AECOM Technology Corporation (ACM - Free Report) 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 San Diego.
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 tourists.
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. (WLDN - Free Report) and Quanta Services, Inc. (PWR - Free Report) . While Pernix Group and Willdan Group both sport a Zacks Rank #1 (Strong Buy), Quanta Services carries a Zacks Rank #2 (Buy).