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February 5, 2010
Historic Downtown Apartment Building
Slated for Upgrade
Phelps Building to become a Residence Inn by Marriott in 2011
CINCINNATI (OH) – February 5, 2010 – Winegardner & Hammons and Western Southern Financial Group (Western Southern) and Eagle Realty Group announced that the Phelps Building, located at 506 East Fourth Street in downtown Cincinnati, will become a Residence Inn by Marriott, aptly named The Residence Inn Cincinnati Downtown. Construction is anticipated to begin in March 2010 with a projected opening to take place by April 2011.
The Phelps Building, which dates back to 1926, has long-standing ties in the community and is currently surrounded by historic points of interest such as the 2-acre Lytle Park and the Taft Museum, which was part of the homestead of William Howard Taft, the 27th President of the United States, and the Phelps family.
“We continue our commitment to make downtown an exciting place to work and live,” said John F. Barrett, chairman, president and chief executive officer of Western & Southern. “The addition of a high-quality extended-stay hotel to the eastern corner of downtown Cincinnati is another indication of that commitment.”
The new Residence Inn Cincinnati Downtown will be located across from Lytle Park in close proximity to numerous corporations, including Western & Southern, Procter & Gamble’s global headquarters, American Financial Group, and the new Queen City Square Tower complex. In addition, the IRS, Convergys, Federated and the headquarters for Kroger are located within a short distance.
The Residence Inn Cincinnati Downtown will feature 134 one- and two-bedroom residential-style suites with 60 percent more space than traditional hotel rooms. Each spacious suite will feature separate living and working spaces; a fully equipped kitchen; complimentary in-room high-speed Internet access; a large, well-lit work desk with ergonomic seating; and flat panel high definition TVs.
Guest amenities will include a complimentary HomeTouch breakfast featuring an extensive hot breakfast buffet; 24-hour coffee service; evening entertainment and other events in the lobby bar; a fitness center; and The Market, which provides guests 24/7 access to a food and beverage pantry – all cornerstones of the Residence Inn by Marriott experience.
“This project is a great example of hotel developers giving new life to one of the city’s historic buildings, said J.W. “Bill” Marriott, Jr., chairman and chief executive officer, Marriott International, Inc. (NYSE: MAR). “This development brings the first Marriott branded hotel to downtown Cincinnati. We are pleased to be involved in the project with one of our leading business partners in this community.”
As part of the construction, Eagle remains committed to preserving the architectural significance of the property.
”A Residence Inn by Marriott conveniently located downtown delivers a product that is in high demand by our corporate citizens and further demonstrates Western & Southern’s commitment to the vitality of Cincinnati and the central business district,” said Mario San Marco, president of Eagle Realty Group.
The Residence Inn Cincinnati Downtown will be managed by Cincinnati-based Winegardner & Hammons Inc. (WHI), one of the country’s leading hotel management companies.
About Winegardner & Hammons, Inc.
Winegardner & Hammons, Inc. has more than 50 years as a full-service hotel management company with a reputation for progressive and successful hospitality management. The WHI owned/managed portfolio includes resorts, all-suite, extended-stay, full service and conference center hotels in many diverse markets across the United States. WHI currently manages over 25 hotels in the United States and is affiliated with most major hotel brands including Marriott, Hilton and Intercontinental Hotel brands. WHI is an eleven-time recipient of Marriott International’s Partnership Circle Award. For more information on WHI, please visit our web site at www.whihotels.com
About Eagle Realty Group
Eagle Realty Group offers a comprehensive range of services covering three core real estate areas. Investment Management offers asset management and investment advisory services. The company’s expertise in real estate development and management are documented by an array of successful ventures ranging from hotels to shopping centers to low-income housing to senior housing and office buildings. In addition, Eagle Realty Group’s Multi-Family Property Management Division serves apartment communities and Eagle’s Commercial Property Management Division provides property management services. The organization oversees investment portfolios consisting of over 32 million square feet of all types of real estate located across the United States and valued in excess of $2.7 billion. www.eaglerealtygroup.com
About Western & Southern Financial Group
Western & Southern Financial Group is a Cincinnati-based diversified family of financial services companies with assets owned, managed and under our care in excess of $43 billion as of Sept. 30, 2009. A Fortune 500 company, Western & Southern has received Standard & Poor’s AA+ Very Strong rating (one of the nine strongest life insurance groups in the world), A.M. Best’s A+ Superior rating, Fitch’s AA Very Strong rating and Moody’s Aa3 Excellent rating, all with a Stable outlook. Its heritage dates back to 1888 with the founding of The Western and Southern Life Insurance Company. www.westernsouthern.com
About Marriott International Inc.
MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading lodging company with more than 3,300 lodging properties in 68 countries and territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott, The Ritz-Carlton, Renaissance, Residence Inn, Courtyard, TownePlace Suites, Fairfield Inn, SpringHill Suites and Bulgari brand names; develops and operates vacation ownership resorts under the Marriott Vacation Club, The Ritz-Carlton Destination Club, The Ritz-Carlton Residences and Grand Residences by Marriott brands; operates Marriott Executive Apartments; provides furnished corporate housing through its Marriott ExecuStay division; and operates conference centers. The company is headquartered in Bethesda, Maryland, USA and had approximately 146,000 employees at 2008 year-end. It is recognized by FORTUNE® as one of the best companies to work for, and by the U.S. Environmental Protection Agency (EPA) as Partner of the Year since 2004. In fiscal year 2008, Marriott International reported sales from continuing operations of nearly $13 billion. For more information or reservations, please visit our web site at www.marriott.com. For an interactive online version of Marriott's 2008 Annual Report, which includes a short video message from Chairman and CEO J.W. Marriott, Jr., visit www.marriott.com/investor.
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