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HOTEL DEL CORONADO ANNOUNCES COMPLETION OF A MORE THAN $550 MILLION, MULTI-YEAR RESTORATION

1. Blackstone completed a $550 million restoration of Hotel del Coronado. 2. Victorian building revitalization enhances resort appeal and historical significance. 3. New dining options include Nobu Del Coronado and Veranda restaurants. 4. The restoration created over 300 resort jobs and thousands of construction jobs. 5. Hotel del Coronado positions itself as a premier destination for visitors.

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Why Bullish?

The completion of the renovation enhances the asset value of Hotel del Coronado, which may lead to increased revenues for BXMT, its financing entity. Historical precedents indicate that investments in hospitality often yield high returns, especially after extensive renovations that attract new clientele.

How important is it?

This event signals strong management of Blackstone Real Estate, whose success in revitalizing properties positively reflects on BXMT's value as a real estate finance entity.

Why Long Term?

The financial benefits from the renovation will likely unfold over several quarters as the property attracts more visitors, increasing occupancy and revenue streams for BXMT. Investments in hotel renovations typically have long-term positive impacts on cash flows and market positioning.

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Revitalization of Victorian Building Marks Culmination of Property-Wide Renovation, /PRNewswire/ -- The legendary Hotel del Coronado today announced the completion of the revitalization of its iconic Victorian building, the final milestone in Blackstone Real Estate's more than $550 million restoration plan to enhance and reinforce Hotel del Coronado's legacy for generations to come. Hotel del Coronado aerial property image "From its earliest days, Hotel del Coronado has been a pioneer, continuously redefining the resort experience," said JP Oliver, managing director, Hotel del Coronado. "After this transformative journey, we are proud to set a new benchmark for resort excellence and continue exceeding expectations for a new era of guests and visitors." The completion of the Victorian Neighborhood encompassed a total restoration of its front porch and lobby, main entry, and drive experience, as well as updates and enhancements to all Victorian guestrooms, the Victorian garden courtyard, event spaces (including the iconic Crown Room), and the addition of two new dining destinations: the acclaimed Nobu Del Coronado and Veranda, an al fresco dining experience with breathtaking ocean views. Rob Harper, head of asset management Americas at Blackstone Real Estate, said, "Blackstone has been dedicated to preserving Hotel del Coronado's iconic status as a National Historic Landmark while ensuring it remains a timeless destination for future generations. We are so proud of the thoughtful collaboration that brought this more than $550 million project to fruition and are thrilled by Hotel del Coronado's transformation into a modern, premier hotel for the enjoyment of guests, visitors, and the San Diego community."Bringing together top design and architecture talent, the meticulously executed, full property-wide restoration prioritized historical accuracy. Collaborators included Wimberly Interiors, in partnership with WATG, and GSB Inc., Burton Studios, who served as Architect of Record for the Victorian Garden Courtyard, and David Marshall of Heritage Architecture & Planning, who provided historical architecture consultation throughout the duration of the project.Victorian Charm, Modern Comfort in Revitalized Guest RoomsHotel del Coronado's revitalized Victorian guest rooms elevate the property's rich heritage with luxurious modern accents. Reflecting the building's history, no two guest rooms are exactly alike, adding to the property's unique charm. The design reimagines Victorian aesthetics with brighter floral textiles, a refreshing departure from the typically darker palettes of that era. Furnishings thoughtfully combine caning and wicker with deep wood tones, achieving a balance of richness and airy texture for a timeless yet fresh ambiance. Headboards, while retaining classic curved silhouettes, are crafted from woven vinyl raffia, and floral wallcoverings reference the hotel's lush gardens. The lighting scheme seamlessly integrates both modern and traditional designs, utilizing diverse materials. Bathrooms have been redesigned for optimal functionality, featuring spacious vanities inspired by antique washstands and classic checkerboard marble flooring. Artwork throughout the rooms presents vintage sketches and drawings through a modern lens, exemplified by dramatic black-and-white botanical photography. Victorian-inspired light fixtures and blue and white Chinoiserie lamps introduce notes of romantic elegance, while carefully placed trims and tassels offer subtle Victorian detailing.Veranda Restaurant: A Modern Interpretation of Hotel del Coronado's Historic VerandaDrawing inspiration from the hotel's historic wraparound veranda, Hotel del Coronado's Veranda restaurant captures the charm and elegance of the property's past while embracing contemporary design. When Hotel del Coronado opened in 1888, a 20-foot-wide veranda encircled the building, offering a continuous walk of 1,800 feet around the hotel. This iconic feature allowed visitors to take in the soothing ocean breeze and symbolized the hotel's historic charm. The restaurant's menu pays homage to Hotel del Coronado's Southern California roots with a focus on locally sourced ingredients and purveyor partnerships. Guests can enjoy starters like grilled California Artichokes or broiled West Coast Oysters with rich chorizo butter, and entrees including American classics with a twist like Veranda's French Dip, grilled Whole Red Mountain Trout Noisette, Certified Angus Beef Steaks, and a Dungeness Crab "Wedge."Nobu Del Coronado: A Fusion of Global Culinary Artistry and Local California FlavorsNobu Del Coronado seamlessly blends Chef Nobu Matsuhisa's signature style with Hotel del Coronado's timeless elegance. Nobu Del Coronado guests can indulge in an array of Nobu-signature dishes, including Black Cod with Miso, Squid 'Pasta' with Garlic Sauce and A5 Wagyu, alongside Nobu's innovative sushi creations. The concept also offers a selection of locally inspired, Southern California dishes unique to Nobu Del Coronado like Tai Sweet Shiso, Lobster Truffle Tempura, Beef Kushiyaki Skewers and more. The outdoor-indoor restaurant features 156 seats, 120 of which are beautifully situated al fresco, with scenic views of the Pacific Ocean, as well as a dedicated eight-seat sushi bar and stylish 12-seat Pagoda Bar, offering curated selections of sake, Japanese whiskeys and innovative cocktails. The restaurant also boasts 3,700 square feet of oceanfront dining space that serves as a breathtaking venue for private events.Elevated Meeting, Group, and Event VenuesHotel del Coronado's legendary Victorian ballrooms – the Crown Room, Coronet Room, and Ocean Ballroom – have all undergone a meticulous restoration. These revitalized spaces seamlessly integrate historical preservation with state-of-the-art technology and design. Key features include a rediscovered and thoughtfully preserved 1888 fresco in the Ocean Ballroom, beautifully refinished original wood floors, expertly rehabilitated historic wood finishes, carefully restored doors and a balcony, recreation of historical wainscoting, and installation of updated lighting and sound systems.Fully Restored Garden CourtyardThe Victorian building's central garden courtyard has been carefully returned to its original design, complete with historic walkways and pergolas. Adding to this revitalization is the return of the cherished Naiad Queen Fountain, showcasing a bronze reproduction of Charles Cordier's "Naiad Queen" statue. This recreation, expertly crafted by Carapace Arts using a mold from an original J.L. Mott Iron Works duplicate, reinstates a significant feature that graced the space until 1912. The Garden will further captivate visitors with an eclectic array of Victorian-era botanicals, including bromeliads, camellias, cycads, agaves, citrus, hydrangeas, daylilies, ferns, and specimen palms, thoughtfully integrated with the courtyard's established tree ferns, foss silk tree, and queen palms.Beyond the completion of the Victorian Neighborhood, Blackstone's comprehensive development has also transformed the entire resort, including the launch of Serẽa Coastal Cuisine; the addition of Shore House, part of LXR Hotels & Resorts, a distinctive oceanfront residential experience in a modern beach house setting; Southpointe event center—boasting a 15,000-square-foot ballroom and adjoining lawn; the debut of the Ocean Club in the historic Windsor Cottage, and a full renovation of Beach Village, LXR Hotels & Resorts, an enclave of oceanfront cottages and villas. The restoration also introduced revitalized guestrooms in The Cabanas and Views neighborhoods, along with upgrades to other dining venues; a reimagined Spa & Salon at The Del and expanded Fitness Center; development of the historical Ice House Museum, as well as new meeting spaces, and retail experiences at The Shops at The Del. Over the course of the revitalization, more than 300 resort jobs have been created. In addition, thousands of construction jobs were created over the course of the construction.Hotel del Coronado is located at 1500 Orange Ave., Coronado, CA 92118. For more information about Hotel del Coronado or to book leisure or business travel, visit hoteldel.com or call (619) 435-6611.High-Resolution Media AssetsAbout Hotel del CoronadoSet on one of America's most iconic beaches, the legendary Hotel del Coronado has welcomed discerning travelers for more than 135 years to experience the Southern California coastal lifestyle at its best. Here, the magic and nostalgia of the property's storied past blend seamlessly with contemporary luxury in overnight and day experiences that offer every amenity imaginable. Hotel del Coronado offers five distinct neighborhood experiences, including Shore House, LXR Hotels & Resorts at The Del, the hotel's newest residential-style neighborhood featuring luxury villa accommodations, which complement the luxurious and newly renovated Beach Village, LXR Hotels & Resorts; The Cabanas, where refined coastal design complements the newly refreshed pool, serving as the social center of the hotel; The Views, the hotel's home-base for coastal adventure experiences and activities; and The Victorian building, which will re-emerge in Spring 2025. For more information, please visit hoteldel.com. About Curio Collection by HiltonCurio Collection by Hilton is a global portfolio of nearly 180 individually remarkable hotels hand-picked to immerse guests in one-of-a-kind moments in the world's most sought-after destinations. Each hotel in the Curio Collection evokes a bespoke story through distinctive architecture and design, world-class food & beverage and curated experiences, while providing the benefits of Hilton and its award-winning guest loyalty program Hilton Honors. Experience Curio Collection by Hilton by booking at curiocollection.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about Curio Collection by Hilton at stories.hilton.com/curio, and follow the brand on Facebook, Instagram and X. About LXR Hotels & Resorts LXR Hotels & Resorts is a growing collection of 16 award-winning luxury properties that celebrate the timeless pursuit of personal adventure. Found in the world's most alluring destinations, each hand-selected property boasts its own storied past and is infused with the essence of its distinctive locale, providing a luxurious hub for the discerning adventurer. As part of its commitment to enriching the guest experience, LXR Hotels & Resorts celebrates experiential travel with the Pursuit of Adventure, a new brand signature that immerses guests in authentic, curated experiences that reflect the unique culture and character of each destination. LXR Hotels & Resorts is part of Hilton, a leading global hospitality company. Each property benefits from the strength of the Hilton enterprise and its award-winning Hilton Honors program. Experience an inspiring stay at LXR Hotels & Resorts by booking at lxrhotels.com or through the industry-leading Hilton Honors app. Hilton Honors members who book directly through preferred Hilton channels have access to instant benefits. Learn more about LXR Hotels & Resorts at stories.hilton.com/lxr and follow the brand on Instagram and Facebook. About Blackstone Real EstateBlackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has US $320 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire undermanaged, well-located assets across the world. Blackstone's Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT).SOURCE Hotel del Coronado WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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