Mogul Capital Hospitality Focused Real Estate Development
California’s 172-key Residence Inn Los Angeles Redondo Beach Opens
Owned by Trancas Retail Center Fund and Mogul Capital, and Managed by Evolution Hospitality
Redondo Beach, California - May 22, 2014 - The 172-suite Residence Inn by Marriott in Redondo Beach, California is scheduled to open today. Located at 2420 Marine Avenue, the all-suite Residence Inn Los Angeles Redondo Beach will operate as a Marriott franchise, owned by Trancas Retail Center Fund and Mogul Capital, and managed by Evolution Hospitality of San Clemente, California.
Located nearby the South Bay's beaches and piers (Manhattan Beach, Redondo Beach, Hermosa Beach) and four miles from Los Angeles International Airport, the Residence Inn Los Angeles Redondo Beach offers its guests convenient access to StubHub Center, Manhattan Beach Studios, Los Angeles Air Force Base and to many businesses in the Defense Corridor including; Northrop Grumman, Aerospace Corporation, Raytheon and Boeing. In addition, major corporate offices including Xerox, Konami, SAIC, Mattel Corporation, Sketchers USA Inc., China Airlines Limited and Singapore Airlines Limited are located nearby. Rates vary depending on length of stay.
"We are pleased with the continued growth of Residence Inn hotels in the Redondo Beach area," said Diane Mayer, vice president and global brand manager, Residence Inn. "When on the road for an extended period, our guests need space to spread out, maintain their life's pace and restore their energy to help them maintain a healthy balance and routine while traveling. This new hotel offers them a seamless blend of modern style and functionality that allows them to settle in and thrive."
Residence Inn properties are designed as all-suite hotels that offer studio, one-bedroom and two-bedroom suites. The contemporary suites enhance the comfort and lifestyle of travelers on the road today, offering guests flexible spaces and upgraded amenities to help maintain a healthy balance and routine while traveling. With a larger, expansive workspace, complimentary high-speed Internet access, and a multitude of easily accessible outlets, guests are able to work efficiently throughout the suites. Sectional sofas and luxurious bathrooms with extra storage space make it possible for travelers to live and rest comfortably. Contemporary and stylish décor, featuring natural light and refreshing colors, helps improve guests' productivity and energy. Designed for stays of five nights or more, each suite also has a fully-equipped kitchen with a coffeemaker, microwave oven and residential-sized appliances.
The Residence Inn Los Angeles Redondo Beach's complimentary breakfast has a variety of great options, including Chef Inspired featured items. Guests can start their day off right with healthy food choices and, with a convenient to-go offering, can make sure they do not miss the most important meal of the day.
Extending the feeling of comfortable living on the road, the Residence Inn Los Angeles Redondo Beach offers guests inviting and functional public spaces to relax or collaborate. Road warriors and families alike enjoy the hotel's grocery delivery service, complimentary Wi-Fi, 24-hour onsite food and beverage market, dry cleaning services, and onsite guest laundry room. The hotel's weeknight evening gatherings offer a casual, relaxing environment where guests can be as social as they want, while enjoying light fare. The hotel also maintains a business library where guests can fax, copy and print materials, and provides guests with 1,500 square feet of meeting space, an outdoor swimming pool and exercise room.
With more than 650 all-suite properties in the United States, Canada, Europe, the Middle East and Central America, Residence Inn by Marriott is the leader in the extended-stay lodging segment. Designed for long stays, the brand offers spacious suites with separate living and sleeping areas. Fully functional kitchens, grocery delivery, 24-hour markets and complimentary breakfast help guests maintain a healthy balance while on the road. Complimentary Wi-Fi allows guests to stay connected to the home and office, while health and fitness options and inviting lobby spaces provide comfortable places to work and relax.
Groundbreaking Set for Two New Hotels in Redondo Beach, California
The $59 million 319-room Hotel Campus to Include Residence Inn by Marriott and
Hilton Garden Inn and Will be Managed by Evolution Hospitality
Redondo Beach, CA — (April 5, 2013) – The City of Redondo Beach will add a 147-room Hilton Garden Inn and a 172-room Residence Inn by Marriott at the corner of Marine Avenue and I-405 East. Groundbreaking ceremonies with Redondo Beach Mayor Mike Gin and other city dignitaries will be held on Tuesday, April 9, 2013 to celebrate the commencement of construction. The $59 million project is estimated to be a 13-month process with both hotels scheduled to open in the spring of 2014. The development is a joint venture between Mogul Capital, LLC and Trancas Retail Center Fund, LLC from Park City, UT, with debt financing provided by Orix Municipal Finance of Dallas, TX. Summit dck, Inc., based in Irvine, CA, will oversee construction and Evolution Hospitality of San Clemente, CA will provide management oversight for the project.
The hotel campus combines two of the most powerful brands in the hotel industry – Hilton Hotels & Resorts and Marriott International. The 147-room Hilton Garden Inn will offer 2,200 square feet of meeting and event space, a restaurant and bar, heated outdoor pool and spa, fitness center, business center and 24/7 market. Designed for travelers staying for extended timeframes, the adjacent 172-room Residence Inn by Marriott will featured a complimentary hot breakfast buffet daily and evening reception Monday through Thursday, heated outdoor pool and spa, business center, 24/7 market and 1,800 square feet of meeting and event space.
The hotel campus is ideally located in North Redondo Beach where the city’s edge meets the 405 Freeway at Marine Avenue and features 2,500 feet of freeway frontage offering visibility to over 500,000 vehicles each day. Central to what is known as the West Coast’s “Defense Corridor,” the hotel campus is less than one-half mile from Northrop Grumman, Redondo Beach’s largest employer, and less than four miles from Aerospace Corporation, Raytheon and Boeing. In addition, major corporate offices including Xerox, Konami, SAIC, Mattel Corporation, Sketchers USA Inc., China Airlines Limited and Singapore Airlines Limited are located nearby. The University of West LA, Loyola Marymount University, Redondo Beach pier and ocean front, and destination attractions within greater Los Angeles are also nearby. The hotel campus will also offer ideal transportation options: the San Diego Freeway (I-405) is adjacent, Los Angeles International Airport is located four miles north of the property and the Redondo Beach station of the LA Green Metro Line is located immediately west of the hotels.
“We appreciate all the support and assistance we’ve received from Redondo Beach officials; they have been great partners in this development,” said Brad Wagstaff, Managing Partner of Trancas Retail Center Fund. “Mayor Gin and his entire team have assisted in bringing our hotel campus to life, and are helping us build the cornerstone of this development area of North Redondo Beach. Further we’re excited to also be aligned with Marriott International, Hilton Hotels and Resorts, Summit dck, and Evolution Hospitality in making this project a success.”
About Trancas Retail Center Fund
Trancas Retail Center Fund is a specialty real estate development and investment fund focused on opportunistic real estate investments throughout the western United States. Trancas has developed projects in Texas, Colorado, and California including retail shopping centers, indoor entertainment properties, car wash facilities, and select service hotels. Trancas Retail Center Fund’s Managing Partner is Bradley Wagstaff.
About Mogul Capital
Mogul Capital is a real estate private equity company based in Park City, UT. Mogul Capital has partnered in multi-family apartment properties, car wash facilities, ski and golf properties, and select service hotel projects throughout the western United States.
About ORIX Municipal and Infrastructure Group
ORIX Municipal and Infrastructure Group, a business unit of ORIX USA, has specialty lending capabilities in the hospitality and real estate areas in addition to municipal transactions. www.orix.com/business-units/municipal-investments/
ORIX USA is a Dallas-based financial conglomerate with more than 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $6 billion of assets and manages an additional $25 billion. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 28 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchange (IX).
About Evolution Hospitality
Evolution Hospitality is a privately-owned, hospitality management and investment firm located in San Clemente, California. A full-service company with in-house expertise in all disciplines, Evolution Hospitality drives margins and creates value for each of its assets by combining an owner mentality and pervasive sales-driven culture with a proven ability to capture market share and manage the middle-of-the-page. Evolution Hospitality currently manages a portfolio of 19 assets, both branded and independent properties. Signature assets include Hard Rock Hotel San Diego, San Mateo Marriott, Queen Mary Long Beach, Hotel Adagio San Francisco, and Courtyard San Diego Mission Valley/Hotel Circle. For more information call 949-325-1350 or visit www.EvolutionHospitality.com.