carolbol
TUG Member
A friend of mine emailed me this article regarding the Marriott Seaview Resort.
I called the seaview and although they said he did not think it was happening in April, it is true that the resort will not longer be a Marriott. He cannot say anything more.
This article was printed in the press of Atlantic city.com
GALLOWAY TOWNSHIP - The management will soon change at the Seaview Resort & Spa, officials confirmed Thursday.
Marriott International Inc. will no longer operate the resort, which includes an Elizabeth Red Door Spa, two restaurants, two 18-hole golf courses and a 297-room hotel and conference center. Marriott Vacation Club International will continue to run Fairway Villas at Seaview, the adjacent timeshare condominium complex, according to spokesman Ed Kinney.
The newer of the two golf courses, called the Pines, is subject to a separate ground lease that expires at the end of 2012, according to the 2008 annual report of LaSalle Hotel Properties, a real estate investment trust that owns the site and contracted Marriott to operate it.
Kinney deferred further comment to John Wolf, another Marriott spokesman who was unable to provide more details before press time.
LaSalle representatives also did not return multiple calls for comment.
LaSalle added Seaview to its portfolio, now 31 properties strong, in 1998. The company kept Marriott, which had managed the site since 1987, under contract.
From 2004 to 2007, Marriott missed performance targets at Seaview and racked up more than $12 million in termination fees rather than abandon its agreement with LaSalle, according to LaSalle's annual report from 2008.
That year, Seaview posted a $3.6 million decrease in room, food, beverage, golf and other revenue, according to the report.
"Based on the preliminary conversations with Marriott, and unlike prior years, we do not currently anticipate Marriott to cure this termination. The company expects and is planning to retain a new management company to operate the property in April of 2009 as an independent resort," LaSalle Chief Financial Officer Hans Weger stated during a Feb. 20 conference call, according to the most recent transcripts posted on the LaSalle Web site.
Rich Roberts, spokesman for possible Marriott successor Dolce Hotels and Resorts, declined to comment on interest in or involvement with the property.
"At this point, until a deal is signed, there's nothing to comment on because it's not real yet," he said.
Dolce currently runs 22 properties worldwide, including the Aspen Meadows Resort in Aspen, Colo.
During a 2007 conference call, LaSalle indicated long-term plans to sell Seaview, one of the company's weakest performers along with Liaison Capitol Hill in Washington, D.C., and Gild Hall in New York City, according to online transcripts of the call.
But poor performance spread and continued as the recession took hold. LaSalle's revenues declined in October 2008 by nearly double the anticipated rate, according to a statement posted to the company's Web site Nov. 13, 2008.
I called the seaview and although they said he did not think it was happening in April, it is true that the resort will not longer be a Marriott. He cannot say anything more.
This article was printed in the press of Atlantic city.com
GALLOWAY TOWNSHIP - The management will soon change at the Seaview Resort & Spa, officials confirmed Thursday.
Marriott International Inc. will no longer operate the resort, which includes an Elizabeth Red Door Spa, two restaurants, two 18-hole golf courses and a 297-room hotel and conference center. Marriott Vacation Club International will continue to run Fairway Villas at Seaview, the adjacent timeshare condominium complex, according to spokesman Ed Kinney.
The newer of the two golf courses, called the Pines, is subject to a separate ground lease that expires at the end of 2012, according to the 2008 annual report of LaSalle Hotel Properties, a real estate investment trust that owns the site and contracted Marriott to operate it.
Kinney deferred further comment to John Wolf, another Marriott spokesman who was unable to provide more details before press time.
LaSalle representatives also did not return multiple calls for comment.
LaSalle added Seaview to its portfolio, now 31 properties strong, in 1998. The company kept Marriott, which had managed the site since 1987, under contract.
From 2004 to 2007, Marriott missed performance targets at Seaview and racked up more than $12 million in termination fees rather than abandon its agreement with LaSalle, according to LaSalle's annual report from 2008.
That year, Seaview posted a $3.6 million decrease in room, food, beverage, golf and other revenue, according to the report.
"Based on the preliminary conversations with Marriott, and unlike prior years, we do not currently anticipate Marriott to cure this termination. The company expects and is planning to retain a new management company to operate the property in April of 2009 as an independent resort," LaSalle Chief Financial Officer Hans Weger stated during a Feb. 20 conference call, according to the most recent transcripts posted on the LaSalle Web site.
Rich Roberts, spokesman for possible Marriott successor Dolce Hotels and Resorts, declined to comment on interest in or involvement with the property.
"At this point, until a deal is signed, there's nothing to comment on because it's not real yet," he said.
Dolce currently runs 22 properties worldwide, including the Aspen Meadows Resort in Aspen, Colo.
During a 2007 conference call, LaSalle indicated long-term plans to sell Seaview, one of the company's weakest performers along with Liaison Capitol Hill in Washington, D.C., and Gild Hall in New York City, according to online transcripts of the call.
But poor performance spread and continued as the recession took hold. LaSalle's revenues declined in October 2008 by nearly double the anticipated rate, according to a statement posted to the company's Web site Nov. 13, 2008.
