CIM Signs Joie de Vivre to Manage The Strand

Hotel in Huntington Beach, California

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. October 14, 2008

HOLLYWOOD, CA, May 19, 2006. CIM Group has signed San Francisco-based Joie de Vivre Hospitality, the largest boutique hotel company in California, to manage its new luxury hotel at The Strand in Huntington Beach now under construction across from the Huntington Beach Pier on Pacific Coast Highway. The hotel will be the first premier boutique hotel on the coast between Laguna Beach and Palos Verdes.

The 150-room hotel will occupy one of four structures that comprise The Strand, a $90 million mixed-use property that will link the beach to downtown Huntington Beach. The three-story hotel surrounds a large indoor courtyard that will include an outdoor spa. It will also have a gourmet restaurant and up to 3,000 square feet of meeting space. It is set to open in spring 2008.

Joie de Vivre Hospitality, known for creating one-of-a-kind hospitality experiences across the state of California, intends to bring exciting flavor to the project and to the Huntington Beach community, according to Christian Strobel, Vice President, Strategy & Business Development. "By delivering a fresh, modern concept that mingles a casual beach atmosphere with Italian Riviera undertones, The Strand will be known for providing a four-star look and services with a truly relaxed, but grown-up 'Surf City' ambiance," he said.

Joie de Vivre's successful approach to creating local vibrancy and national headlines was evidenced in last year's launching of the Hotel Vitale on San Francisco's Embarcadero. This luxury hotel and its bustling restaurant and bar, Americano, have helped ignite the neighborhood retail renaissance and earned the Vitale a listing as one of Conde Nast Traveler's 18 'HOT' new hotels in America in its May 2006 edition.

In addition to the hotel, The Strand's other three buildings will offer 80,000 square feet of ground floor retail with office space above. A subterranean garage below the site will include parking for 470 cars to accommodate the increased number of locals and visitors expected to enjoy the expanded retail mix in downtown Huntington Beach.

Internationally known as Surf City USA, Huntington Beach has eight miles of scenic accessible beachfront, the largest stretch of uninterrupted beachfront on the West Coast. It draws more than 11 million visitors annually and is home to major events like the US Open of Surfing and AVP Pro Beach Volleyball. It is located in Orange County, 40 miles south of Los Angeles.

CIM Group is widely recognized for its vibrant street environments that attract people to live, shop, work and be entertained. The firm pioneered the revitalization of some of the most dynamic and successful main street districts in the U.S. including Santa Monica's Third Street Promenade, San Diego's Gas Lamp Quarter, Brea's Birch Street, and Old Town Pasadena. It currently has major developments underway in downtown Los Angeles, Hollywood, Anaheim, San Jose and Sacramento as well as the Washington, D.C. area.

CIM Group's track record has drawn institutional partners including California's two leading pension funds -- the California Public Employees' Retirement System (CalPERS) and the California State.