Press Release
October 13, 1999
LOS ANGELES, CA -- CB Richard Ellis Retail Services, a division of CB Richard Ellis (NYSE:CBG), the world-market
leader in real estate services, has announced that Marriott International has purchased 4.63 acres in Palmdale,
Calif., for $1.5 million from Sierra Development Group.
CB Richard Ellis First Vice President Vince Roche of Bakersfield, Calif., represented the seller in the transaction.
The Washington, D.C.-based Marriott International has granted a franchise to Tharaldson Enterprises of Fargo, N.D.,
to construct two hotels on the site: a Marriott Courtyard and a Marriott Residence Inn. The site is located on
an outparcel at the Palmdale Promenade shopping center on Avenue P, near Fifth Street West. The two three-story
hotels are expected to open next summer.
"Marriott has such a terrific corporate identity and brand,'' Roche said. "Marriott provides more rooms
to corporate America than any other hotel chain in the country, so bringing the hotels here is a real validation
of the quality of this area.''
The 90-unit Marriott Courtyard will cater to short-term guests and will include a guest-only restaurant. The 90-unit
Marriott Residence Inn will accommodate visitors on extended stays, offering in-room kitchen facilities as well
as a buffet-style breakfast. Both hotels will have indoor swimming pools, spas and exercise rooms.
Tharaldson Enterprises operates more than 230 limited-service hotels under 20 names in the Midwest and Plains states.
Its hotels include Comfort, Hampton and Fairfield Inns as well as Marriott.
Additional retail and restaurant pads are available on a 3.5-acre parcel adjacent to the Palmdale Marriott hotels
along Highway 14 and Avenue P. The parcel is also adjacent to a Wal-Mart and Home Depot, two of the highest volume
retailers in the Antelope Valley. Just down the street is the Antelope Valley Mall with a new Dillard's and the
Palmdale Marketplace, which includes a Barnes & Noble Bookstore, Linens 'N Things, Best Buy and Target.
"The remaining pads are strategically located to service the entire Antelope Valley as well as the guests
of the new Marriott hotels, with easy access and tremendous freeway visibility,'' Roche said.
"Marriott and other nationally recognized retailers have recognized that long-term, this is the strategic
location to serve the entire valley,'' added Roche.
CB Richard Ellis (NYSE:CBG) is the world's leading real estate services company. With headquarters in Los Angeles
and nearly 10,000 employees worldwide, the company serves real estate owners, investors and occupiers through nearly
250 principal offices in 35 countries.
Services include property sales and leasing, property management, corporate advisory services and facilities management,
mortgage banking, investment management, capital markets, appraisal/valuation, research and consulting.
CB Richard Ellis had 1998 revenues of more than $1 billion. For more information about CB Richard Ellis, visit
the company's Web site at www.cbrichardellis.com.
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Contact:
Monaghan Communications
Anne Monaghan Kinney, 949/722-2933
or
CB Richard Ellis
Vince Roche, 661/633-3817