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OBR LIMITED, L.P. ACQUIRES DORAL OCEAN BEACH RESORT; LUXURY PROPERTY REMAINS UNDER DORAL MANAGEMENT

 MIAMI BEACH, Fla., Nov. 2 /PRNewswire/ -- OBR Limited, L.P. has confirmed the recent acquisition of the Doral Ocean Beach Resort. The change of ownership was announced by Sam Haigh, president of Doral. The 420-room property, located at 4833 Collins Ave., Miami Beach, was purchased for an estimated $27 million from Carol Management Corporation, parent company of Doral Hotels & Resorts Management Corporation.
 Doral will continue to manage the luxury resort; there will be no interruption in guest operations or services, and current management and employees will remain in place. Doral has owned and operated the Doral Ocean Beach Resort since its inception in 1962.
 "The sale of this real estate asset and the concentration on property management is part of our long-term strategic plan," said Haigh. He emphasizes that OBR is committed to the South Florida market and "to continuing to improve upon the property's proven success record. They feel strongly that present management has done an excellent job -- the property is a recognized industry leader."
 "The relationship with OBR is extremely advantageous to the Doral Ocean's continuing growth as a premier oceanfront property," stresses Christopher C. Perks, executive vice president for Doral's three South Florida resorts and managing director for the Doral Ocean Beach Resort. "The new owners have committed to a multimillion dollar refurbishment, and we're setting a timeline which will take effect in the off-season."
 The agreement with OBR calls for the continuation of Dorals' cooperative marketing efforts, as well as the sharing of guest privileges between all three South Florida Doral Resorts. This includes facilities and services at the Five-Diamond Doral Saturnia International Spa Resort, and golf at the Doral Resort & Country Club, one of the largest self-contained golf resorts in the U.S. and home of the PGA Doral Ryder Open.
 Doral Hotels & Resorts Management Corporation and its subsidiaries are headquartered in New York City. Established in 1960, Doral's expanding portfolio includes award-winning resorts and spas, deluxe metropolitan hotels, championship golf courses, state-of-the-art conference centers, and prestigious country club communities throughout the United States and the Caribbean.
 -0- 11/2/93
 /CONTACT: Martha Limner or Jeff Abbaticchio of Abbaticchio & Limner Communications, 305-538-7226, for Doral Hotels & Resorts, Florida/


CO: Doral Ocean Beach Resort; OBR Limited, L.P.; Doral Hotels & Resorts
 Management Corporation ST: Florida, New York IN: LEI SU:


JB-PC -- FL001 -- 9517 11/02/93 09:07 EST
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Publication:PR Newswire
Date:Nov 2, 1993
Words:392
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