TAMPA, Fla., July 5, 2005 (PRIMEZONE) -- The Plasencia Group, Inc., leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, has completed the transaction for Thayer Lodging Group, Anapolis, Md., of eight hotels to Pyramid Hotel Advisors, LLC of Boston.
According to Lou Plasencia, President and Chief Executive Officer of The Plasencia Group, this eight property, 2,204 room portfolio represents a unique combination of geographic diversity, performance and upside potential rarely found in today's market. From the leading-edge Executive Meeting Centers in Rockville, Md.; Somerset, N.J. and Skokie, Ill. to an oceanfront in Fort Lauderdale, Fla. and a boutique hotel in New Orleans' French Quarter, this was a unique investment opportunity.
Dan Peek, Managing Director of TPG's Regent Street affiliate, noted, "The sale of the portfolio allowed our client, Thayer Lodging Group, to close-out a highly successful investment fund while allowing Pyramid the opportunity to rapidly grow their company and begin to realize the inherent long-term value found in these properties and locations."
The Properties included:
Crowne Plaza Hotel -- 255 Rooms Austin, Texas Doubletree Fort Lauderdale Oceanfront -- 231 Rooms Fort Lauderdale, Fla. Maison Dupuy Hotel -- 200 Rooms New Orleans, La. Doubletree New Orleans Lakeside Hotel -- 210 Rooms Metairie, La. Doubletree Hotel & Executive Meeting Center -- 368 Rooms Skokie, Ill. Doubletree Hotel & Executive Meeting Center -- 361 Rooms Somerset, N.J. Sheraton Suites Plantation -- 264 Rooms Plantation, Fla. Doubletree Hotel & Executive Meeting Center -- 315 Rooms Rockville, Md.
About The Plasencia Group, Inc.
Founded in 1993, The Plasencia Group (www.tpghotels.com) is the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, with regional offices in Tampa, Chicago, Dallas, Hartford, Houston, Little Rock, Providence and San Diego. In conjunction with its affiliates, Regent Street for luxury properties and Sun Hospitality Advisors for limited service properties, The Plasencia Group has provided personalized, valued-added investment opportunities and services to clients such as CIGNA (NYSE:CI), Host Marriott Corporation (NYSE:HMT), MeriStar Hospitality Corporation (NYSE:MHX) and Metropolitan Life Insurance Company (NYSE:MET). The Plasencia Group offers a full range of value-added solutions, including transactions, property valuation analysis, financial and strategic planning, asset management and disposition, and proprietary industry research.