Press Release
Southern California Hospitality Sparks New Development Joint Venture
Leisure Sports Inc., R.D. Olson Development and Parker Properties Team to Bring Renaissance ClubSport to
Summit Office Campus in Aliso Viejo
Pleasanton, California – May 11, 2006
Leisure Sports Inc. and R.D. Olson Development announce today the formation of a joint venture to
develop and own a Renaissance ClubSport, a full service boutique hotel and world-class fitness resort.
This will be the first full service hotel in Aliso Viejo located at the 1.7 million square foot Summit
Office Campus. This $65-million dollar project is a key component in the city's strategic economic and
development plan along the 73 Corridor.
While this is a pivotal development for the city of Aliso Viejo, Leisure Sports with Marriott International (NYSE:MAR) launched the "hotel and fitness resort" concept with the opening of the first Renaissance ClubSport in Northern California in 2002. The highly successful model led Marriott International to add the Renaissance ClubSport brand as a brand extension to its existing portfolio of Renaissance Hotels & Resorts, and sign an agreement last year with Leisure Sports to develop an additional 15 facilities over the next five to seven years.
The start of construction on Renaissance ClubSport and the next phase of the Summit Office Campus will be marked by a groundbreaking ceremony scheduled for May 31. City officials and executives from Parker Properties, Leisure Sports, R.D. Olson Development and Marriott International will participate in the groundbreaking ceremony to be held at 50 Enterprise Dr., the site of the new Renaissance ClubSport. The project is schedule to be completed in December of 2007. "We are very excited to be launching Renaissance ClubSport in Aliso Viejo the location is ideal," said Steve Gilmour, CEO and owner, Leisure Sports Inc. "We believe that being part of Summit Campus will be mutually beneficial as it is a much needed amenity to the community. Travelers, residents and businesses will appreciate having a world-class hotel and fitness resort that caters to active lifestyles."
The Summit Office Campus is a mixed-use office park that will incorporate retail space in a master-planned office campus featuring beautiful landscaping with numerous outdoor "people spaces," impressive water features and gardens.
"Renaissance ClubSport completes the live-work environment we are striving to achieve at the Summit Campus," said Russ Parker, Parker Properties', vice chairman in charge of marketing, leasing and design.
Renaissance ClubSport will offer 174 guest rooms with spa-inspired décor and will also include approximately 3,000 square feet of meeting and event space, unique dining and a full-service day spa. Hotel guests will have complimentary access to the sports and fitness complex with state-of-the-art equipment that includes the latest cardio and free weight machines and professional trainers to assist with workouts. The property will also offer basketball, volleyball, racquetball and squash courts in addition to more than 100 group exercise classes per week. Members and hotel guests can relax at one of the three outdoor swimming pools or in the luxuriously appointed locker rooms with saunas, steam rooms, and spas. This unique property also features a fun-packed childcare center for children as young as 6 weeks.
"This hotel/fitness concept started a new industry trend," said Robert Olson, CEO and president, R.D. Olson Development. "It's sure to enrich the already prominent city of Aliso Viejo. This type of development follows suit with Orange County's well-planned integration of building types that make life simpler and convenient, a concept that is well represented at the Summit Office Campus."
R.D. Olson Construction, also owned by Robert Olson, has been selected as the general contractor. Other members of the project include Dahlin Group Architecture Planning of Pleasanton, Calif.; Burkett & Wong, of San Diego for structural engineering; Canyon Consulting, Newport Beach for civil engineering; and Ridge Landscaping, Irvine for landscape architecture.
About Parker Properties
Parker Properties is a commercial real estate firm focused on developing business campuses. Located in Aliso Viejo, California, the company was originally formed in 1976 in response to the challenges of a changing marketplace and has succeeded in meeting tenant demands and needs for flexibility within campus settings. Parker Properties is comprised of specialists in development, construction management, asset management, property management, and real estate finance who combined, have developed and acquired 5.1 million square feet of office, industrial and retail projects throughout California. Parker's current efforts include the development of the five-phase, 1.7 million-square-foot Summit Office Campus in Aliso Viejo and the enhancement and stabilization of Summit at Valencia.
About R.D. Olson
Robert Olson is the founder and owner of R.D. Olson Development. Currently the Irvine-based company also is developing a $36 million five-story 166-room Marriott Residence Inn Burbank, which will cater to the entertainment industry. Olson's most recent development was the eight-story University Village Towers, an upscale student housing project bordering the University of California, Riverside. Other completions include an eight-story Marriott Residence Inn, Irvine, and a $62 million resort in the Anaheim Resort Zone, which consists of a seven-story Staybridge Suites and nine-story Holiday Inn.
About Leisure Sports, Inc.
Leisure Sports, a privately held company since 1978, is a prominent developer and operator of high-end sports clubs and hotels. Based in California, the company has pioneered the "fitness resort" concept by building clubs that combine function with aesthetics and practicality with luxury. Creators of the Renaissance ClubSport hotel and fitness resort concept, the company currently owns and operates hotels and clubs in California, Nevada and Oregon serving over 45,000 members.
While this is a pivotal development for the city of Aliso Viejo, Leisure Sports with Marriott International (NYSE:MAR) launched the "hotel and fitness resort" concept with the opening of the first Renaissance ClubSport in Northern California in 2002. The highly successful model led Marriott International to add the Renaissance ClubSport brand as a brand extension to its existing portfolio of Renaissance Hotels & Resorts, and sign an agreement last year with Leisure Sports to develop an additional 15 facilities over the next five to seven years.
The start of construction on Renaissance ClubSport and the next phase of the Summit Office Campus will be marked by a groundbreaking ceremony scheduled for May 31. City officials and executives from Parker Properties, Leisure Sports, R.D. Olson Development and Marriott International will participate in the groundbreaking ceremony to be held at 50 Enterprise Dr., the site of the new Renaissance ClubSport. The project is schedule to be completed in December of 2007. "We are very excited to be launching Renaissance ClubSport in Aliso Viejo the location is ideal," said Steve Gilmour, CEO and owner, Leisure Sports Inc. "We believe that being part of Summit Campus will be mutually beneficial as it is a much needed amenity to the community. Travelers, residents and businesses will appreciate having a world-class hotel and fitness resort that caters to active lifestyles."
The Summit Office Campus is a mixed-use office park that will incorporate retail space in a master-planned office campus featuring beautiful landscaping with numerous outdoor "people spaces," impressive water features and gardens.
"Renaissance ClubSport completes the live-work environment we are striving to achieve at the Summit Campus," said Russ Parker, Parker Properties', vice chairman in charge of marketing, leasing and design.
Renaissance ClubSport will offer 174 guest rooms with spa-inspired décor and will also include approximately 3,000 square feet of meeting and event space, unique dining and a full-service day spa. Hotel guests will have complimentary access to the sports and fitness complex with state-of-the-art equipment that includes the latest cardio and free weight machines and professional trainers to assist with workouts. The property will also offer basketball, volleyball, racquetball and squash courts in addition to more than 100 group exercise classes per week. Members and hotel guests can relax at one of the three outdoor swimming pools or in the luxuriously appointed locker rooms with saunas, steam rooms, and spas. This unique property also features a fun-packed childcare center for children as young as 6 weeks.
"This hotel/fitness concept started a new industry trend," said Robert Olson, CEO and president, R.D. Olson Development. "It's sure to enrich the already prominent city of Aliso Viejo. This type of development follows suit with Orange County's well-planned integration of building types that make life simpler and convenient, a concept that is well represented at the Summit Office Campus."
R.D. Olson Construction, also owned by Robert Olson, has been selected as the general contractor. Other members of the project include Dahlin Group Architecture Planning of Pleasanton, Calif.; Burkett & Wong, of San Diego for structural engineering; Canyon Consulting, Newport Beach for civil engineering; and Ridge Landscaping, Irvine for landscape architecture.
About Parker Properties
Parker Properties is a commercial real estate firm focused on developing business campuses. Located in Aliso Viejo, California, the company was originally formed in 1976 in response to the challenges of a changing marketplace and has succeeded in meeting tenant demands and needs for flexibility within campus settings. Parker Properties is comprised of specialists in development, construction management, asset management, property management, and real estate finance who combined, have developed and acquired 5.1 million square feet of office, industrial and retail projects throughout California. Parker's current efforts include the development of the five-phase, 1.7 million-square-foot Summit Office Campus in Aliso Viejo and the enhancement and stabilization of Summit at Valencia.
About R.D. Olson
Robert Olson is the founder and owner of R.D. Olson Development. Currently the Irvine-based company also is developing a $36 million five-story 166-room Marriott Residence Inn Burbank, which will cater to the entertainment industry. Olson's most recent development was the eight-story University Village Towers, an upscale student housing project bordering the University of California, Riverside. Other completions include an eight-story Marriott Residence Inn, Irvine, and a $62 million resort in the Anaheim Resort Zone, which consists of a seven-story Staybridge Suites and nine-story Holiday Inn.
About Leisure Sports, Inc.
Leisure Sports, a privately held company since 1978, is a prominent developer and operator of high-end sports clubs and hotels. Based in California, the company has pioneered the "fitness resort" concept by building clubs that combine function with aesthetics and practicality with luxury. Creators of the Renaissance ClubSport hotel and fitness resort concept, the company currently owns and operates hotels and clubs in California, Nevada and Oregon serving over 45,000 members.
Note: This press release may contain "forward-looking statements" within the meaning of federal securities
laws, including statements concerning the development of new ClubSport locations and the number of ClubSport
properties expected to open that are not historical facts. We caution you that these statements are not
guarantees of future performance and are subject to numerous risks and uncertainties, including supply
and demand changes for hotel rooms; competitive conditions in the lodging industry; relationships with
clients and property owners; the availability of capital to finance hotel growth and refurbishment; and
other matters referred to in our most recent annual report on Form 10-K and quarterly report on Form 10-Q
under the heading "Risks and Uncertainties." These statements are made as of the date of this press release,
and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise. MARRIOTT INTERNATIONAL, INC. (NYSE:MAR) is a leading
lodging company with more than 2,600 lodging properties in the United States and 65 other countries and
territories. Marriott International operates and franchises hotels under the Marriott, JW Marriott,
Renaissance, Bulgari, The Ritz-Carlton, Courtyard, Residence Inn, SpringHill Suites, TownePlace Suites,
and Fairfield Inn brand names; develops and operates vacation ownership resorts under the Marriott
Vacation Club International, Horizons, The Ritz-Carlton Club and Marriott Grand Residence Club brands;
operates Marriott Executive Apartments; provides furnished corporate housing through its MarriottExecuStay
division; and operates conference centers. The company is headquartered in Washington, D.C. It is ranked
as the lodging industry's most admired company and one of the best places to work for by Fortune® magazine.
In fiscal year 2004, Marriott International reported sales from continuing operations of $10 billion,
and the company had approximately 133,000 employees at year-end 2004. For more information or
reservations, please visit our web site at
www.marriott.com.
