Historic D.C. hotel tapped for near $400 million purchase, renovation.The new owners of a historic Washington, D.C., hotel said they plan to immediately begin a $100 million "top-to-bottom" renovation on top of the property's nearly $300 million purchase price. The Canyon-Johnson Urban Fund (CJUF CJUF Canyon-Johnson Urban Fund ) and Lowe Enterprises Investors, both based 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. , announced the late-May purchase from the Beverly Hills Beverly Hills, city (1990 pop. 31,971), Los Angeles co., S Calif., completely surrounded by the city of Los Angeles; inc. 1914. The largely residential city is home to many motion-picture and television personalities. , California-based Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. of the iconic Hilton Washington The Hilton Washington (also commonly known as the Washington Hilton[1][2] or locally as the Hinckley Hilton[3][4][5]) is a hotel located at 1919 Connecticut Avenue, N.W. hotel near Dupont Circle Dupont Circle is a traffic circle in the northwest quadrant of Washington, D.C., at the intersection of Massachusetts Avenue, Connecticut Avenue, New Hampshire Avenue, P Street and 19th Street. for $290 million. The CJUF/Lowe Enterprises joint venture has entered into a long-term management agreement with Hilton Hotels Corporation. The 42-year-old hotel has been the site of historic and prestigious gatherings by U.S. presidents, world leaders For a list of heads of state, see . World leaders is a MMORPG. The game involves creating a state, joining an alliance and going into war. It is mostly played by players from Israel, China, USA, Britain, Brazil and Saudi-Arabia. and other prominent figures. "This investment goes to the very heart of what Canyon-Johnson is all about," said CJUF Managing Partner Bobby Turner Robert "Bobby" Turner (born May 6, 1949 in Midway, Alabama) is the Denver Broncos running backs coach. He joined Denver in 1995, he also worked for 20 years as a college assistant and has 34 combined years of coaching experience at the professional, collegiate and high school . "The hotel is located in a densely populated urban neighborhood, and employs hundreds of people. By deploying the expertise and capital necessary to redevelop this important asset, Canyon Johnson and Lowe Enterprises are setting the stage for strong economic and community returns in one of America's most recognized urban centers." The Hilton Washington's major equity investor, the Canyon-Johnson Urban Fund, is a joint venture between Canyon Capital Realty Advisors and basketball-legend-turned-urban-entrepreneur Earvin "Magic" Johnson. "Our team is breathing new life into this irreplaceable and historic property in the nation's capital," said Johnson. "We look forward to working in partnership with Mayor Adrian Fenty Adrian M. Fenty (b. December 7, 1970) is the fifth and current mayor of the District of Columbia, having begun his term of office on January 2, 2007. Fenty is the youngest person ever to hold the office[1], and, at 35, was the youngest elected and local leaders to ensure that the Hilton Washington continues to be a valuable economic development engine for decades to come." Set on five acres and located on Connecticut Ave. near Dupont Circle, the Hilton Washington is in the heart of one of the area's most desirable and distinctive shopping, dining and residential neighborhoods. Its proximity to government and cultural institutions also makes it a premier destination for both business and leisure travelers. Beyond its 1,119 rooms, the hotel has 110,000 square feet of meeting space, including the signature 36,000-square-foot International Ballroom, the city's largest hotel ballroom, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Brad Howe, managing director, Lowe Enterprises Investors. "The Hilton is a classic property in a prime location. It offers a solid acquisition opportunity in a market we know well, and is another in a series of high-profile hotel properties that we have acquired in major U.S. markets this year," said Howe. "Our extensive hospitality experience and strong local team provide us with the ability to enhance the value of this legendary property in the heart of Washington, D.C." Executives from Lowe Enterprises already have developed and will oversee the extensive renovation program set to begin in the third quarter of this year. Highlights of the scheduled renovation include: * Updated guest rooms with fresh decor, featuring new color schemes, window treatments, floor and wall coverings, linens, fixtures and bathrooms. Complementary design schemes will be introduced throughout the public spaces, including meeting rooms and a richly refurbished grand lobby. * The 110,000 square feet of meeting and event space, which features the 36,000-square-foot International Ballroom, will be reconfigured to accommodate multiple groups and events simultaneously. Meeting spaces will be renovated to include new pre-function exhibit space, storage, kitchen and restroom facilities. * Extensive modifications will be made to the gym and pool areas. The existing 1,200-square-foot fitness center will be reconfigured to include a spacious spa to be located adjacent to the junior Olympic swimming pool and sundeck. * Food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. options will also be enhanced with the addition of a coffee bar and the possible addition of an upscale restaurant, made possible by reconfiguring existing space. |
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