Intergroup's Tandy O. Lofland Arranges California Hilton
Garden Inn Development Venture
October 4, 2002 - Tandy O. Lofland, president of Houston-based Intergroup Capital, LLC and the Intergroup companies, announces the funding of the initial land acquisition phase for a development venture arranged on behalf of an affiliate of Wharf Enterprises, Incorporated of Scottsdale, Arizona. The venture plans to develop a 200-unit Hilton Garden Inn on a prime site in the San Diego, California area.
Intergroup arranged for a Texas-based partner to bring debt and equity to the newly formed limited liability company for which Wharf Enterprises will supervise construction and the partner will provide hotel management services. Construction will start in the near future as all permits are in hand and drawings and specifications are complete. The full-service hotel, whose 1.6-acre site is in a key location with significant barriers to entry, will have an 80-seat restaurant, over 1,500 square feet of meeting space, pool, business center, and a full complement of other features and amenities.