EX-99.1
2
a06-25515_2ex99d1.htm
EX-99
Exhibit
99.1
Behringer Harvard Acquires
Majority Interest
in Legendary St. Louis Property
The Chase Park Plaza is a 1.2
million-square-foot mixed-use complex
DALLAS, December 13, 2006
- Behringer Harvard announced today that it has acquired a majority interest in
the legendary Chase Park Plaza hotel and the adjacent Park Plaza residential
tower, a historic landmark in the cosmopolitan Central West End neighborhood of
St. Louis, Missouri. The transaction is in partnership with longtime local
part-owner, operator and developer James L. Smith.
"The Chase Park Plaza is
a high-quality architectural treasure of remarkable proportions", said Robert
M. Behringer, founder and CEO of Behringer Harvard. "This unique property has a
grand history of entertaining U.S. presidents, kings and queens, celebrities,
and dignitaries from around the world. Once the planned redevelopment is
complete, we believe it will reinforce the property's reputation as the
destination and residence of choice in the Midwest while providing an
attractive return to our investors".
Bob Hope, Dean Martin,
Jerry Lewis, Frank Sinatra and other celebrities entertained in the hotel's
Chase Club during their eras, while every U.S. president from the 1920s to the
1990s has been a hotel guest.
In 2003, the hotel
received a Four Diamond rating from AAA and became affiliated with Preferred
Hotels & Resorts Worldwide, a network of the finest 120 hotels in the
world.
The Chase Park Plaza is a
mixed-use complex dating to the 1920s. Its approximately 1.2 million square
feet of space encompass The Chase Park Plaza hotel, an 11-story luxury hotel;
the Park Plaza, a 29-story residential high-rise; and a five-story parking
garage. The complex occupies about 80 percent of a six-acre block and includes
five restaurants; about 65,000 square feet of banquet and meeting space; a
five-screen, first-run movie theater; an outdoor swimming pool; an
18,000-square-foot fitness facility; offices; and a salon and spa along with
numerous retail shops.
Plans for the property
include an approximately $95 million renovation. The renovation includes the refurbishment
of the hotel suites and common areas. Also, to meet a growing hotel room
demand, Behringer Harvard and its partner intend to convert three floors of the
residential tower into 89 additional hotel suites and three other floors into
48 furnished corporate apartments. The upper 16 floors will be transformed from
apartment units into The Private Residences at The Chase Park Plaza, a project
that will create 87 high-end condominiums with unparalleled amenities and
features (visit www.chaseparkplaza.com and www.chaseresidences.com for
details).
Chase Park Plaza is
located about four miles west of downtown St. Louis and 11 miles southeast of
Lambert-St. Louis International Airport. The property sits at the northeast corner
of Forest Park, which at 1,371 acres is one of the largest urban parks in the
United States. Forest Park is home to the St. Louis Zoo, the St. Louis Science
Center, the St. Louis Art Museum, a 27-hole golf course, a skating arena,
jogging trails and other cultural attractions.
The Chase Park Plaza is
minutes from Washington University and Barnes-Jewish Hospital, the city's
largest medical center and employer. The surrounding area features the
McDonnell Planetarium, the Magnificent Fox Theater, the Powell Symphony Hall
and The Muny, the nation's oldest and largest outdoor theater. The immediate
neighborhood has been home to Tennessee Williams, T.S. Eliot and Joseph
Pulitzer.
The acquisition is
Behringer Harvard's second investment in the St. Louis market, where it also
owns a significant interest in the St. Louis Place office tower downtown.
The Chase Park Plaza has
been acquired for Behringer Harvard Opportunity REIT I, Inc., which also holds
investments in assets in Texas, Nevada, Minnesota and Massachusetts.
About
Behringer Harvard
Behringer Harvard is an
integrated commercial real estate company investing in assets domestically and
internationally. The company offers strategic real estate fund opportunities
across a wide spectrum of investment styles for retail investors, as well as
domestic and international institutions, through its real estate investment
trusts, partnerships, joint ventures and proprietary program structures. For
more information, call toll-free 866.655.3600 or visit behringerharvard.com.
This release contains
forward-looking statements relating to the business and financial outlook of
Behringer Harvard Opportunity REIT I, Inc., that are based on our current
expectations, estimates, forecasts and projections and are not guarantees of
future performance. Actual results may differ materially from those expressed
in these forward-looking statements, and you should not place undue reliance on
any such statements. A number of important factors could cause actual results
to differ materially from the forward-looking statements contained in this
release. Such factors include those described in the "Risk Factors" section of
the prospectus for the offering of shares of Behringer Harvard Opportunity REIT
I, Inc. Forward-looking statements in this document speak only as of the date
on which such statements were made, and we undertake no obligation to update
any such statements that may become untrue because of subsequent events. We
claim the safe harbor protection for forward-looking statements contained in
the Private Securities Litigation Reform Act of 1995.
Katie Myers
Richards/Gravelle
katie_myers@richards.com
214.891.5842
Jason Mattox
Executive Vice President
Behringer Harvard
jmattox@behringerharvard.com
866.655.3600
Barbara Marler
Marketing Manager
Behringer Harvard
bmarler@behringerharvard.com
469.341.2312

EX - 99 . 1 2 a06 - 25515 _ 2ex99d1 . htm EX - 99 Exhibit 99 . 1 Behringer Harvard Acquires Majority Interest in Legendary St . Louis Property The Chase Park Plaza is a 1 . 2 million - square - foot mixed - use complex DALLAS , December 13 , 2006 - Behringer Harvard announced today that it has acquired a majority interest in the legendary Chase Park Plaza hotel and the adjacent Park Plaza residential tower , a historic landmark in the cosmopolitan Central West End neighborhood of St . Louis , Missouri . The transaction is in partnership with longtime local part - owner , operator and developer James L . Smith . " The Chase Park Plaza is a high - quality architectural treasure of remarkable proportions " , said Robert M . Behringer , founder and CEO of Behringer Harvard . " This unique property has a grand history of entertaining U . S . presidents , kings and queens , celebrities , and dignitaries from around the world . Once the planned redevelopment is complete , we believe it will reinforce the property 's reputation as the destination and residence of choice in the Midwest while providing an attractive return to our investors " . Bob Hope , Dean Martin , Jerry Lewis , Frank Sinatra and other celebrities entertained in the hotel 's Chase Club during their eras , while every U . S . president from the 1920s to the 1990s has been a hotel guest . In 2003 , the hotel received a Four Diamond rating from AAA and became affiliated with Preferred Hotels & Resorts Worldwide , a network of the finest 120 hotels in the world . The Chase Park Plaza is a mixed - use complex dating to the 1920s . Its approximately 1 . 2 million square feet of space encompass The Chase Park Plaza hotel , an 11 - story luxury hotel ; the Park Plaza , a 29 - story residential high - rise ; and a five - story parking garage . The complex occupies about 80 percent of a six - acre block and includes five restaurants ; about 65,000 square feet of banquet and meeting space ; a five - screen , first - run movie theater ; an outdoor swimming pool ; an 18,000 - square - foot fitness facility ; offices ; and a salon and spa along with numerous retail shops . Plans for the property include an approximately $ 95 million renovation . The renovation includes the refurbishment of the hotel suites and common areas . Also , to meet a growing hotel room demand , Behringer Harvard and its partner intend to convert three floors of the residential tower into 89 additional hotel suites and three other floors into 48 furnished corporate apartments . The upper 16 floors will be transformed from apartment units into The Private Residences at The Chase Park Plaza , a project that will create 87 high - end condominiums with unparalleled amenities and features ( visit www.chaseparkplaza.com and www.chaseresidences.com for details ) . Chase Park Plaza is located about four miles west of downtown St . Louis and 11 miles southeast of Lambert - St . Louis International Airport . The property sits at the northeast corner of Forest Park , which at 1,371 acres is one of the largest urban parks in the United States . Forest Park is home to the St . Louis Zoo , the St . Louis Science Center , the St . Louis Art Museum , a 27 - hole golf course , a skating arena , jogging trails and other cultural attractions . The Chase Park Plaza is minutes from Washington University and Barnes - Jewish Hospital , the city 's largest medical center and employer . The surrounding area features the McDonnell Planetarium , the Magnificent Fox Theater , the Powell Symphony Hall and The Muny , the nation ' s oldest and largest outdoor theater . The immediate neighborhood has been home to Tennessee Williams , T . S . Eliot and Joseph Pulitzer . The acquisition is Behringer Harvard 's second investment in the St . Louis market , where it also owns a significant interest in the St . Louis Place office tower downtown . The Chase Park Plaza has been acquired for Behringer Harvard Opportunity REIT I , Inc . , which also holds investments in assets in Texas , Nevada , Minnesota and Massachusetts . About Behringer Harvard Behringer Harvard is an integrated commercial real estate company investing in assets domestically and internationally . The company offers strategic real estate fund opportunities across a wide spectrum of investment styles for retail investors , as well as domestic and international institutions , through its real estate investment trusts , partnerships , joint ventures and proprietary program structures . For more information , call toll - free 866 . 655 . 3600 or visit behringerharvard.com . This release contains forward - looking statements relating to the business and financial outlook of Behringer Harvard Opportunity REIT I , Inc . , that are based on our current expectations , estimates , forecasts and projections and are not guarantees of future performance . Actual results may differ materially from those expressed in these forward - looking statements , and you should not place undue reliance on any such statements . A number of important factors could cause actual results to differ materially from the forward - looking statements contained in this release . Such factors include those described in the " Risk Factors " section of the prospectus for the offering of shares of Behringer Harvard Opportunity REIT I , Inc . Forward - looking statements in this document speak only as of the date on which such statements were made , and we undertake no obligation to update any such statements that may become untrue because of subsequent events . We claim the safe harbor protection for forward - looking statements contained in the Private Securities Litigation Reform Act of 1995 . Katie Myers Richards / Gravelle katie_myers@richards.com 214 . 891 . 5842 Jason Mattox Executive Vice President Behringer Harvard jmattox@behringerharvard.com 866 . 655 . 3600 Barbara Marler Marketing Manager Behringer Harvard bmarler@behringerharvard.com 469 . 341 . 2312