LONG BEACH, CA--(MARKET WIRE)--Nov 11, 2004 -- Developers Diversified Realty (NYSE
DR - News), the developer, owner and manager of the Pike at Rainbow Harbor, today announced a signed lease with LodgeWorks LP to open a 97,000 square foot Sierra Suites extended stay hotel at the 18-acre entertainment center on the waterfront in downtown Long Beach, California.
The upscale, seven-story hotel will be built to the east of the Pike's parking garage at 285 Bay Street and feature approximately 140 all-suite rooms, meeting facilities and public areas, a roof-top swimming pool and fitness center. The hotel is scheduled to open by Summer 2006. Wichita, KS-based LodgeWorks, LP operates more than 33 hotels nationwide, as Sierra Suites, Summerfield Suites and Hawthorn Suites chains. The all-suite hotel is an $18.5 million project featuring in-room appointments and contemporary architecture reflective of the Pike at Rainbow Harbor and the surrounding residential developments.
The Pike at Rainbow Harbor is a 369,000-square-foot entertainment center featuring a stellar line up of retail, restaurants, and entertainment venues including: P.F. Chang's China Bistro, Auld Dubliner, Big Dippers, Bubba Gump Shrimp Co., Gladstone's 4 Fish, California Pizza Kitchen, a 14-screen Cinemark Theater with all-stadium seating, GameWorks, featuring a 10-lane bowling alley and its signature restaurant JAX Grill, Cold Stone Creamery, Island's Fine Burgers, Extreme Pizza, Great Steak & Potato, Long Beach Clothing Company, Kelly's Coffee & Fudge Factory, Outback Steak House, Club V -- the Venue, an Art Deco-themed nightclub on the waterfront, featuring a high-tech lighting system, a large dance floor and live entertainment.
Under construction and expected to open soon are Chili's, Mai Tai Bar, Tokyo Wako, Buca di Beppo and the Laugh Factory.
Signature elements of the project include a pedestrian bridge over Shoreline Drive reminiscent of the Cyclone Racer wooden roller coaster that operated in the city's historic Pike amusement zone, a turn-of-the-century carousel with hand-carved horses and a Ferris wheel amusement ride, which are both scheduled to open in December.
"We are thrilled to announce this transaction with Sierra Suites," said Tim Bruce, Senior Vice President of Development for Developers Diversified Realty. "It's another positive step in the direction of the Pike. A hotel was always contemplated at this project and we are delighted to deliver such a first class tenant."
The Pike at Rainbow Harbor is owned and operated by Developers Diversified. The Company currently owns and manages approximately 460 retail operating and development properties in 44 states comprising over 102 million square feet of real estate. DDR is a self-administered and self-managed real estate investment trust (REIT) operating as a fully integrated real estate company which acquires, develops, leases and manages shopping centers. You can learn more about the Company and The Pike at Rainbow Harbor at the Company's Internet address
www.ddr.com .