Host Hotels & Resorts & Kokua Hospitality to Convert San Francisco's Powell Hotel to the Axiom Hotel
January 6, 2015 8:33am
BETHESDA, Md., Jan. 6, 2015 -- Host Hotels & Resorts, Inc. (NYSE: HST) and Kokua Hospitality, LLC, announced today that The Powell Hotel in San Francisco will be converted to a new independent identity and renamed the Axiom Hotel. The Company acquired the hotel in early 2014 with the intent to transform the hotel and has selected Kokua Hospitality as the operator. Kokua Hospitality is a hotel management firm that focuses on producing superior results as turnaround specialists on behalf of the strategic institutional and select private lodging investors it serves.
"We are excited to unveil the new name, Axiom Hotel, marking the beginning of a significant transformation that will create meaningful value in this asset. The hotel was acquired as part of our strategy of narrowing our investment markets, primarily focusing on gateway cities and urban and resort/conference markets, while establishing a deeper foothold in those markets by expanding our investments to include upscale properties that may be operated by an independent manager or without a major brand affiliation. The Axiom Hotel is a great example of this strategy," said Struan B. Robertson, executive vice president and chief investment officer of Host Hotels & Resorts.
The property is located in the heart of downtown San Francisco, two blocks from Union Square, three blocks from the Moscone Convention Center, and steps from the cable car turnaround. The Powell Hotel closed at the end of December and is expected to reopen with 152 rooms as the transformed Axiom Hotel in the fall of 2015.
"We are extremely excited to begin the renovation of the Axiom Hotel" said Phil Tufano, chief operating officer of Kokua Hospitality. "Just steps away from the action, the hotel's innovative expression will exude the historic and energetic elements of San Francisco's arts, music, and culinary scene all for our guests to savor. High tech customized amenities will allow our guests to explore and stay productive. Lively yet warm, hospitable service is sure to capture the savvy tourist and business traveler."
For more information and to follow the progress of the renovation, see the hotel's new website, www.axiomhotel.com.
Note: This press release contains forward-looking statements within the meaning of federal securities regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "plan," "predict," "project," "will," "continue" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: changes in national and local economic and business conditions that will affect occupancy rates at our hotels and the demand for hotel products and services; the impact of geopolitical developments outside the U.S. on lodging demand; volatility in global financial and credit markets; operating risks associated with the hotel business; risks and limitations in our operating flexibility associated with the level of our indebtedness and our ability to meet covenants in our debt agreements; risks associated with our relationships with property managers and joint venture partners; our ability to maintain our properties in a first-class manner, including meeting capital expenditure requirements; the effects of hotel renovations on our hotel occupancy and financial results; our ability to compete effectively in areas such as access, location, quality of accommodations and room rate structures; risks associated with our ability to complete acquisitions and dispositions and develop new properties and the risks that acquisitions and new developments may not perform in accordance with our expectations; our ability to continue to satisfy complex rules in order for us to remain a REIT for federal income tax purposes; and other risks and uncertainties associated with our business described in the Company's filings with the SEC. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. All information in this release is as of the date of this release, and the Company undertakes no obligation to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
* This press release contains registered trademarks that are the exclusive property of their respective owners. None of the owners of these trademarks has any responsibility or liability for any information contained in this press release.
Tags: host hotels,
Contact: Gee Lingberg, Vice President
Host Hotels & Resorts Appoints Michael D. Bluhm Executive Vice President and Chief Financial Officer to Succeed Gregory Larson Entering Retirement
From First Employee to General Manager: Kenya Bannister, GM of Courtyard Marriott Long Beach Airport
Kokua Hospitality Assumes Management of California’s Carmel Mission Inn
Kokua Hospitality Adds the California’s Wine Country Inn and Napa Winery Inn to its Management Portfolio
Kōkua Hospitality Names Yolanda Cardiff Director of Sales and Marketing for Hyatt Centric Waikīkī Beach
Kokua Hospitality Names Charles Young General Manager of Hyatt Centric Waikiki Beach Opening Soon
Kokua Hospitality Names Kirk Pederson as the Company's President
Kokua Hospitality Unveils Updated and Rebranded DoubleTree by Hilton Hotel & Suites Houston by the Galleria
Host Hotels & Resorts to Debut $107 Million Expansion of Marriott Marquis San Diego in June 2016
Host Hotels & Resorts Opens 152-Room Axiom Hotel in San Francisco, California
Kokua Hospitality Names Julie Buettner General Manager, Courtyard by Marriott Long Beach Airport
DoubleTree Hotel & Suites Houston by Galleria Names James Ficalora as Director of Sales & Marketing
Host Hotels & Resorts, Inc. Provides Update on Value-Enhancing Strategic Transactions
Kokua Hospitality Names Patty Kang Director of Sales & Marketing of San Francisco's New Axiom Hotel
Kokua Hospitality Grows Portfolio with Addition of the Courtyard by Marriott Long Beach Airport
Denver Marriott Tech Center to Begin Major Transformation this Fall Including Guest Room Overhaul
Sage Hospitality and Host Hotels & Resorts Unveil Plans for the Logan, Philadelphia's Hotel
Host Hotels & Resorts Acquires the 643-room Phoenician, a Luxury Collection Resort, for $400 Million
ProspectHill Group Acquires 312-Room Queen Kapiolani Hotel in Honolulu, Hawaii
Kokua Hospitality Names Jarnetta Manna as Director of Operations of the Axiom Hotel
Please login or register to post a comment.