August 20, 2009 |
The new oceanfront resort Terranea, built on the former site of the Marineland of the Pacific theme park on the Palos Verdes Peninsula, opened this summer amid much fanfare. But its long-running financial challenges remain. The 582-room luxury hotel and spa, completed in June at a cost of $480 million, remains open and is performing better than expected, according to Bob Lowe, chairman of Lowe Enterprises, the resort's principal. But Terranea faces financing challenges on two fronts, falling into default with one of its lenders and losing out, for now, on a promised loan from the city of Rancho Palos Verdes, where it is located.
June 12, 2009 |
More than 20 years after tourist destination Marineland of the Pacific shipped off its whales and closed its gates, a noticeably more refined attraction is about to open atop the same ocean bluffs in Rancho Palos Verdes. The first official overnight guests at Terranea Resort, a 582-room luxury hotel and spa meant to compete with California's most upscale coastal inns, will check in today.
June 1, 2007 |
An investment fund partly owned by former NBA superstar Earvin "Magic" Johnson has teamed with a real estate company to purchase the 1,119-room Hilton Washington hotel from Hilton Hotels Corp. for $290 million, the companies said. Johnson's Canyon-Johnson Urban Fund and L.A.-based Lowe Enterprises Investors signed a long-term agreement with Hilton to manage the hotel.
January 31, 2007 |
The landmark Sheraton Universal Hotel in Universal City has been sold for $122 million in a deal that illustrates investors' continuing appetite for prime hotel properties in a rebounding travel market. Lowe Enterprises, a Brentwood-based real estate investment and development firm, said this week that it planned to upgrade the tower, which overlooks the Hollywood Freeway. Lowe will keep Sheraton Hotels & Resorts as the property's manager.
December 3, 2004 |
Lowe Enterprises Investment Management has purchased the Miramonte Resort & Spa in Indian Wells for $28.7 million from Marcus Hotels & Resorts. The 215-room hotel opened in 1963 as Erawan Gardens and closed in the late 1990s for a $28-million renovation before reopening as Miramonte Resort in 1998. A $3.5-million spa was completed in May. Los Angeles-based Lowe, an investment manager and developer, said it would invest $5 million in renovations to the guest rooms, meeting space and public areas.
August 27, 2003 |
Wilshire Bundy Plaza, a 14-story Brentwood office building on Wilshire Boulevard, has been purchased for $75 million by Namco Capital Group. The seller was Lowe Enterprises Real Estate Group, which paid $55 million for it in 1999. Namco Capital, a Brentwood investment firm, will move its headquarters into the building at 12121 Wilshire Blvd., said broker Bob Safai of Brentwood-based Madison Partners, who represented the seller. That will make the 290,000-square-foot tower almost fully occupied.