare fee schedule Communications Company (a telecommunications company that has recently agreed to be acquired by WorldCom, Inc.), Continental Airlines and Peter Kiewit Sons', Inc. of Omaha. Mr. Sturm is a former chairman of Continental Can Corp. and a vice chairman of Peter Kiewit Sons'. Mr. Sturm is a trustee of the University of Denver Background and rankings The University was founded in 1864 as Colorado Seminary by John Evans, the former Territorial Governor of Colorado, who had been appointed by US President Abraham Lincoln. , the Denver Art Museum The Denver Art Museum is an art museum in Denver, Colorado located in Denver's Civic Center. It is known for its collection of American Indian art, and has a comprehensive collection numbering more than 55,000 works from across the world. Foundation, and the Social Science Foundation. He serves on the Board of Directors of Continental Airlines. Immobiliere Hoteliere Group, SIH, is a French company listed on the Paris stock exchange, controlled by the Vaturi family, with total assets of just under $1 billion. Over the last 30 years, SIH has been a major developer of 4 and 5 star hotels in France and worldwide, with more than 5000 rooms built. Outside of SIH's controlling position in Credicom Asia, the group owns the Hilton Paris Hotel (500 rooms), the Sofitel Luxemburg (360 rooms), as well as the Lowell Hotel (65 suites) in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and the company holds the lease and management contract of the Richemond Hotel (100 rooms) in Geneva Geneva, canton and city, Switzerland Geneva (jənē`və), Fr. Genève, canton (1990 pop. 373,019), 109 sq mi (282 sq km), SW Switzerland, surrounding the southwest tip of the Lake of Geneva. . CONTACT: Saget Corporate (SIH) Laure Saget 331-44-29-92-90 or Principal Communications (Colony) Owen Blicksilver Cindy Lawrence (212)303-7611 |
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