TAMPA, Fla., Jan. 10, 2006 (PRIMEZONE) -- The Plasencia Group, Inc., the leading hospitality transaction and consulting services firm representing owners of hotels, resorts, and golf courses, served as exclusive investment advisor to Islandia Associates, LTD in the sale of the 421-room Hyatt Regency Islandia Hotel in San Diego, California. The Hyatt Regency sits in a spectacular resort-like setting with panoramic views of Mission Bay and the Pacific Ocean. Hyatt Corporation will continue to manage the hotel.
The purchaser, KENCAL Ownership, LLC, plans a complete renovation of the property, totaling nearly $36 million.
Bernie Murphy, Vice President of The Plasencia Group's Western Region, noted that this transaction was more challenging than is typical in vibrant San Diego. "The combination of a city land lease, a union contract, long term management encumbrance and the magnitude of required renovations dissuaded many prospective purchasers," said Murphy. "We were able to identify the ideal purchaser with the vision and resources to turn perceived weaknesses into strengths and to return the Hyatt Islandia to world-class resort status."
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, 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, Host Marriott Corporation, MeriStar Hospitality Corporation and Metropolitan Life Insurance Company. 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.