Two New Hotels Announced for Redondo Beach

319-Room Hotel Campus to include Residence Inn by Marriott and Hilton Garden Inn

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. April 08, 2013

Redondo Beach, CA - April 8, 2013 - The City of Redondo Beach will add a 147-room Hilton Garden Inn and a 172-room Residence Inn by Marriott at the corner of Marine Avenue and I-405 East. Groundbreaking ceremonies with Redondo Beach Mayor Mike Gin and other city dignitaries will be held on Tuesday, April 9, 2013 to celebrate the commencement of construction. The $59 million project is estimated to be a 13-month process with both hotels scheduled to open in the spring of 2014. The development is a joint venture between Mogul Capital, LLC and Trancas Retail Center Fund, LLC from Park City, UT with debt financing provided by ORIX Municipal and Infrastructure Group of Dallas, TX. Summit DCK of Phoenix, AZ will oversee construction and Evolution Hospitality of San Clemente, CA will provide management oversight for the project.

The hotel campus combines two of the most powerful brands in the hotel industry - Hilton Hotels & Resorts and Marriott International. The 147-room Hilton Garden Inn will offer 2,200 square feet of meeting and event space, a restaurant and bar, heated outdoor pool and spa, fitness center, business center and 24/7 market. Designed for travelers staying for extended timeframes, the adjacent 172-room Residence Inn by Marriott will featured a complimentary hot breakfast buffet daily and evening reception Monday through Thursday, heated outdoor pool and spa, business center, 24/7 market and 1,800 square feet of meeting and event space.

The hotel campus is ideally located in North Redondo Beach where the city's edge meets the 405 Freeway at Marine Avenue and features 2,500 feet of freeway frontage offering visibility to over 550,000 vehicles each day. Central to what is known as the West Coast's “Defense Corridor,” the hotel campus is less than one-half mile from Northrop Grumman, Redondo Beach's largest employer, and less than four miles from Aerospace Corporation, Raytheon and Boeing. In addition, major corporate offices including Xerox, Konami, SAIC, Mattel Corporation, Sketchers USA Inc., China Airlines Limited and Singapore Airlines Limited are located nearby. The University of West LA, Loyola Marymount University, Redondo Beach' pier and ocean front, and destination attractions within greater Los Angeles are also nearby. The hotel campus will also offer ideal transportation options: the San Diego Freeway (I-405) is adjacent, Los Angeles International Airport is located four miles north of the property and the Redondo Beach station of the LA Green Metro Line is located immediately west of the hotels.

“We appreciate all the support and assistance we've received from Redondo Beach officials; they have been great partners in this development,” said Brad Wagstaff, Managing Partner of Trancas Retail Center Fund. “Mayor Gin and his entire team have assisted in bringing our hotel campus to life, and helping us build the cornerstone of new retail development in this area of North Redondo Beach. Further we're excited to also be aligned with Marriott International, Hilton Hotels and Resorts and Evolution Hospitality in making this project a success.”

About Trancas Retail Center Fund

Trancas Retail Center Fund is a specialty real estate development and investment fund focused on opportunistic real estate investments throughout the western United States. Trancas has developed projects in Texas, Colorado, and California including retail shopping centers, indoor entertainment properties, car wash facilities, and select service hotels. Trancas Retail Center Fund's Managing Partner is Bradley Wagstaff.

About Mogul Capital

Mogul Capital is real estate private equity company based in Park City, UT. Mogul Capital has partnered in Multi-family apartment properties, car wash facilities, ski and golf properties, and select service hotel projects throughout the western United States.

About ORIX Municipal and Infrastructure Group

ORIX Municipal and Infrastructure Group, a business unit of ORIX USA, has specialty lending capabilities in the hospitality and real estate areas in addition to municipal transactions. www.orix.com/business-units/municipal-investments/.

ORIX USA is a Dallas-based financial conglomerate with more than 1,400 employees and primary offices in Dallas, New York, Los Angeles, Columbus and Minneapolis. ORIX USA holds approximately $6 billion of assets and manages an additional $25 billion. ORIX USA is a wholly owned subsidiary of ORIX Corporation, a Tokyo-based, publicly owned international financial services company with operations in 28 countries worldwide. ORIX Corporation is listed on the Tokyo (8591) and New York Stock Exchange (IX).

About Evolution Hospitality

Evolution Hospitality is a privately-owned, hospitality management and investment firm located in San Clemente, California. A full-service company with in-house expertise in all disciplines, Evolution Hospitality drives margins and creates value for each of its assets by combining an owner mentality and pervasive sales-driven culture with a proven ability to capture market share and manage the middle-of-the-page. Evolution Hospitality currently manages a portfolio of 19 assets, both branded and independent properties. Signature assets include Hard Rock Hotel San Diego, San Mateo Marriott, Queen Mary Long Beach, Hotel Adagio San Francisco, and Courtyard San Diego Mission Valley/Hotel Circle. For more information call 949-325-1350 or visit www.EvolutionHospitality.com.