WASHINGTON, D.C., June 10, 2004 (PRIMEZONE) -- Global private equity firm The Carlyle Group announced today that a joint venture between affiliates of The Carlyle Group and of Wilton "Chick" Hill, President of Davidson Hotel Company, acquired the Hilton Pasadena in California on May 12, 2004. Davidson Hotel Company will assume all management responsibilities for the hotel, which will be operated under a franchise license agreement with Hilton Hotels Corporation. Financial terms were not disclosed.
The 14-story, 296-room Hilton Pasadena will undergo a $4.5 million renovation during the next 12 months. This hotel-wide project will include enhancements and upgrades in guest-rooms, the hotel exterior, the lobby, meeting rooms, and the hotel's dining facilities.
Located in the heart of Pasadena, California, the Hilton Pasadena is two blocks from Old Town Pasadena; across the street from the Pasadena Convention Center; two miles from the famed Rose Bowl; and just 15 miles from downtown Los Angeles. The hotel features a business center, fully equipped fitness center, heated outdoor pool with whirlpool, bar, restaurant, and 27,000 square feet of event space. Each of the hotel's oversized guest rooms features state-of-the-art "Smart Desks," which include ergonomic chairs, dual line speaker phones, dataports, and high-speed Internet access.
Robert Stuckey, Carlyle Managing Director and head of the U.S. Real Estate team, said, "We are pleased to partner with Chick Hill and his experienced management team at Davidson Hotel Company and look forward to working together on future acquisitions. Davidson has an excellent track record of renovating hotels and turning around under-performing assets. Our investment will allow us to benefit from the strong supply and demand fundamentals in southern California, which continues to be one of the top states in the U.S. lodging industry."
Mr. Hill said, "We are extremely excited about the acquisition of this property, and the enhanced guest experience we will be able to offer with the capital improvements we intend to make. In terms of location, the hotel is situated right in the heart of Pasadena's most dynamic business, entertainment and retail centers. And in terms of the guest experience, the rooms are all designed with technology, style and comfort in mind."
About Davidson Hotel Company
Davidson Hotel Company is a full-service company providing management, development, consulting and accounting expertise for the hospitality industry. The company currently manages 22 hotels across the United States under such flags as Marriott, Renaissance, Hilton, Radisson and Holiday Inn. These hotels represent 6,000 rooms and 3,200 employees. Experienced in hotel development as well, Davidson has developed twenty hotels containing over 2,500 rooms and planned and carried out major renovations at twenty hotels containing over 5,000 rooms. These projects encompass well over $300 million in capital improvements. Additional information can be found on the company's website at www.davidsonhotels.com.
About The Carlyle Group
The Carlyle Group is a global private equity firm with more than $18 billion under management. Carlyle generates extraordinary returns for its investors by employing a conservative, proven, and disciplined approach. Carlyle invests in buyouts, venture, real estate, and leveraged finance in North America, Europe, and Asia, focusing on aerospace & defense, automotive & transportation, consumer, energy & power, healthcare, industrial, technology & business services, and telecommunications & media. Since 1987, the firm has invested $10.5 billion of equity in 300 transactions. The Carlyle Group employs more than 500 people in 14 countries. In the aggregate, Carlyle portfolio companies have more than $31 billion in revenue and employ more than 151,000 people around the world. Visit www.carlyle.com for additional information.
Carlyle's three U.S. real estate funds, which focus on commercial real estate in major U.S. cities, have more than $1.3 billion in assets under management.