Alex. Brown Realty and Huntington Partner On Fourth Real Estate Venture
Joint venture to develop two hotels at Historic Liberty Station in San Diego, CA.
BALTIMORE, MD, August 10, 2006. Alex. Brown Realty, Inc. (ABR), a national real estate investment company, announced today that it has entered into a joint venture with Huntington Hotel Group, a Texas-based hotel development firm, for its fourth hotel project together. Two hotels, located in historic Liberty Station, the San Diego redevelopment project on the grounds of the former Naval Training Center (NTC), will be built and ready for completion mid to late 2007.
A 200-room Courtyard by Marriott and a 150-room Hilton Homewood Suites will be built on an 11.9-acre site on the southwest corner of Liberty Station. ABR provided equity financing for the project totaling $17.1 million.
"We are quite proud of our investment in such a meaningful redevelopment project so vital to this wonderful city," said Thomas R. Burton, ABR's chief investment officer. "We are especially pleased to join forces with our partner once again, Huntington Hotel Group, for our fourth exciting joint venture. We feel that our roots in Baltimore, MD, where redevelopment has been nationally recognized for years, brings strength to the efforts being made to transform the former Naval Training Center into an exciting environment."
Construction of the hotels also includes a piece of the waterfront esplanade, a path for walking and biking, that will connect the NTC Park to the north and the Harbor Drive pedestrian bridge to the south and provide uninterrupted access to Spanish Landing and downtown.
Liberty Station is being master developed by The Corky McMillin Companies in collaboration with the City of San Diego's Redevelopment Agency. The redevelopment project on the grounds of the former Naval Training Center in San Diego is expected to create more than 8,000 permanent jobs and $2.2 million in annual property tax revenue.
The 360-acre Liberty Station community will include 125 acres of open space, including a 46-acre waterfront park and boat channel with connections to the San Diego Bay; shopping villages and restaurants; a 28-acre civic, arts and cultural district; the nine-hole Sail Ho Golf Club; three planned hotels on two sites; a seven-building office district; a residential district that includes 349 homes in three distinct neighborhoods; and a 22-acre educational district. For more information, visit www.libertystation.com.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
