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Structuring Ingenuity. Perfecting Opportunity. | |||||
| NEWS FOR IMMEDIATE RELEASE: December 29, 2008 | ||||||
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PRESIDIO COMPANIES’ UNIVERSITY HOSPITALITY GROUP TO BREAK GROUND ON HYATT PLACE® AT UNIVERSITY OF CALIFORNIA, DAVIS |
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| (Davis,
California) – Sushil Patel, Managing Principal of Presidio
Companies, has announced that the company’s affiliate, University
Hospitality Group, will soon break ground on a landmark $13 million
development at the University of California, Davis: a Hyatt Place
hotel, which will be located across from the Mondavi Center on
the UC Davis campus. Construction is set to begin this month, and
the hotel is expected to open in late 2009. University Hospitality Group will develop the property; Presidio Companies, a hospitality development and management company, will oversee construction and operate the new Hyatt Place hotel once it is open. The new Hyatt Place hotel will be located adjacent to the south entry quad at the I-80 entrance to UC Davis on the eastern edge the campus. In close proximity to the Mondavi Performing Arts Center, Mondavi Institute for Wine and Food Science, and the Buehler Alumni and Visitor Center, the full development will include the Gallagher Hall Graduate School of Management and Conference Center, a future art gallery, and a parking garage. “The university community is excited about the groundbreaking on the hotel project. We are confident that University Hospitality Group will deliver a high quality project,” commented John Meyer, vice chancellor for Resource Management and Planning for UC Davis. “The hotel will complement the new home for the Graduate School of Management, Maurice J. Gallagher, Jr. Hall, and the conference center that are both scheduled to open next fall.” Mary Hayakawa, executive director of Real Estate Services for UC Davis attributes the successful launch of this project -- years in the making -- largely to Presidio Companies’ creativity and innovative approach to the public/private partnership. “Presidio Companies has breathed new life into this development with their unique, strategic, and innovative decision-making and planning,” said Ms. Hayakawa. “Because of their dedication, Hyatt Place will complete the new public gateway to the university.” Guneet Bajwa, Chief Operating Officer for Presidio Companies and a principal of University Hospitality Group agreed. “We are proud to catalyze this project’s culmination,” said Bajwa. “Working with Ashok Patel, a local developer and principal of UHG, and the University, we reinvigorated the development in 2006. We’ve finally reached the execution stage and look forward to ushering this long-awaited vision for UC Davis into realization with our strategic management and directorship.” Presidio Companies, University Hospitality Group and UC Davis anticipate the opening of the new Hyatt Place hotel in late 2009 as one that will greatly stimulate UC Davis campus perception and activity. According to reports, UC Davis’ plans for the area surrounding the hotel envision a gateway that will welcome visitors, alums, and the general public to the campus and encourage university and public connections and interaction. “We knew this project would be unique because of its size and scope,” continued Ms. Hayakawa. “The driving force was to create an inviting atmosphere that encourages people to experience and invest in the substance and essence of UC Davis.” The Hyatt Place hotel will have 75 rooms, a strategic decision made by Presidio Companies and its affiliate when assessing best fit for the development and management of the project in the university environment. “The 49,000 square foot hotel will reflect the character of the beautiful surrounding UC Davis campus,” said Sushil Patel, Managing Principal of the Presidio Companies. Equity partner is Colleyville, Texas-based Realty Capital Partners. Financing for the UC Davis Hyatt project has been provided by First Northern Bank in Davis. Headquartered in Fairfield, Calif., Presidio Companies seeks and acquires under-performing, franchised properties in the United States to redevelop and transform them into successful, sustainable properties. Presidio also selectively develops new build hospitality projects in high-barrier-to-entry markets. Presidio Companies has developed over $300 million of hospitality projects in the past eight years, always focusing on consistent high levels of achievement in every endeavor. The Presidio Companies services include development and construction supervision, brokerage, investment, and hotel management. Presidio Companies: Structuring ingenuity. Perfecting opportunity. For more information, visit www.PresidioCo.com. Hyatt Place, a new kind of Hyatt for today’s relaxed lifestyle, combines The Hyatt Touch® with stylish design, purposeful amenities and forward-thinking technology. Catering to today’s discerning travelers, 130 Hyatt Place hotels are to open across the U.S. by year-end 2008. Hyatt Place is a newly developed brand of Global Hyatt Corporation. For Hyatt Place information or to make a reservation, call 1-888-HYATT-HP (888-492-8847) or visit www.hyattplace.com. From the U.S. and Canada, reservations for Hyatt Hotels & Resorts worldwide may be obtained by calling 1-800-233-1234 or logging onto www.hyatt.com. Hyatt Place received the highest numerical score among mid-scale hotel chains with full service in the proprietary J.D. Power and Associates 2008 North America Hotel Guest Satisfaction StudySM. Study based on responses from 53,453 guests measuring 12 mid-scale hotels with full service and measures opinions of guests who stayed in a hotel May 2007-June 2008. Proprietary study results are based on experiences and perceptions of consumers surveyed June 2007-June 2008. Your experiences may vary. Visit jdpower.com. |