Property Types Hospitality
July 8, 2008
By: Barbra Murray, Contributing Editor
The U.S. Army's plan for developing and renovating hotels at 12 installations as part of its Privatization of Army Lodging program has just advanced to the next stage now that it has entered into a transition agreement with Actus Lend Lease.
With the pact in place, Actus can proceed with the program's first phase, which has an initial development budget of $400 million. Under the PAL program, the Army can privatize hotels at its installations, thereby allowing the military to doll out to companies the tasks of developing and operating lodging facilities for use by soldiers, families and government employees visiting the bases.
Chosen by the Army in September 2006, Actus's list of obligations includes acquisition, finance, design, development, ownership, operation and management responsibilities. The company has outsourced the operation and management of the hotels to InterContinental Hotels Group. An initial development period of five years will yield in excess of 4,500 new and renovated hotel rooms within 45 lodging facilities at the 12 installations. An additional $2.4 billion has been allotted for the project's out year development which, following the first phase, will extend for an additional 45 years.
Actus is no stranger to partnering with the military. The company has 10 operational installations valued at an aggregate $5.8 billion in various states, and presently holds the position of preferred bidder on two new projects.
Nashville-headquartered Actus, a subsidiary of the Australia-based Lend Lease global family, is the leading public/private community developer in the country. The company's portfolio exceeds 40,000 residential units within master-planned, sustainable and mixed-use communities across the United States.
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By: Barbra Murray, Contributing Editor
The U.S. Army's plan for developing and renovating hotels at 12 installations as part of its Privatization of Army Lodging program has just advanced to the next stage now that it has entered into a transition agreement with Actus Lend Lease.
With the pact in place, Actus can proceed with the program's first phase, which has an initial development budget of $400 million. Under the PAL program, the Army can privatize hotels at its installations, thereby allowing the military to doll out to companies the tasks of developing and operating lodging facilities for use by soldiers, families and government employees visiting the bases.
Chosen by the Army in September 2006, Actus's list of obligations includes acquisition, finance, design, development, ownership, operation and management responsibilities. The company has outsourced the operation and management of the hotels to InterContinental Hotels Group. An initial development period of five years will yield in excess of 4,500 new and renovated hotel rooms within 45 lodging facilities at the 12 installations. An additional $2.4 billion has been allotted for the project's out year development which, following the first phase, will extend for an additional 45 years.
Actus is no stranger to partnering with the military. The company has 10 operational installations valued at an aggregate $5.8 billion in various states, and presently holds the position of preferred bidder on two new projects.
Nashville-headquartered Actus, a subsidiary of the Australia-based Lend Lease global family, is the leading public/private community developer in the country. The company's portfolio exceeds 40,000 residential units within master-planned, sustainable and mixed-use communities across the United States.
To Blog and Comment Click Here
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