Lowe Enterprises and AECOM Acquire Interest in Town and Country Resort &
Lowe and AECOM form joint venture with property owner Atlas Hotels
Lowe subsidiary Destination Hotels & Resorts assumes management
SAN DIEGO -- June 3, 2014
Lowe Enterprises (“Lowe”) and AECOM Capital, the investment fund of AECOM
Technology Corporation (NYSE:ACM), have formed a joint venture with long-time
property owner Atlas Hotels, Inc. to own, operate and reposition the Town and
Country Resort & Convention Center in the Mission Valley area of San Diego.
Lowe’s hospitality management subsidiary, Destination Hotels & Resorts, has
assumed management of the 954-room resort located at 500 Hotel Circle North.
“Town and Country is centrally located to San Diego’s top attractions and just
minutes from downtown with its array of restaurants and entertainment. It
presents an exceptional opportunity to work together with Atlas Hotels to
refresh and reposition the property to take full advantage of San Diego’s
continually growing tourism and meeting business,” said Robert J. Lowe, Jr.,
co-president of Lowe Enterprises.
Located in the popular Mission Valley area, the hotel’s two towers and three
swimming pools, award-winning rose gardens, numerous fountains and outdoor
seating areas are spread across the 40-acre property.
“This is an opportunity to invest in an established resort property in one of
the country’s premier visitor destinations. With a strategic
capital-improvement program, we can enhance the appeal and increase the value
of this expansive property,” said John T. Livingston, chief executive of AECOM
The resort boasts the largest convention facility in the San Diego area
outside of downtown, with more than 200,000 square feet of flexible meeting
space, including the 41,000-square-foot Grand Exhibit Hall, and more than
50,000 square feet of outdoor event space. In addition, the property offers
abundant recreation and dining options with the 14,000-square-foot Bella Tosca
Day Spa with fitness center and three restaurants.
“We look forward to working with our new partners, Lowe and AECOM, to create a
new chapter in the long and successful history of the Town and Country
Resort,” said Terry Brown, president of Atlas Hotels, Inc.
Built in 1953 by the late Charlie Brown, founder of Atlas Hotels Inc., the
Town and Country Resort is immediately adjacent to the 27-hole Riverwalk Golf
Club, San Diego’s premier shopping center, Fashion Valley and a San Diego
trolley light rail stop, providing easy access to San Diego sites and
attractions. The property is five miles from the beach and 15 minutes from
downtown San Diego.
“Over the next few months we will be finalizing a long-term plan for the
property that will include new marketing initiatives as well as physical
property improvements,” noted Jamie Sabatier, president of Destination Hotels
& Resorts, the new manager of the Resort. Destination Hotels & Resorts will
bring its institutional operations experience to the management of the
property while its national sales and marketing force will seek to expand both
group and leisure business.
The new ownership group will immediately begin developing and implementing a
program of property-wide infrastructure upgrades and creating a new long-term
vision for the property.
About Lowe Enterprises
Los Angeles-based Lowe Enterprises is a leading national real estate
investment, development and management firm. Over the past 41 years, it has
developed, acquired or managed more than $21 billion of real estate assets
nationwide. Lowe’s activities in the San Diego area include developing the
915,000 square foot County Operations Center and the planned IDEA1 urban
mixed-use project in downtown San Diego, with I.D.E.A. Partners. Lowe led the
$70 million restoration of the Hotel del Coronado in 2001 and created and
processed the expansion plan for the historic property. Lowe is currently
responsible for more than $5 billion of commercial, hospitality and
residential assets. In addition to its Los Angeles headquarters, Lowe
Enterprises maintains regional offices in Southern California and Northern
California, Denver, Philadelphia, Seattle and Washington, DC.
About AECOM Capital
With offices in New York City and Los Angeles, AECOM Capital was established
in early 2013 with a focus on direct investments in real estate projects and
public-private partnerships. AECOM Capital is a semi-open-ended fund with an
initial funding from AECOM Technology Corporation of $150 million in AECOM
Capital Global Fund I. AECOM Capital has closed on/or is in contract for over
$2 billion and more than 5 million gross square feet of ground-up real estate
AECOM is a global provider of professional technical and management support
services to a broad range of markets, including transportation, facilities,
environmental, energy, water and government. With approximately 45,000
employees around the world, AECOM is a leader in all of the key markets that
it serves. AECOM provides a blend of global reach, local knowledge, innovation
and technical excellence in delivering solutions that create, enhance and
sustain the world's built, natural, and social environments. A Fortune 500
company, AECOM serves clients in more than 150 countries and had revenue of $8
billion during the 12 months ended March 31, 2014. More information on AECOM
and its services can be found at www.aecom.com.
About Atlas Hotels
Atlas Hotels has been instrumental in the growth and development of the
tourism industry in San Diego over the past 50 years. Atlas developed the Town
and Country Resort & Convention Center and owned and operated the property
since 1953. The 40 acre Town & Country Resort & Convention Center is the
largest privately owned convention and meeting hotel on the West Coast.
About Destination Hotels & Resorts
Destination Hotels & Resorts is the largest operator of independent hotels and
resorts in North America with a portfolio of more than 40 luxury and upscale
properties. Located in premier destinations including Aspen, Chicago, Denver,
Lake Tahoe, Los Angeles, Maui, Miami, New Orleans, Phoenix, San Antonio, San
Diego, Santa Fe, Seattle, Vail and Washington D.C., the award-winning company
operates 20 golf courses, 18 full-service spas, six IACC-certified conference
centers and more than 121 unique culinary venues. For more information on
Destination Hotels & Resorts, visit www.destinationhotels.com. Follow us on
Twitter: @Destination. Like us on Facebook: DestinationHotels.
Forward-Looking Statements: All statements in this press release other than
statements of historical fact are "forward-looking statements" for purposes of
federal and state securities laws, including any projections of earnings,
statements of plans for future operations or expected revenue. Actual results
could differ materially from those projected or assumed in any of our
forward-looking statements. Important factors that could cause actual results
to differ materially from our forward-looking statements are set forth in our
quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2014, and
our other reports filed with the U.S. Securities and Exchange Commission.
AECOM does not intend, and undertakes no obligation, to update any
Karen Diehl, 310-741-9097
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