ENGLEWOOD, CO, August 26, 2008. Charlie Peck, president and chief operating officer for Destination Hotels & Resorts, today announced that the company has taken over the management of the Sheraton Universal Hotel in Universal City, Calif. The 451-room hotel has undergone a $25 million renovation and repositioning effort in 2008 to fully restore this iconic hotel.

“The Sheraton Universal has been one of the great landmark hotels in Los Angeles for corporate meetings, business and leisure travelers and the entertainment industry for years,” said Peck. “With the dramatic $25 million upgrade of the interiors and functionality of the hotel nearly complete, we are anxious to reintroduce this property to many of our long time customers as well as new leisure guests and business travelers. We also are excited to add a fifth hotel in Southern California to our growing portfolio of properties.” Destination manages L’Auberge Del Mar and Estancia La Jolla Hotel and Spa in San Diego, as well as Miramonte Resort & Spa in Palm Springs. The company plans to open the 582-room Terranea Resort in Palos Verdes, Calif. in late 2009.

Lowe Enterprises Investors (LEI), an affiliate of Destination, acquired the property on behalf of an investment fund in January 2007 for $122 million. With this management transition, Sheraton Universal will continue to be a Sheraton brand franchise property. Destination and LEI are subsidiaries of Lowe Enterprises, a Los-Angeles-based national real estate investment, development and management firm.

Sheraton Universal, built in 1969 and expanded in 1978, sits on an 8.5-acre hilltop site and has tremendous visibility as it rises 20-stories above the 101 Hollywood Freeway, one of the region’s major thoroughfares. Enhancing its appeal to travelers, it is within walking distance of a Metro Redline Subway station that connects Universal City to North Hollywood, Hollywood and downtown Los Angeles. Guests enjoy the hotel’s spacious resort-style outdoor pool and sundeck, a 24-hour fitness center, The Link business center and three dining and lounge venues including the new In the Mix lobby lounge. In addition, guests are offered free shuttle service to Universal’s CityWalk with its collection of unique restaurants, specialty stores and large cinema multiplex.

The hotel has both versatile and flexible meeting space and is well known within the local community. A popular location for special events, the hotel boasts the stunning Starview Room rooftop ballroom with floor-to-ceiling windows and breathtaking 180-degree views of the Hollywood Hills. Well-suited for conferences as well as social functions, the Sheraton Universal offers 31,000 square feet of indoor meeting and banquet facilities and 9,000 square feet of outdoor space.

The $25 million renovation of the property includes a remodel and upgrade of guest rooms and bathrooms with a fresh, contemporary yet comfortable design scheme including new furniture, fixtures and flat screen televisions, as well as adding the latest technologies. The new look continues throughout the hotel’s public spaces including the lobby where a coffee shop will be added and the bar area expanded to provide guests improved service and convenience.

Peter Walterspiel recently was hired as general manager. Walterspiel comes to Destination after spending the past seven years in Las Vegas holding vice president of operation roles for several properties including The Venetian Resort Hotel Casino and Wynn Las Vegas. Prior to Las Vegas, Walterspiel worked with Starwood Hotels and held an area director of Six Sigma role and also transitioned the Sheraton Carlton in Washington D.C. to The St. Regis. Walterspiel is originally from Germany and he also has worked for prestigious hotels throughout the country including Turnberry Isle Resort & Club in Florida, Hotel Nikko in San Francisco and Le Parker Meridien in New York.