LONDON—Le Meridien Hotels & Resorts today announced the addition of Le Parker Meridien Palm Springs to its Americas portfolio. Formerly known as the Givenchy Resort & Spa, the luxurious 107-room and villas property is situated on 14 acres of manicured gardens and orchards near downtown Palm Springs in the heart of the Southern California desert resort area.
Le Parker Meridien Palm Springs will be owned and operated by The Jack Parker Corp., which purchased the former Givenchy resort from LAX GL, an investment group controlled by Tarsadia Hotels of Costa Mesa, California.

The new owners took possession of the property on June 26, 2003. No purchase price was disclosed, though the speed with which the all cash transaction was realized - a mere 40 days from initial site inspection to close - is indicative of the financial position and operational agility of The Jack Parker Corporation, according to Glyn Aeppel, Executive Vice President of Business Development, Americas for Le Meridien Hotels & Resorts.

“We are delighted to be partnering with the Jack Parker Corporation on another high quality, highly-visible hotel project,” said Juergen Bartels, Joint Chairman of Le Meridien Hotels & Resorts. “The appeal of the California desert and the quality of this resort will make Le Parker Meridien Palm Springs an ideal addition to our collection of 38 worldwide resort destinations.”

Added Steven Pipes, Vice President of Hospitality for The Jack Parker Corporation: “We are very pleased that the first acquisition that we closed on from our new $200 million hospitality fund was used to create our second Le Parker Meridien. In the near future, we look forward to announcing other acquisitions, particularly in resort markets. We are certain that Le Parker Meridien Palm Springs will add significantly to the resurgence underway in the Coachella Valley.”

Le Parker Meridien Palm Springs will undergo significant renovations beginning in July 2003. These will include remodelling all rooms and villas, the 22,000 square foot spa, the restaurant and public spaces. A new pool will also be added.

Le Parker Meridien Palm Springs will be an exceptional destination for vacationers, business travellers and the meetings market. In addition to its world-class spa facility (ranked #4 in Conde Nast Traveler`s Reader`s Poll), the property offers gardens, walking and hiking trails, and six tennis courts on-site. The resort also maintains 10,500 square feet of indoor meeting space and over 30,000 square feet of outdoor event space.

Concurrent with the Palm Springs transaction, Le Meridien also announced the renewal of its agreement with The Jack Parker Corporation for Le Parker Meridien New York.

The family-owned Jack Parker Corporation founded in 1955, has commercial land and improved property holdings exceeding eight million square feet including its recently completed Biltmore Apartment, NY; Parker Plaza, Ft. Lee, NJ; Parker Corporate Center, Westchester County, NY; and Parker Raleigh Commercial Buildings, Raleigh, NC. Le Parker Meridien New York is a 730-room luxury hotel located on 57th Street in Manhattan and features the highly- rated NORMA`S restaurant, the “burger joint”, Seppi`s French bistro, a penthouse, year-round swimming pool overlooking Central Park and award-winning gravity fitness and spa. For more information, www.parkermeridien.com.

Le Meridien is a global hotel group with a portfolio of over 135 luxury and upscale hotels (36,000 rooms) in 56 countries worldwide. The majority of its properties are located in the world`s top cities and resorts throughout Europe, the Americas, Asia Pacific, Africa and the Middle East. The company also enjoys a strategic alliance with JAL-owned Nikko Hotels, providing loyal guests access to an additional 44 properties around the world. Headquartered in London, Le Meridien Hotels & Resorts Group was formed by the Principal Finance Group of Nomura International plc. The Principal Finance Group has since become independent and is now known as Terra Firma. The Terra Firma Group manages Le Meridien for Nomura International plc. www.lemeridien.com.
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