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BUSINESS
December 3, 2004 | Roger Vincent
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.
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BUSINESS
October 6, 2010 | By Roger Vincent, Los Angeles Times
Terranea Resort in Rancho Palos Verdes, which defaulted on two loans last year, has found new investors and successfully recapitalized, its owners said Tuesday. The deal allows Los Angeles developer Lowe Enterprises to retain ownership of the $480-million resort, which opened last year amid the worst travel market since the Great Depression. Lowe was one of hundreds of California hotel owners that received notices of default or faced foreclosures by their lenders last year. Terms of the transaction announced Tuesday include an extension of the loans on the property and new capital commitments of more than $100 million.
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BUSINESS
June 18, 2002
Los Angeles-based Lowe Enterprises has been named developer of the year by the National Assn. of Industrial and Office Parks. The real estate trade organization will recognize founder and CEO Robert Lowe on Oct. 24 at the group's national conference in Nashville.
BUSINESS
August 28, 2009 | Roger Vincent
Financial challenges are mounting for developer Lowe Enterprises, which has received a default notice from another major lender on Terranea Resort in Rancho Palos Verdes and has stopped making mortgage payments on its Sheraton Universal Hotel in Universal City. Brentwood-based Lowe's money problems underscore the dramatic change in the fortunes of hotel owners since the recession began, driving down occupancy and room rates, according to hospitality industry experts. About 275 California hotels have received notices of default or already faced foreclosure by their lenders, said consultant Alan Reay, president of Atlas Hospitality Group.
BUSINESS
May 30, 2000 | BRAD BERTON
An institutional investor advised by real estate giant Lowe Enterprises' investment management group has acquired the West Wilshire Center commercial complex just a few blocks from Lowe's Brentwood headquarters. Lowe Senior Vice President Rick Newman declined to specify the price paid for the approximately 250,000-square-foot, two-building complex or to identify the pension fund client who bought the property last week.
CALIFORNIA | LOCAL
September 5, 2000 | RODNEY BOSCH
Los Angeles-based Lowe Enterprises Investment Management Inc. has acquired on behalf of a pension fund client Westlake Spectrum Center I and II in Westlake Village and Agoura Hills Business Park in Agoura Hills. The seller was Chicago-based Equity Office Properties Trust. Terms of the transaction were not released. Westlake Spectrum Center comprises five low-rise buildings totaling 118,400 square feet of space on more than six acres.
REAL ESTATE
March 15, 1987
Los Angeles-based Lowe Enterprises Inc. has been appointed co-investment manager for the $40-million Transatlantic Property Fund, formerly known as the Wells Fargo Property Unit Trust. The fund is a vehicle for British pension funds to invest in American real estate. The fund's portfolio includes seven properties in the United States. Among these are two in Orange County and two in the Seattle area, with the rest in Minneapolis, Denver and Houston.
BUSINESS
August 29, 1997 | From Reuters
The 109-year-old Hotel Del Coronado, a favorite of Hollywood stars and U.S. presidents, has been sold for about $330 million, company officials said Thursday. Los Angeles-based Lowe Enterprises Investment Management Inc. said it was taking over the property on behalf of several pension fund clients. Their names were not disclosed. The company's Destination Hotels & Resorts subsidiary will manage the property. Gordon Andrew, a spokesman for the seller, Travelers Group Inc.
BUSINESS
August 28, 2009 | Roger Vincent
Financial challenges are mounting for developer Lowe Enterprises, which has received a default notice from another major lender on Terranea Resort in Rancho Palos Verdes and has stopped making mortgage payments on its Sheraton Universal Hotel in Universal City. Brentwood-based Lowe's money problems underscore the dramatic change in the fortunes of hotel owners since the recession began, driving down occupancy and room rates, according to hospitality industry experts. About 275 California hotels have received notices of default or already faced foreclosure by their lenders, said consultant Alan Reay, president of Atlas Hospitality Group.
BUSINESS
October 6, 2010 | By Roger Vincent, Los Angeles Times
Terranea Resort in Rancho Palos Verdes, which defaulted on two loans last year, has found new investors and successfully recapitalized, its owners said Tuesday. The deal allows Los Angeles developer Lowe Enterprises to retain ownership of the $480-million resort, which opened last year amid the worst travel market since the Great Depression. Lowe was one of hundreds of California hotel owners that received notices of default or faced foreclosures by their lenders last year. Terms of the transaction announced Tuesday include an extension of the loans on the property and new capital commitments of more than $100 million.
BUSINESS
August 20, 2009 | Roger Vincent
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.
BUSINESS
June 12, 2009 | Roger Vincent
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.
BUSINESS
June 1, 2007 | From Times Wire Reports
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.
BUSINESS
January 31, 2007 | Roger Vincent, Times Staff Writer
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.
BUSINESS
December 3, 2004 | Roger Vincent
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.
BUSINESS
August 27, 2003 | Roger Vincent
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.
BUSINESS
June 1, 2007 | From Times Wire Reports
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.
BUSINESS
December 19, 2001 | JESUS SANCHEZ, TIMES STAFF WRITER
The Hawthorne City Council has approved an agreement with Lowe Enterprises to develop a former Northrop Grumman aerospace plant into a 104-acre project with a mix of retail, office and industrial uses. The $195-million development just south of the Century Freeway and adjacent to Hawthorne Airport has been in the works for several years and has undergone several design changes since Northrop Grumman began phasing out operations at the facility.
ENTERTAINMENT
August 10, 2003 | Robert Abele, Special to The Times
Though Hope Davis isn't the type of actress to carefully plot her career in movies -- the way a more status-hungry pro might think "effects-heavy blockbuster, then romantic comedy, followed by prestigious year-end release" -- she nevertheless clings to a goal: "I never want to have to make a comeback," she says. "And if that means flying low under the radar, that's fine with me. I never want to have to be figuring out how to bust back in."
BUSINESS
June 18, 2002
Los Angeles-based Lowe Enterprises has been named developer of the year by the National Assn. of Industrial and Office Parks. The real estate trade organization will recognize founder and CEO Robert Lowe on Oct. 24 at the group's national conference in Nashville.
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