MORGANTOWN, W.Va.--(BUSINESS WIRE)--Oct. 23, 2000--Platinum Properties, LLC, is pleased to announce the commitment of the new Radisson Hotel and Conference Center at Waterfront Place along the Monongahela River in Morgantown.
This 48 million-dollar investment is expected to result in the creation of over 250 permanent hotel positions.
This 17-story building will house the 205-room Radisson Hotel, and will be managed by Interstate Hotels headquartered in Pittsburgh. The hotel will feature The Regatta Bar and Grille, a 6,500 square foot restaurant with outdoor patio dining overlooking the Monongahela River. A full-service spa and fitness center, swimming pool, retail shopping, and an executive wellness center are among the amenities available.
Currently, very few hotels and convention centers offer specialized executive health wellness centers. This state of the art, Executive Physical Examination Facility will be a joint venture between WVU Health Sciences Center and Dr. Thomas Clark of Morgantown. Dr. John Prescott, Associate Dean for the Clinical Enterprise and CEO of University Health Associates, along with Dr. Clark, strongly believe the hotel and convention center, being marketed for corporate meetings will attract executives from Morgantown, as well as other areas throughout the state and beyond. Said Prescott, Many business people, travelers, participants in WVU special events, and others find that their busy lives make it difficult for them to find the time to attend to their health. By providing high quality healthcare services in a comfortable hotel setting, tailored to the needs and schedules of these people, we hope to assist them in leading healthier lives.
The 20,000 square foot conference center is designed to accommodate banquets and conferences up to 850 guests. The primary feature to the facility is the 7,200 square-foot ballroom that can be easily sized for multiple or smaller functions. This conference center will house dedicated executive boardrooms as well as offer state of the art equipment and technological capabilities for conference participants.
The top six floors of the Radisson will be constructed and sold as luxury, high-rise residential units. They may be customized to the buyers' specifications, ranging from approximately 850 square feet and up. The owners of these units will benefit from the convenience of an urban lifestyle that includes all the hotel amenities from room service to limousine transportation. The dramatic views from these upper floors offer the panoramic scenery of the Monongahela River and downtown Morgantown.
The partners of Platinum Properties are Steve Lorenze, Parry Petroplus and Milan Puskar. As Managing Partner of Platinum Properties, Lorenze talks about the development company's close ties to the Morgantown community. We are pleased to make this investment in Morgantown, an investment that will provide a significant economic benefit and provide the catalyst for the continuing development of the waterfront area.
Platinum Properties is currently in final stages of a partnership agreement with the principal investment advisor to the ERECT Fund. Jim Noland, President of PenTrust Real Estate Advisory Services, Inc. explains this partnership. The ERECT Fund exists to invest pension monies for union building trades, and to create construction jobs. We have wanted to invest in West Virginia for a long time, but could not find the right project or partner. The quality and scope of Waterfront Place project has exceeded all of our expectations. We could not be more pleased with the project and our partner Platinum Properties.
The excitement of this project has taken the city of Morgantown by storm. Mayor Frank Scafella has watched the riverfront property develop with the start of the Rail Trail in 1992, and is excited about the new Morgantown. We're hi-tech friendly with small town amenities, and now, we can boast a new Waterfront Radisson with a 52-mile Rail Trail at its front door, said Scafella.
City Manager Dan Boroff has partnered with Vision 2000 to see the promise and possibilities of the waterfront development project for many years. He feels that this is without question, the most exiting development in the City's recent history. The Radisson project announced today adds a significant new element to the City's character, personality and economic base. Particularly exceptional is to know that it was brought about by local entrepreneurs and businessmen investing in their own community to generate these very rich returns. They are to be applauded, commended and appreciated for making this very important project possible.
Terry T. Jones, President Morgantown Area Chamber of Commerce says, The Waterfront Complex is an excellent example of our local public/private partnerships that exemplify the designation of Morgantown as the No. 1 Small City in America.
Construction of the new Radisson Hotel is expected to begin by year's end, with a slated completion date in the third quarter of 2002. This development will join the West Virginia University Foundation and WVU Administration Offices currently underway at One Waterfront Place and the Waterfront Parking Complex, a 750-stall parking facility now under construction.
F. Duke Perry, President and CEO of the West Virginia University Foundation, Inc. expressed the positive outlook of the Foundation, The West Virginia University Foundation is very excited and extremely pleased with Platinum's plans for the hotel/conference center and its affiliation with Radisson. A material reason for the selection of the waterfront site to build our administrative office building was Platinum's commitment to develop a full service hotel and conference center on the adjacent property. We are very much looking forward to moving into our new facility and having such a fine neighbor as Radisson.
West Virginia University is pleased to be a part of the innovative development occurring along the Morgantown Riverfront, said President David C. Hardesty, Jr. The Radisson's modern, upscale accommodations right next door to the WVU Foundation's new office complex seems to me the perfect fit. It is partly because of the significant investments and initiatives like those undertaken by Platinum Properties -- and others -- that Morgantown is so often rated one of America's most livable small cities.
CONTACT: Petroplus & Associates
Laury Podolinski, 304/291-4001
fax: 304/291-4002
email: lwpod@petroplus.com
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