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March 19, 2004
CLEVELAND, OH — March 19, 2004 - The Richard E. Jacobs Group announced today the sale of land for the development
of a 295-room, full service Marriott hotel by Winegardner & Hammons, Inc.
The Cleveland Marriott East will be owned by a partnership consisting of Western
Southern Life Insurance Co./Eagle Realty Group and will be managed by
Winegardner & Hammons, Inc. Located in Warrensville Heights, the hotel will
be part of Chagrin Highlands, a world-class corporate community with more than
600 acres of undeveloped land in four municipalities in Cleveland's eastern
suburbs.
Construction is slated for later this month, with completion by summer 2005.
The hotel will be located on approximately 10 acres, and will be highly visible
and easily accessible from the Interstate 271/Harvard Road interchange.
The eight-story hotel will feature 14,000 square feet of meeting space,
including a 7,500-square-foot ballroom able to accommodate up to 700 attendees
for banquets and corporate or social events, executive boardrooms, and
comprehensive audio and visual services. All meeting rooms will be equipped with
wireless and wired high-speed Internet access.
More than 200 guest rooms will be designated the Room That Works®, which
means they will be specially designed for business travelers. All guest rooms
will have wireless high-speed Internet access. Chagrin Highlands is located
on both sides of I-271 at Harvard Road. The development encompasses land in
Beachwood, Orange, Highland Hills and Warrensville Heights. The land is owned by
the City of Cleveland and is being developed jointly by affiliates of The Jacobs
Group and Scott Technologies, Inc. The Jacobs Group, of Cleveland, is the
developer and managing partner.
"This development at Chagrin Highlands is another step toward making
Cleveland a stronger city," said Mayor Jane L. Campbell. "As part of the sale of
land, the City of Cleveland will receive its share of income tax revenue
generated by the project, both during construction and once completed, from
anticipated annual payroll taxes."
"We are very pleased to announce this milestone in the economic development
of the City of Warrensville Heights," said Mayor Marcia Fudge. "This project is
an excellent example of cities and developers coming together in the true spirit
of cooperation. The diligence and collaboration of all parties will open the
door for many joint successes, and will spur future development in Chagrin
Highlands."
The Richard E. Jacobs Group is now in its fifth decade of developing and
managing major commercial real estate projects across the country. The group's
proven skills include: insightful site selection and acquisition, market
research, legal services, financial services, architecture, engineering,
construction, leasing, site management and marketing.
The Cleveland Marriott East is the 13th joint venture for Winegardner &
Hammons, Inc. (WHI) and The Western Southern Life Insurance Company. Both
companies are based in Cincinnati, Ohio. Eagle Realty Group, a full-service real
estate company also headquartered in Cincinnati, is serving as the real estate
advisor to Western Southern Life on this investment.
Winegardner & Hammons, Inc., is 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 U.S. WHI
currently manages over 30 hotels in the U.S., including most major hotel brands.
Among the hotels WHI currently manages, 17 are in the state of Ohio spanning
Cincinnati, Columbus, Dayton and Athens. Included in the Marriott hotels managed
are the Cincinnati Airport Marriott, 2003 Marriott Hotel of the Year, and other
award-winning hotels including Cincinnati Marriott North and Columbus Marriott
Northwest. For more information on WHI, visit www.whihotels.com.
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