AECOM Technology Corporation
) recently announced that its investment wing AECOM Capital has
formed a joint venture (JV) with diversified real estate firm Lowe
Enterprises and Atlas Hotels, Inc. for the ownership and management
of the Town and Country Resort & Convention Center based in San
Diego. The financial terms of the deal were kept undisclosed.
The JV will be investing in the upgrade and modernization of the
infrastructure. Subsequently, a long-term property development
program will be formed to undertake the repositioning and
transformation of the resort.
Town and Country Resort & Convention Center is a plush
resort, spread over an area of 40 acres and is located in the
Mission Valley area -- one of the most sought-after destinations in
The property's prime location was one of the key attractions for
this investment. This hotel is only a few miles away from the beach
and downtown San Diego. Nearby places like 27-hole Riverwalk Golf
Club, Fashion Valley, shopping malls and most importantly a San
Diego trolley light rail stop make it a desirable destination for
The hotel comprises two towers and several luxuries intended to
make its visitors more comfortable. Moreover, the resort has a
200,000 square-foot convention facility that makes it the largest
in the area, a 41,000-square-foot Grand Exhibit Hall and over
50,000 square feet of outdoor event space. Apart from these, the
resort has luxurious recreational and dining facilities and a
14,000-square-foot Bella Tosca Day Spa.
This investment is a strategic move by AECOM to tap the
potential of the booming tourism industry in San Diego. The
resort's modern amenities along with its key location and adequate
space for future upgradation make it ideal to meet the challenging
needs of the industry.
Atlas Hotels are the long-time owners of this property whereas
Lowe has expertise in the management of mega resorts via its
hospitality management subsidiary. Consequently, both offer a
unique competitive advantage for the success of the JV project.
AECOM currently carries a Zacks Rank #4 (Sell). However, some
better-ranked stocks that can be considered include
Pernix Group Inc
Willdan Group, Inc.
Quanta Services, Inc.
). While Pernix Group and Willdan Group both sport a Zacks Rank #1
(Strong Buy), Quanta Services carries a Zacks Rank #2 (Buy).
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