Dallas, TX/Woodland Hills, Calif. April 1, 2004 Younan Properties, Inc. (YPI), one of the nation's fastest growing commercial real estate and hospitality investment firms, has successfully acquired a 377-room, full-service Holiday Inn Select Dallas-North hotel located at 2645 LBJ Freeway in Dallas, which was owned by Wyndham International (AMEX: WBR). Terms of the transaction were not disclosed due to a confidentiality agreement.
This is our first major hotel acquisition and a key milestone for us as we move into the hospitality market, said Zaya S. Younan, Chairman & CEO of YPI. During the past two years, we've been monitoring the hospitality market and all the factors in the economic cycle have fallen into place, making this the right time to move into hospitality.
The buyer, Younan Properties, LLC, represented itself. The seller, Wyndham International (AMEX: WBR), was represented by Ron Danko of CB Richard Ellis. Peter Bheda, President & CEO of Dallas-based Platinum Portfolio, Ltd, will be managing YPI's Holiday Inn Select property. Platinum Portfolio, Ltd. is a hotel management company that believes and accepts its prime directive to be the financial success of its owners and investors. Bheda, who is known for his ability to turn around under performing hotels, has managed individual and multiple hotels both as vice president and general manager. A former Wyndham executive, with more than 32 years in the hospitality industry, he has managed a portfolio of brands including Inter-Continental hotels overseas, Hilton Hotels, Omni Hotels, Radisson Hotels, Embassy and Doubletree Hotels.
We have the ability to create a team focused on equity, quality management and profitability, said Bheda. As YPI's manager of Holiday Inn Select, we will bring a seasoned team to the property capable of maintaining a high standard of management that will exceed guest expectations. This strategy translates into profitability.
Recently, YPI just launched the Younan Hospitality Division, which is based in Woodland Hills, Calif. Under this newly created division, a strategic plan has already been implemented to acquire at least eight hotel properties by the end of 2004 and a total of 20 hotel properties by the end of 2005.
Mr. Younan is already well known for his aggressive track record and excellent returns in the commercial office market. Since the company's founding just two years ago, the firm has acquired more than 28 office buildings, totaling 3.5 million square feet, bringing investors returns as high as 300%.
Our unique ability to move from an LOI to completing a transaction in less than 60 days shows our commitment to becoming a major player in the hospitality industry, said Younan. While we intend to maintain our competitive edge in the office market, our diversification into the hospitality industry is a priority.
About Holiday Inn Select Dallas-North:
Located at the northeast corner of Stemmons Freeway (I-35) and LBJ Freeway, (I-635), just 12 miles from DFW Airport and 13 miles from Love Field Airport, the Holiday Inn Select Dallas-North has six floors with 377 spacious guest rooms and four beautifully appointed suites. Each guest room includes two phones with dataport and voicemail, coffee maker, iron and full-size ironing board, hair dryers, make-up mirrors, and spacious desk. Guest rooms on our Executive Edition concierge level include use of the club floor lounge, business services and our complimentary breakfast & evening reception on weekdays. The hotel offers an indoor/outdoor pool, fitness center, 15,000 square feet of versatile meeting and banquet space, a cocktail lounge, a restaurant and business services.