HOUSTON FIRST TO NEGOTIATE WITH RIDA DEVELOPMENT TO BUILD CONVENTION HOTEL

By Olivia Pulsinelli, Houston Business Journal | September 25, 2012
HOUSTON, TX -- Houston First Corp. said Tuesday it has selected RIDA Development Corp. to enter into exclusive negotiations to develop a downtown convention hotel.

HBJ reported earlier this month that RIDA Development and Dallas-based TRT Holdings/Omni Hotel were the only two teams still in the running to develop the hotel.

The 1,000-room hotel will be developed on the block immediately north of Discovery Green and will connect to the George R. Brown Convention Center via a skywalk.

Houston First expects the new hotel will increase the city's convention business, Houston First Chairman Ric Campo said in a Tuesday statement.

"We look forward to the day when Houston competes among the best convention destinations in the United States," Ira Mitzner, president of RIDA Development, said in the statement. Houston-based RIDA Development will team with Houston-based Morris Architects to develop the hotel.

Houston First selected RIDA Development from a pool of 11 teams that responded to a Request for Qualifications earlier this year.

"We had a strong response from outstanding teams that recognized the vitality of our convention district and the opportunities it poses for the future," Dawn Ulrich, president and CEO of Houston First, said in the statement.

"We are delighted to introduce our fifth Pittsburgh area hotel later this fall as the DoubleTree by Hilton Pittsburgh-Green Tree. The new name, look and feel of this outstanding hotel will be exciting for hotel team members, guests and the community alike," said Rob Palleschi, global head, DoubleTree by Hilton. "DoubleTree by Hilton looks forward to working together with RIDA Development and CAM Hospitality to create a rewarding hotel experience for the Borough of Green Tree and the greater Pittsburgh community in the months and years to come."

Later this year, Houston First plans to begin construction on a 1,800-space parking garage at the north end of the convention center, which will contain first-floor retail space and serve the public as well as the new hotel.

RIDA DEVELOPMENT CORPORATION ACQUIRES ICONIC PITTSBURGH HOTEL; WILL BECOME A DOUBLETREE BY HILTON WITH MULTI-MILLION DOLLAR RENOVATION

September 21, 2011
PITTSBURGH, PA -- RIDA Development Corporation has announced the planned purchase and accompanying $15 million transformation of the Radisson Hotel located in the Green Tree borough in Pittsburgh, PA. Extensive improvements are scheduled to begin immediately, with the 465-room DoubleTree by Hilton Pittsburgh-Green Tree becoming the newest and largest Pittsburgh-area hotel currently available within the Hilton Worldwide portfolio of hotels and welcoming guests to the brand in November 2011. Renovations are anticipated to be complete by the fall of 2012.

A powerhouse team of experienced hospitality talent has been brought together for the DoubleTree by Hilton Pittsburgh-Green Tree conversion and renovation. Renowned interior design company Looney & Associates leads the re-design, with RIDA Development Corporation, one of the country's leading hotel developers, overseeing the transformation of the property. CAM Hospitality Management has been awarded the management contract. The hotel will be operated under a franchise management agreement with a subsidiary of Hilton Worldwide.

"We are very pleased to conclude this transaction and to be part of the redevelopment of this Pittsburgh property that has been a mainstay for over 25 years," said Ira Mitzner, President of RIDA Development Corporation. "We look forward to establishing the DoubleTree by Hilton Pittsburgh-Green Tree as a premiere hotel for group, business and leisure travelers visiting the area. We are also pleased to add this property to our hotel portfolio with ownership interests exceeding 3,000 rooms nationwide and approximately $1 billion in value.

The $30,000+ per-room renovation will encompass 455 beautifully revamped guestrooms and suites, a striking new entryway leading guests into an expansive, completely updated lobby with furnishings and finishes evoking the feel of grand mountain lodge. An update of all public spaces of the hotel includes modernization of the hotel's two full-service restaurants, sports bar, marketplace, health club and more than 30,000 square feet of meeting space and event facilities encompassing 26 meeting rooms, a grand ballroom and a junior ballroom.

Aside from the fresh new look of all spaces in the hotel, the interior colors will represent the four seasons. Plush seating and large social areas will spill into the new upscale sports bar and grill, while in the new state-of-the-art health club there will be professional-grade Precor fitness equipment.

The DoubleTree by Hilton Pittsburgh-Green Tree provides complimentary shuttle service to many downtown attractions such as sports stadiums, the Andy Warhol Museum as well as the David L. Lawrence Convention Center. Providing complimentary parking, DoubleTree by Hilton Pittsburgh-Green Tree also shuttles to and from the airport free of charge.

DoubleTree by Hilton Pittsburgh-Green Tree guests will benefit from the characteristic qualities found at the brand's more than 265 DoubleTree by Hilton locations around the world, including the warm welcome of the brand's legendary chocolate chip cookie presented to every guest at check-in; an array of upscale amenities and guest services; the rewards of the Hilton HHonors® guest loyalty program; and a unique and caring team member commitment to the local community.

"We are delighted to introduce our fifth Pittsburgh area hotel later this fall as the DoubleTree by Hilton Pittsburgh-Green Tree. The new name, look and feel of this outstanding hotel will be exciting for hotel team members, guests and the community alike," said Rob Palleschi, global head, DoubleTree by Hilton. "DoubleTree by Hilton looks forward to working together with RIDA Development and CAM Hospitality to create a rewarding hotel experience for the Borough of Green Tree and the greater Pittsburgh community in the months and years to come."

For more information on the soon-to-be DoubleTree by Hilton Pittsburgh-Green Tree, please contact (412) 920-8097

RIDA DEVELOPMENT CORPORATION SELECTED AS HILTON WORLDWIDE DEVELOPER OF THE YEAR FOR HILTON ORLANDO

October 20, 2010
ORLANDO, Fla. -- At Hilton's Annual North American Hotel Development Conference in October 2010, RIDA Development Corporation and Ares Management were named as the 2009 Developer of the Year for their construction of the Hilton Orlando. The 1,400-room Hilton Orlando opened its doors September 2009 as the largest non-casino hotel completed in the U.S. in 2009.

Hilton Orlando is the first hotel to be connected to the Orange County Convention Center. A smart choice for today's business and leisure travelers, Hilton Orlando offers world-class facilities and amenities for both, including 175,000 square feet of meeting space, business center, WiFi access, six restaurants to suit all tastes, a comprehensive spa, immense pool and lazy river, nine hole executive golf course, tennis and basketball courts, and banquet facilities for special occasions.

Mr. Ira Mitzner, President of RIDA, explained that hundreds of thousands of hours of preplanning allowed for a flawless, cost effective design and on time construction execution during a difficult construction period in the U.S.

The hotel has exceeded both economic and bookings expectations since its opening in September 2009.

RIDA DEVELOPMENT CORPORATION TO BUILD $200M MIX-USE DOWNTOWN DEVELOPMENT TO TIE INTO SUNRAIL STATION

By Mark Schlueb, Orlando Sentinel | October 24, 2011
ORLANDO, FL -- The company that built ChampionsGate and Hilton Orlando plans to build a $200 million mixed-use project that would tie into SunRail's main station in downtown Orlando, the Orlando Sentinel has learned.

Orlando Mayor Buddy Dyer plans to announce details of the project today during his annual "State of the Downtown" speech.

The Central Station project is slated for a 5.6-acre parcel adjacent to the Lynx Central Station and across Orange Avenue from the Orange County Courthouse. RIDA Development Corp. bought the property for $15.1 million in 2008.

It would be the first example of transit-oriented development connected directly to SunRail, the 61-mile commuter train system scheduled to launch in 2014. A spine running through the center of the complex would link Orange Avenue with downtown's main SunRail platform at the Lynx center.

"With... Central Station, we have the emergence of the sustainable, walkable, transit-oriented development we've been talking about," Dyer said.

A hotel and midrise apartment buildings of seven to 10 stories would run along the north side of the property, along with ground-floor shops and restaurants. That's the first phase of the project, which would cost an estimated $100 million.

The second phase would feature office space on the south side of the property and cost another $100 million, but it would not happen until the office market improves.

The developer hopes to take advantage of the proximity of SunRail and the railroad tracks. They hope easy access to the rail system will be a selling point for apartment renters, and that downtown workers who take the train will provide retail traffic as they pass through the development going to and from the station.

"We're very excited," RIDA Senior Vice President Marc Reicher said. "We have the best multimodal site in Central Florida. This is going to further establish transit-oriented development and further establish the central business district."

The property, bounded by Orange Avenue, Amelia Street, Livingston Street and the Lynx headquarters, is the last large undeveloped parcel downtown. More than one developer has had big plans for the site that never materialized.

It was once owned by Ron Pizzuti, who proposed Orlando City Center, a tower topped by a large open cube. The Federal Aviation Administration refused to allow the nearly 500-foot-tall building, saying it would endanger Orlando Executive Airport air traffic.

Pizzuti sold the property to Palm Beach Land Trust, which in 2006 proposed a $250 million mixed-use project with off-kilter architecture. It, too, would have tied into the commuter-rail system. That developer sold the property to RIDA.

Reicher pointed to RIDA Development Corp.'s history of completing large projects under trying circumstances as evidence the company will succeed with Central Station.

In addition to ChampionsGate and the Hilton next to the Orange County Convention Center, the Texas-based company built the Omni Resort, the first major hotel in the country financed and built after the Sept. 11, 2001, terror attacks.

RIDA has a substantial portfolio in Texas, Florida, Poland, Germany, Russia and Ukraine.

"We're accustomed to finding paths to success in challenging economic times," Reicher said.

AEW CAPITAL MANAGEMENT, LP and RIDA DEVELOPMENT CORPORTATION ANNOUNCE NEW TRIPLE NET JOINT VENTURE

October 1, 2010 -- AEW Capital Management LP and RIDA Development Corporation have launched a joint venture to build an investment portfolio of triple net leased real estate. RIDA will act as the operating partner of the joint venture, acquiring the properties, while AEW will take on the role of financial partner. The venture has already acquired $30 million in property, and anticipates growing the portfolio by an additional $50 million in 2011. "When we decided to act on the opportunities we were seeing in domestic NNN retail, we knew we would need a dynamic, fast acting, partner for the acquisitions and management because of the margins and market efficiencies. Naturally, we thought of AEW, and within a few short months of our first meeting, we had executed an agreement and closed on five properties across the country." explained Ira Mitzner, President of RIDA Development.

AEW, one of the most respected real estate investments managers, has funds under management of $43 billion in the US and Europe. RIDA, also an international company, acts as the managing partner for over $3.5 billion in real estate worldwide and is the largest landlord to Metro AG in Poland and Germany. RIDA was named developer of the year in 2010 by Hilton Hotels for its work as the general partner of the 1,400 room Hilton Orlando. In December 2010, EUROBUILD Magazine awarded RIDA (Apollo-RIDA) the deal of the decade award for its acquisition in 2004 of the $1 billion portfolio of 28 Metro-anchored retail shopping centers from Metro AG of Germany.

DESPITE ORLANDO'S STRUGGLES, HILTON ARRIVES

Hotel Business Magazine/ October 7-20 / Vol. 18 No. 19
ORLANDO, Fla. -- With 1,400 rooms, 175,000 square feet of function space and a major complement of resort amenities, the Hilton Orlando represents a $385-million investment on the part of owner/developers RIDA Development Corp. and Ares Management, which was formerly known as Apollo Real Estate Advisors.

At the hotel's grand opening last month, lead developer Ira Mitzner, who is president of RIDA, made no bones about the faltering economy that has had a especially deleterious effect on markets like Orlando. "But long-term the prospects for the market overall and for our hotel in particular are very strong," Mitzner told the estimated 600 people gathered for the grand opening ceremonies.

Mitzner cited the hotel's location adjacent to the 2.1-million-square-foot Orange County Convention Center as a major advantage. "We're the only globally-branded, full-service hotel in close proximity to the convention center and the only one connected to it by a covered walkway," confirmed the hotel's general manager, Doug Gehert.

The hotel has had an almost 10-year long gestation. In 2000, with their convention center slated for a major expansion, Orange County commissioners signed off on plans to add two full-service hotels in the immediate vicinity of the center. "It was our sense that the area was underserved with upper upscale hotels and restaurants and we were looking to remedy that," recalled Tammi Runzler, the Orlando/Orange County Convention & Visitors Bureau's vp of convention sales and services.

The Hilton was the first of the two hotels to be completed. The other development site has been assigned to Hyatt Hotels Corp.

"Our intention is to bring additional group business to Orlando," Gehert said, noting that the 175,000 square feet of event space.

In his grand opening remarks, Mitzner acknowledged the lender on the project, a consortia of banks led by EuroHypo Bank AG, for its flexibility. "Despite the difficult financing environment, they were open to providing additional capital for improvements that everyone agreed would enhance the value of the asset," he said, citing the addition of a third ballroom as an example.

However, while the group business is critical for the hotel, the Hilton Orlando is positioned somewhat differently from traditional convention hotels in that it has a $35-million resort component built into it. "This should increase our appeal to the leisure market significantly," Gehert said. "And if you're a meeting attendee and have an hour or two to unwind and relax, this will allow you to maximize that time."

Included among those amenities are an outdoor swimming pool complex that includes a resort pool, a quiet pool, a lazy river, whirlpools and cabanas; a 15,000-square foot spa and fitness center; a jogging track; a nine-hole, golf putting course; and basketball, tennis, volleyball and bocce ball courts.

"The idea is that conference attendees can stay a few days longer or come a few days earlier," said the hotel's director of sales and marketing, Juan Garcia. "They can bring their families so they can create family time as part of the group experience."

What the hotel's senior sales manager, Joseph Critelli, described as the "smart design of the hotel's building" is intended to reinforce this dual appeal. "Architecturally, the building is in the shape of a T," Critelli said. "The shape places the resort amenities off to one side with the meeting facilities off to the other side. We like to say we've got something for everyone, whether you're here for business or leisure."

HKS Architects was in charge of the design of the building. Interiors were the work of Looney & Associates.

HOTEL DEVELOPER HAS BIG MXD PLANS DOWNTOWN

By Carl Cronan (editor of Real Estate Florida.)
ORLANDO, Fla. - (June 9, 2008) - RIDA Development Corp. has more than a million sf of mixed-use development in mind for its newly acquired 5.6-acre site at 400 N. Orange Ave. The Houston-based company bought the site for $15.1 million from Downtown Plaza LLC, says Grubb & Ellis Commercial Florida.

While Houston-based RIDA Development is known primarily for hotels, it is also determined to pursue retail and office components on its newly acquired site. However, company executives admit they will already need to make adjustments based on current economic conditions.

"We will probably go back to the city with a slightly different plan," Marc Reicher, senior vice president with RIDA Development in Orlando, tells GlobeSt.com. The most likely adjustments will be made to the project's office component, while the hotel and retail segments will move forward as planned, he says, adding that "we'd like to be able to do it all in one phase."

David Calcanis, vice president of Grubb & Ellis' Orlando-based Land Group, says the site is the last large parcel in the center of Downtown Orlando and has been approved for four towers housing 907,000 sf of offices, 76,000 sf of retail and restaurants, 150 residential condominium units, 150 hotel rooms, 50 residential/office lofts and a parking garage with more than 2,500 spaces. The land encompasses an entire block bordered by Amelia and Livingston streets, an exit ramp to Interstate 4 and the new Lynx Center Transit Terminal.

RIDA Development is certainly no stranger to the Central Florida market, having built the 1,500-acre ChampionsGate golf community in northwest Osceola County and the 1,400-room Hilton Orlando Convention Center hotel. The firm's local investments are approaching the billion-dollar mark, with the 400 North Orange project estimated at $250 million, Reicher says.

"We like to think we have a good understanding of mixed-use development," he says. "We want to create something smart, something vibrant and something that enhances this part of the Downtown corridor."

CHAMPIONSGATE DEVELOPER IS LOOKING FOR MORE LARGE PROJECTS

RIDA Development Corp. says it seeks opportunities in state's midsection.

By Mike Grogan
The Reporter
FOUR CORNERS - CHAMPIONSGATE, Fla. - (October 16, 2007) - ChampionsGate's developer is seeking new projects here. "We're looking throughout Central Florida, and that includes Polk County," said Marc
Reicher, senior vice president of operations for ChampionsGate.

His comment came on the heels of a report that RIDA Development Corp. expects to expand ChampionsGate by buying land near the 1,500-acre resort it has built in southwest Osceola County.

But, as Reicher pointed out, RIDA is not confining its search for development to just the area around ChampionsGate. It's looking for large projects throughout the state's midsection.

"We have always performed better with large-scale assets," Reicher said, noting that RIDA has the resources and proven track record for developing large projects.

"We're not going to be doing a series of Publix centers," was the way he put it.

ChampionsGate is one example of the kind of projects the corporation seeks.

Another example is the 1,400-room Hilton Orlando Hotel it is developing at the Orange County Convention Center along with Apollo Real Estate Advisors of New York and Hilton Hotels Corp.

The fact that there has been a slowdown in the housing market in recent months is not acting as a deterrent to more expansive development.

In fact, RIDA President Ira Mitzner said, it is a plus factor because land prices have stabilized and, in some cases, dropped.

"The pause in single-family-home building creates an opportunity for a company like ours with a long-term vision to acquire 300 to 500 acres that we can just hold for two or three years until the market regains its robust pace, and then use that to launch additional residential or commercial development," Mitzner said in a news release.

RIDA, a Houston-based real estate development company, started buying property in Osceola County for the ChampionsGate project 20 years ago and has since developed that land into a multi-use golf resort and community that includes the Omni Resort Hotel, single-family-home developments and a shopping area.

Those residents did not have shopping facilities anywhere in the vicinity until ChampionsGate made commercial development possible in the early part of the 21st century.

Mitzner said RIDA and Apollo have invested about $500 million in ChampionsGate and plan to invest about $1.5 billion more there in the next 15 years - possibly buying additional nearby land.

And he said his company has always believed in the potential for this part of Central Florida.

"When we came here, there were more cows than people," he said. "We foresaw growth of the I-4 corridor west of (U.S.) 192 past Disney when many local real estate people believed it would never happen in their lifetime."

'GROWING' CHAMPIONSGATE MAY INCLUDE MORE LAND ACQUISITION IN OSCEOLA COUNTY, RIDA PLANS ADDITIONAL FLORIDA DEVELOPMENT TOO

CHAMPIONSGATE, Fla. - (August, 2007) - RIDA Development Corporation, who is developing the 1,500 acre, $2 billion ChampionsGate Resort in Osceola County with Apollo Real Estate Advisors of New York and the 1,400 room Hilton Orlando Hotel at the Orange County Convention Center with Apollo and Hilton Hotels Corp., may 'grow' ChampionsGate by acquiring additional parcels nearby.

Ira Mitzner, who became president of the Houston-based global real estate development company three years ago, said land price fluctuations could make additional land acquisition feasible.

"RIDA and Apollo have invested about $500 million at ChampionsGate so far and plan to invest about $1.5 billion over the next 15 years," Mitzner said. Some of that investment could include additional land acquisitions.

"We see opportunities here," said Mitzner. "The pause in single-family homebuilding creates an opportunity for a company like ours with a long-term vision to acquire 300 to 500 acres that we can just hold for two or three years until the market regains its robust pace, and then use that to launch additional residential or commercial development," he said.

Mitzner said RIDA's advantage is diversity. "We have core competency in almost every product type, whether in the U.S. or Europe," Mitzner said. "We have developed retail, office, industrial, hotel, resort, residential condominium, multifamily apartments and land," he said. "Besides ChampionsGate, we're also looking for other opportunities around the state that fit our vision and core competencies."

Mitzner said RIDA is focusing on the I-4 corridor. "ChampionsGate, a little over an hour from both coasts, halfway between Tampa and Daytona Beach is in one of the most active corridors for development in the U.S.," Mitzner said. "We can develop anywhere in Florida, and we are looking at projects regionally, but we have built close relationships here in Central Florida and to the extent that we can develop near our home base, it makes life easier," he said.

Mitzner emphasized that a top priority at ChampionsGate is to create an upscale retail village. "It's very important," Mitzner said. "ChampionsGate offers excellent convenience shopping with Publix, Walgreens and the ancillary stores, but what we need is a place for someone to sit at a piano bar, or to enjoy a beer, or a coffee or to just shop," he said.

RIDA will spend as much as $75 million to develop 100,000 square feet of commercial space and 200,000 square feet of residential, Mitzner said. Residential components could include luxury apartments or condominiums.

"The market will determine what we sell," Mitzner said. "We will determine the quality, and it will be exceptional."

OMNI ORLANDO RESORT AT CHAMPIONSGATE FINALIST FOR DEVELOPMENT OF THE YEAR

American Lodging and Investment Summit announced top three resorts

CHAMPIONSGATE, Fla. - (January 26, 2005) - RIDA Development Corporations Omni Orlando Resort at ChampionsGate, was named one of the top three resort developments in the country as part of the American Lodging and Investment Summits Development of the Year award.

Other finalists included the Gaylord Texan Resort and Convention Center and the Mandarin Oriental in Washington, D.C.

It is an honor to be a finalist along with the Mandarin Oriental and the new Gaylord Texan for such a prestigious award, said Ira Mitzner, president of RIDA Development Corporation. We are pleased the selection committee recognized the quality and meticulous design standards the resort was built to meet.

The Omni Orlando Resort at ChampionsGate welcomed its first group in October a remarkable feat considering the new flagship Omni Hotel was the first major resort hotel in the nation financed and built following 9/11. The ChampionsGate resort also finished construction by overcoming an unprecedented trio of hurricane hits just prior to opening.

The Omni Orlando Resort at ChampionsGate is one of the premier golf resorts in the country and includes more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa, and two challenging par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman. ChampionsGate is also home to the world headquarters of the David Leadbetter Golf Academy and host to the annual Office Depot Father/Son Challenge.

About Omni Orlando Resort at ChampionsGate
The Omni Orlando Resort at ChampionsGate is Florida's newest luxury golf and meetings destination resort. The Mediterranean-style resort, which opened in October 2004, features 730 guest rooms and suites, more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa and six restaurants.

About ChampionsGate
ChampionsGate is Florida's premier golf resort community, encompassing some 1,500 acres southwest of Orlando. ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of Walt Disney World Resort.

ChampionsGate is being developed as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corporation of Houston. ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, town homes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the regions largest resort destinations.

CHAMPIONSGATE WELCOMES OMNI RESORT

New 730-room destination is heart of the golf lifestyle community

CHAMPIONSGATE, Fla. - (December 6, 2004) - ChampionsGate golf resort, southwest of Orlando, celebrated the official opening of the Omni Orlando Resort at ChampionsGate Saturday, with the slicing of a red ribbon by golfing great Arnold Palmer, community developers, David and Ira Mitzner, Lee Neibart, and Omni Hotels president Mike Deitemeyer.

The new flagship resort for Omni Hotels is the first major hotel project nationwide financed and completed after 9-11. The 730room Omni Orlando Resort is at the heart of ChampionsGate, and represents a new landmark for Central Florida tourism. At 16 stories, the resort is the tallest building in Osceola County.

The Omni Orlando Resort is a testament to the vision of my father who believed in this location years before it emerged as a prime destination, said Ira Mitzner, president of RIDA Development Corporation. The fact that the hotel opened on time showcases the commitment of our partners within the ChampionsGate family.

The new Omni is a partnership that includes New York-based Apollo Real Estate Advisors and Houston-based RIDA Development Corporation. Major lenders were skeptical about approving new loans for hotels after 9-11, especially in the Orlando market. Yet, both Omni Hotels and RIDA Development Corporation were confident Orlando needed more high-end properties.

It took a great deal of soul searching and number crunching to get the deal done, said Mitzner, But we believe this is a perfect fit for the community and Orlando has a strong demand in the luxury resort segment.

After financing, RTKL spearheaded the design, and Welbro Construction made the resort come alive. At first, the building breezed along on time. Then Mother Nature christened the resort with hurricanes Charley, Francis and Jeanne, and a glancing blow from Hurricane Ivan, just as the Omni was nearing completion.

The hurricanes hit at the finishing stretch. We were racing to put the final touches on the hotel and all of a sudden we had to deal with threats of 115-mile-an-hour winds, said John Fischer, vice president RIDA Development. We basically planted the trees around the resort four times.

The storms put strain on last-minute supplies and government approvals. Inspectors worked long hours to try to keep the new resort on track and on schedule.

ChampionsGate a welcome neighbor
The coordination with Osceola County was fabulous. Without the work of the inspectors and building department during a challenging time for our county, we could not have completed this project, Mitzner said. We owe them a debt of gratitude.

Actually, it is Osceola County officials who say they are thankful for ChampionsGate. The development is expected to pump millions of dollars in property resort fees and sales taxes into the county. The Omni is an example of the upscale hotel development that the county craves.

The opening of Omni Orlando Resort at ChampionsGate could not come at a better time, said Ken Shipley, chairman of the Osceola County Commission. This brings a stunning four-star property to our area that we expect will serve as a beacon to welcome guests to Central Florida. Ira and David Mitzner are the most professional team I have had the pleasure to work with and for that I am incredibly thankful.

For Omni Hotels, the opening represents a new flagship hotel in the top tourism destination in the country. The destination golf resort includes more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa, and two par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman.

ChampionsGate hosts the Office Depot Father/Son Golf Challenge, nationally telecast on NBC-TV. ChampionsGate is also home to the world headquarters of the internationally acclaimed David Leadbetter Golf Academy.

The reception The Omni Orlando Resort has received since welcoming it first guest this past October is heartwarming, said Michael Deitemeyer, president of Omni Hotels. We helped design this hotel so it would be built to four-star standards and would represent the sensible luxury that Omni delivers to its guests. Our standards were tested even before opening.

At ChampionsGate, the Omni is just the beginning. Del Webb has announced plans to build, BellaTrae a $200 million community of luxury town homes, condos and villas near the new resort. Construction is also about to start for the Villas at ChampionsGate, a luxury condo community of nine buildings with a variety of floor plans designed to meet the high standards of future owners and residents.

We are really building a lifestyle, Mitzner said. With the new Omni Orlando Resort, this community has the heart of a champion. It is clear that nothing is going to stop us from achieving greatness and bringing to Central Florida a new vacation destination and a new hometown.

About ChampionsGate
ChampionsGate is Florida's premier golf resort community, encompassing some 1,500 acres southwest of Orlando. ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of Walt Disney World Resort.

ChampionsGate is being developed as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corporation of Houston. ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, town homes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the regions largest resort destinations.

OMNI ORLANDO RESORT AT CHAMPIONSGATE OPENS ON TIME - DESPITE FLORIDA HURRICANES

New 730-room destination golf resort stands tall as a symbol of resilient Florida tourism

CHAMPIONSGATE, Fla. - (October 11, 2004) - The Omni Orlando Resort at ChampionsGate welcomes its first group today - a remarkable feat considering the new flagship Omni Hotel won approval in the shadow of 9/11 and finished construction by overcoming an unprecedented trio of hurricane hits from Charley, Frances and Jeanne.

"To open any hotel on time is an accomplishment but this is something that took Herculean effort," said Andy Papoutsis, vice president and managing director of Omni Orlando Resort at ChampionsGate. "Overcoming adversity is the cornerstone of this great project. Everyone from the operations team, to the construction crews to the county building officials and of course the incredible Omni Orlando at ChampionsGate staff should be very proud that this project is opening as scheduled."

For Omni Hotels, the opening is a welcome sign. The luxury hotel brand has a flagship hotel ten minutes from the gates of Walt Disney World in one of the top tourism markets in the country. The new property is expected to be one of the premier golf resorts in the country and includes more than 70,000 square feet of meeting space, a 10,000 square-foot European-style spa, two challenging par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman.

The ChampionsGate courses are host to the annual Office Depot Father/Son Golf Challenge, nationally telecast on NBC-TV. ChampionsGate is home to the world headquarters of the internationally acclaimed David Leadbetter Golf Academy.

"We are honored and delighted that this property withstood its many challenges," said Michael Deitemeyer, president of Omni Hotels. "We helped design this hotel so it would be built to four-star standards and would represent the sensible luxury that Omni delivers to its guests. Our standards were tested even before opening as the building and surrounding grounds withstood three direct hurricane hits."

The Omni Orlando Resort at ChampionsGate is also good news for local tourism officials. The pristine resort, with its poolside cabanas, lazy river, towering palm trees and water fountains, is a sight most people don't associate with 'Florida in the post-hurricane world.

"The opening of Omni could not come at a better time," said Ken Shipley, Chairman of the Osceola County Commission. "This brings a stunning four-star property to our area that we expect will serve as a beacon to welcome guests to Central Florida."

The unprecedented Florida weather has not stopped groups from booking meetings and events at the resort. More than 50 groups have made plans to come in the first three months alone.

"Our groups are excited about experiencing the hotel and surrounding natural beauty of ChampionsGate," said Paul Pebley, director of sales and marketing. "In addition to the group business, our resort is a wonderful destination for vacationing families and golfers."

The Omni Orlando Resort offers introductory rates, including a preview rate of $146 per night through January 16, for guests who come and stay three nights or more. For reservation information, call 1-800-THEOMNI, or visit www.omniorlandoresort.com.

About Omni Orlando Resort at ChampionsGate
The Omni Orlando Resort at ChampionsGate is Florida's newest luxury golf and meetings destination resort. Open in October 2004, the Mediterranean-style resort features 730 guest rooms and suites, more than 70,000 square feet of meeting space and a 10,000 square-foot European-style spa.

Open for four years at ChampionsGate are two challenging par-72 championship golf courses, the National and the International, designed by golf great, Greg Norman, which have been honorably mentioned in Golf Magazine's "10 Most Distinctive Places to Play". The ChampionsGate courses are host to the annual Office Depot Father/Son Golf Challenge, nationally telecast on NBC-TV. ChampionsGate is home to the world headquarters of the internationally acclaimed David Leadbetter Golf Academy.

The Omni Orlando Resort at ChampionsGate is the centerpiece of ChampionsGate's 1,200-acre golf-resort community. ChampionsGate is near Orlando's popular attractions, but situated in a relaxed, natural setting carefully designed to complement its Florida surroundings.

CONSTRUCTION BEGINS ON THE VILLAS AT CHAMPIONSGATE

New condos will target vacationers, golfers seeking extra space at ChampionsGate

CHAMPIONSGATE, Fla. - (May 11, 2005) - The developers of ChampionsGate started construction today on the first phase of The Villas at ChampionsGate, a new condominium hotel that will become a part of the Omni Orlando Resort at ChampionsGate.

Villas will be aimed at giving vacationers to the world-class golf resort the space and comforts of home all in a setting that will include the amenities of a luxury hotel. The new vacation villas will expand the leisure and executive business market for ChampionsGate.

Condo hotel amenities are increasingly popular, particularly in Florida. Their presence at ChampionsGate answers the demand for this style of living and vacationing, said Ira Mitzner, managing partner of RIDA Associates, L.P., who is developing the project in a joint venture with Apollo Real Estate Advisors. With the Omni's luxurious amenities and the golf facilities right out the door, the condo hotel is the perfect fit for the first phase of The Villas at ChampionsGate.

RIDA Associates is overseeing construction of the 57-unit condo hotel that will include two- and three-bedroom, privately owned villas. Each unit runs from 1,424 to 2,260 square feet. Welbro Construction, which built the Omni Orlando Resort at ChampionsGate, has been selected as the general contractor for the condo hotel project. Omni Hotels will manage the condo hotel units.

Even before the first shovel of Florida sand has been turned, ChampionsGate has received dozens of reservations. Set to open in 2006, prices for the villas start at $489,900.

The condo hotel units in The Villas at ChampionsGate will be an extension of the successful Omni Orlando Resort, a new 730-room hotel that opened in the fall of 2004. Owners and guests in the condo hotel will have the privilege of using all of the Omni Orlando Resorts amenities, including the 10,000 square-foot European-style spa, three pools and upscale dining at Zen, David's Club and Trevis. Guests can take advantage of the world headquarters of the David Leadbetter Golf Academy as well as the two Greg Norman-designed golf courses on property.

Villa owners will have the option of placing their units in a rental program to be managed by Omni Orlando Resort when they are not using the units. The villas will expand on a popular market for Omni business and vacation guests.

We've seen great demand for the resorts 30 suites and the new condo hotel units will provide a wonderful setting for families and golfers looking for spacious accommodations, said Andy Papoutsis, vice president and general manager of the Omni Orlando Resort. Many golfers, especially those traveling in small groups prefer the comforts of the villas-style condos. The Villas at ChampionsGate will give the feel of a private residence with all the sensible luxuries of our resort.

RIDA Development has two sales offices for The Villas at ChampionsGate, one at 8390 ChampionsGate Blvd., Suite 100, and a second information center on the main lobby level of the Omni Orlando Resort. Sales information on The Villas at ChampionsGate is also available online at www.ChampionsGate.com/residential.

About ChampionsGate
ChampionsGate is Florida's premier golf resort community, encompassing some 1,500 acres southwest of Orlando. ChampionsGate, with its beautifully designed double gates, welcomes visitors off Interstate 4, just south of Walt Disney World Resort.

ChampionsGate is home to the world headquarters of the David Leadbetter Golf Academy, the new Omni Orlando Resort at ChampionsGate, a flagship resort for Omni Hotels, and two championship golf courses designed by Greg Norman. The community is also host each December to the nationally televised Father/Son Golf Challenge, which pairs up major championship winners with their sons.

ChampionsGate is being developed by RIDA Associates LP as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corporation of Houston. ChampionsGate has a projected value of approximately $1 billion and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, town homes and apartments, 36 holes of golf, and 426,000 square feet of retail space, making ChampionsGate one of the regions largest resort destinations.

GRABBING UP AWARDS

At a ceremonial gala at the InterContinental Hotel Jan. 27, Quality Awards were presented to outstanding developments and companies in Central and Eastern Europe in 2004.

By Ewa Kielak-Ciemniewska
The Warsaw Voice

WARSAW, POLAND - (February 2, 2005) - The top winners were the Arkadia shopping mall in Warsaw and the developer GTC. Arkadia was awarded as the CEE Retail Development of the Year 2004, and also received the Grand Award as the CEE Outstanding Development of the Year 2004. The mall, developed by BEG Group and Cefic, has collected a large number of other awards as well. For example, last year it was distinguished by the Integracje (Mainstreaming) association as the most disabled-friendly facility in Warsaw.

Glob Trade Centre, the developer which began operating in Warsaw 13 years ago and is now active in six countries, was named the best developer of 2004 and distinguished with the Grand Award as the CEE Outstanding Company of the Year 2004.

Awards also went to other Warsaw projects such as Crown Investments developed by Ghelamco-in the Office Development category, and the Opera building, handled by Dom Development-in the Residential Development category.

The title of the best Industrial & Logistics Development went to Budapest's Cefin Logistic Park, developed by Cefin Real Estate Romania. In the Commercial Development category, Budapest's Four Seasons Hotel (developer Gresco RT.) was awarded, while in the Mixed Use Development category-the Europa Center in Vilnius erected by JSC Hanner.

Apollo-RIDA was named best investor, and Aareal Bank-best Banking & Finance Company. Colliers International was awarded as best agency, and the title of best Retailer went to Poland's LPP company in Lodz, owner of the clothing brand Reserved. EC Harris was awarded in the Commercial Services Company category. The winner of the Grand Award for outstanding professionalism in the sector was Haris Van Luijken from Parkridge CE Development company.

Central & Eastern European Real Estate Quality Awards were granted for the second time this year by a 16-member international panel of judges, made up of CEO's operating in these countries. Among the awards, one was particularly important-granted to the most respected and prestigious representative of the community, a person who deserves this award not only because of their business achievements but also because of their personal merits. This year's laureate of the CEE Real Life Achievement Award was David Mitzner, founder and president of Apollo-RIDA.

The presentation of the award to top executive Mitzner, received a standing ovation. Mitzner, born in Warsaw to a Jewish family, lost his close ones during the war and the Holocaust. After eight years in a Soviet gulag, he left Europe and arrived in New York without knowing the language and with only a few dollars in his pocket. He founded a company that eventually became a leading developer on the U.S. market. In the early '90s, Apollo-RIDA began operating in Poland, Mitzner's native country. The Ericsson Center, Park Tower, Renaissance Tower and Zeran Park are all projects that have been carried out in Warsaw by Apollo-RIDA. Mitzner's company also owns the tallest office building in the city-Warsaw Trade Center, and recently conducted the market's largest transaction-buying the Metro retail center chain for $1 billion.

The initiators and organizers of CEE Quality Awards are Central & Eastern European Real Estate Guides and Imagine Media Marketing & Events.

DEL WEBB TO BUILD $200 MILLION COMMUNITY AT CHAMPIONSGATE

New 730-room destination golf resort stands tall as a symbol of resilient Florida tourism

ORLANDO BUSINESS JOURNAL - (October 14, 2004) - Del Webb, a division of the Pulte Homes Corp., has agreed to purchase land in ChampionsGate, ushering in a new luxury residential community within a growing golf resort.

With construction scheduled to begin in 2005, the $200 million community will include luxury condominiums, carriage homes and town homes. Del Webb's selling price will start in the high $100s to the high $200s.

"Del Webb's purchase represents a $200 million investment in ChampionsGate and brings the total investment commitment to well over $500 million," says Ira Mitzner, managing partner of RIDA Associates L.P., in a prepared statement. "Del Webb also reinforces the ChampionsGate experience, offering golf resort living for people who want to reside in a high-activity master planned community."

Encompassing some 1,500 acres southwest of Orlando, ChampionsGate is being developed as a joint venture by Apollo Real Estate Advisors of New York and RIDA Development Corp. of Houston. ChampionsGate has a projected value of approximately $850 million and is expected to include 2,864 hotel rooms, 2,136 resort villas, condominiums, town homes and apartments, 54 holes of golf, and 426,000 square feet of retail space -- making ChampionsGate one of the region's largest resort destinations.

The community is home to the new Omni Orlando Resort, a 730-room luxury golf resort, World Headquarters of the David Leadbetter Golf Academy, two 18-hole Greg Norman-designed championship golf courses and a 35,000 square-foot clubhouse.

TWO GIANT RESORT DEVELOPMENTS - REUNION RESORT AND CHAMPIONSGATE NOT CONCERNED ABOUT HEAD-TO-HEAD COMPETITION

No Davids in this fight. This one is Goliath vs. Goliath.

By Jack Snyder The Orlando Sentinel, Fla.
Knight Ridder/Tribune Business news

CHAMPIONSGATE, Fla. - (April 22, 2002) - Alongside Interstate 4 on the far side of Walt Disney World, two giant resort developments -- Reunion Resort and ChampionsGate -- are rising from the earth.

Not since Disney and Universal Studios both announced movie-studio attractions a few miles apart have twin developments of such size been launched in Central Florida. And this time the would-be competitors are right down the street from each other - the "street" being I-4.

Yet the developers of these two mega-developments express little concern about the head-to-head competition. They insist the two projects - comprising vacation-oriented hotels, time-shares, condos, villas, apartments and single-family homes, as well as retail and office space - will complement each other and perhaps lead to an I-4 resort corridor second only to Disney itself.

Combined, the two developments total nearly 4,000 acres -- about the size of Hunter's Creek, the south Orange County community that's considering incorporation as a town or city.

Development costs for the two are expected to approach $3 billion altogether -- roughly what Universal Orlando paid to build its Islands of Adventure theme park, several hotels, two giant parking garages and the CityWalk entertainment complex.

Resort developments come in all sizes and forms, from Disney's 27,000-acre complex, with its own theme parks, to Vistana, which is strictly a time-share resort. Both Reunion Resort and ChampionsGate are designed to appeal to a wide range of customers, from vacationers and business travelers to investors and year-round residents.

Both projects have golf courses designed by high-profile designers. Both will have hotels, time-shares, permanent and part-time residents, and both retail and office space. Both expect to feed off their proximity to Walt Disney World, fronting I-4 in Osceola County between Disney's southern gateways and the Polk County line.

Reunion Resort is being developed by The Ginn Co., which recently shifted its focus to Central Florida. Bobby Ginn, president, has extensive experience in resort development, including operations in Hilton Head Island, S.C., and Palm Coast north of Daytona Beach.

ChampionsGate is being developed by Apollo Real Estate Advisors of New York and RIDA Development Corp. of Houston.

Are the two giant developments going after the same customer?

"There's room for both of us," said Ira Mitzner, RIDA's chief operating officer. "We're very bullish about the next five to 10 years."

Mitzner said the two projects will likely each seek subtle niches for their development. For instance, he expects Ginn's Reunion Resort to have more permanent residents than ChampionsGate.

Ginn said the presence of ChampionsGate -- it was already under construction when he bought the land for Reunion Resort -- was actually a factor in his decision to proceed.

The biggest factor was that the land was "the perfect location" for the large resort community he intended to develop, he said, "but when we do a big development, we [also] want to control our environment. The worst thing is the unknown."

With ChampionsGate already under way, he said, "I know what's around me."

Reunion Resort is bordered by both ChampionsGate and Disney's Celebration community, which is filled mostly with year-round residents. The overall character of the area is "top quality," Ginn said.

So far, the two developers have each invested more than $100 million in their projects.

ChampionsGate already has two golf courses open -- both designed by professional golfer Greg Norman. The development is also home to a David Leadbetter Golf Academy. Leadbetter is one of the biggest names among golf instructors in the country.

Golf also looms large in Ginn's plans for Reunion Resort. Two courses -- one designed by Tom Watson, the other by the legendary Arnold Palmer-- are now under construction on the east side of I-4. A third, designed by Jack Nicklaus and his son, is planned for Reunion land on the west side of the highway, just north of ChampionsGate. That course should be under construction by the end of this year, Ginn said.

At 2,300 acres, Ginn's development is the larger of the two. It is planned for 3,000 single-family houses; another 4,145 residential units, ranging from apartments to condominiums, time-shares and villas; 1,200 hotel rooms; and 2.1 million square feet of commercial space.

ChampionsGate's 1,204 acres are planned for a little more than 1,600 residential units, ranging from condominiums and time-shares to single-family homes; three golf courses; more than 4,000 hotel rooms; and 574,000 square feet of commercial space.

Similarities aside, the developers view their resorts differently.

Mitzner says ChampionsGate is a "seasonal playground" that will appeal to winter residents, some permanent residents and affluent people drawn by the project's many golf-oriented amenities.

He said the development is very close to securing a 732-room Omni resort hotel that would rival the Ritz-Carlton now under construction in south Orange County and the Four Seasons Hotel proposed for nearby Celebration. The hotel would be located so that it served the golf courses.

Ginn doesn't dispute Mitzner's prediction that Reunion Resort will end up with more permanent residents than ChampionsGate. Initial reservations and sales indicate that about half the development's buyers could be year-round residents.

He sees Reunion Resort as a "family resort town that will bring together the elements of suburban seclusion, small-town America and hotel-quality vacationing in ways unmatched by any Central Florida vacation destination."

Michael Beyard, a senior resident fellow at the Urban Land Institute in Washington, D.C., said that, when developers go head-to-head in the same market, it's because they think demand will be great enough for both projects to succeed.

"Sometimes, that's not the case," Beyard said. "Sometimes both languish."

The bottom line, he added, is that developers are risk takers. "The up-front costs in resort development are huge, and the risk is big, too," Beyard said.

The presence of all those high-class hotel rooms in Osceola County, with meeting rooms and some exhibit space, doesn't concern Tom Ackert, executive director of the Orange County Convention Center. He said he views the resorts as a plus for his facility.

For instance, he said, exhibitors using Orange County's sprawling convention center on International Drive may want to organize events at the resorts because of the golf amenities.

Abe Pizam, a University of Central Florida tourism professor, thinks the industry will have to not only recover from the recession and last year's terrorism but also start a strong expansion for the two resorts to do well.

He noted that time-share units compete with regular hotel rooms. "You build more time-shares, you need more demand," he said.

Pizam does see tourism-related development moving southwest along I-4 from Orange and Osceola into Polk County.

"There aren't too many places [near Disney] where you can do those things," Pizam said, adding that the two resorts were "smart" to grab locations so close to Disney's theme parks.

Both Reunion Resort and ChampionsGate want to tap into the second-home investor market, which is very big on the relatively undeveloped southwest side of Disney World. Investors, many foreign, have been buying thousands of single-family homes in northwest Osceola and northeast Polk County in recent years. Buyers tend to use a home part of the year and rent it out the rest of the time.

Big home builders like Centex Homes are putting in entire subdivisions targeted to this market.

The trend is so strong in Polk that 30 percent of the county's $3.8 million in resort taxes last year came from rentals of single-family vacation homes instead of hotels, said Lynn Collins, executive director of the county's Central Florida Visitors & Convention Bureau.

The Western Beltway is scheduled to connect with I-4 at the properties when it's built. Ginn hopes to build an overpass over the interstate to connect the east and west portions of Reunion Resort.

Mitzner said RIDA has been interested in the area since it bought its first parcels of what now is ChampionsGate in the mid-1980s.

"We always knew we wanted to be in the south I-4 corridor," he said. "That's where the activity is going to be."

Ginn said Reunion Resort's location fit what he had spent 15 years looking for in a major resort destination.

Both say they're ready for the competition.

"How much better can it get?" Ginn asked. "It's the free-enterprise system at work."

THE DEVELOPERS
Ginn Co. (Reunion Resort) is run by President and Chief Executive Officer Edward Robert "Bobby" Ginn III. Ginn is a third-generation South Carolinian whose father was in construction. The Ginn family also has ties to timber and agriculture operations in South Carolina. Ginn's mother is an artist known for paintings of Charleston scenes. Ginn, 53, was born in Hampton, S.C. Two sons work with him in Ginn Co. and a daughter is still in high school.

He has developed projects at Hilton Head Island, S.C., and Palm Coast north of Daytona Beach but recently shifted his development focus to Central Florida. His Central Florida holdings include Reunion Resort and Club, 2,300 acres; the Pine Island area in Lake County, nearly 1,700 acres; a planned business park on the GreeneWay near Orlando International Airport, 1,700 acres; and a development in Port St. Lucie, 1,400 acres.

Apollo Real Estate Advisors LP and RIDA Development Corp. (ChampionsGate) are, respectively, a New York investment company and a Houston developer. Apollo manages capital for four real estate investment funds; since its formation in 1993, it has invested approximately $3 billion. RIDA is run by David Mitzner and his sons, Jacob and Ira.

Founded in the 1970s, the company has developed retail centers, office buildings, distribution centers, homes and mixed-use projects. It developed Renaissance Center adjacent to Altamonte Mall in Altamonte Springs. David Mitzner is a native of Warsaw, Poland, who escaped the Holocaust during World War II by coming to the United States. He recently started developing real estate in Poland in addition to his U.S. projects.