Tuesday, May 1, 2007

Hotel Pacific Sells for $29 Million

Oakbrook Terrace, IL (April 24, 2007) – The Harp Group today said it has acquired the luxury 105-suite Hotel Pacific in Monterey, CA, in a deal valued at $29 million. The Harp Group is a real estate investment and development company specializing in high-end hospitality destinations and is one of The Crescendo Companies (“Crescendo”).

The elegant Spanish-style Hotel Pacific is part of a distinctive group of properties that are collectively marketed as the Inns of Monterey. Located in the heart of downtown Monterey, the 16-building hotel complex caters to the growing “experience style” travel market. It also features 1,750 square feet of executive meeting space and is adjacent to the Monterey Convention Center. The Hotel Pacific will be managed by Portfolio Hotels and Resorts, another Crescendo company.

“With the acquisition of the Hotel Pacific, we will continue to provide the latest in distinctive, luxury accommodations that appeal to a discerning regional and national clientele,” said Peter G. Dumon, president of The Harp Group. “The Hotel Pacific complements our other high-rated destination properties that attract consumers by delivering unique experiences. We are all about creating places where people want to be.”

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