JV pays $66m for Holiday Inn.ALEXANDRIA Alexandria, city, Egypt Alexandria, Arabic Al Iskandariyah, city (1996 pop. 3,328,196), N Egypt, on the Mediterranean Sea. It is at the western extremity of the Nile River delta, situated on a narrow isthmus between the sea and Lake Mareotis (Maryut). , Va. -- ING Clarion A family of application development systems for Windows from SoftVelocity, Inc., Pompano Beach, FL (www.softvelocity.com). Clarion provides a comprehensive set of tools for development, including a screen builder, 4GL and application generator. has acquired the Holiday Inn Select in Alexandria, Virginia Alexandria is an independent city in the Commonwealth of Virginia. As of the 2000 census, the city had a total population of 128,284. Located along the Western bank of the Potomac River, Alexandria is approximately 6 miles (9.6 kilometers) south of downtown Washington, DC. for $66 million. The 227 room hotel is being purchased on behalf of a commingled fund Commingled Fund A type of mutual fund consisting of assets from several accounts that are blended together. Sometimes called a "pooled fund." Notes: They are "commingled" to reduce the costs of managing them separately. advised by ING Clarion Partners in a joint venture partnership with Kimpton Hotels. ING Clarion and Kimpton Hotels plan to invest approximately $23 million renovating the property, providing four star amenities and re-flagging the asset to a Hotel Monaco. "With its close proximity to Washington, D.C.... we view the acquisition as a great opportunity to add value for our clients," said Marc DeLuca, svp at ING Clarion. |
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