Hall Equities Group

NEWS

Construction Begins on New Turlock, CA, Hotel

Walnut Creek-based real estate investment company, Hall Equities Group, announced today that construction has commenced on its new 78-room Holiday Inn Express & Suites at the company’s sizeable mixed-use development project known as Monte Vista Crossings in Turlock, California. The new hotel will be owned by Monte Vista Crossings LLC, a Hall Equities Group company, and is slated to open by Thanksgiving 2003.

With three stories, 78 rooms (including 20 suites), a fitness center, pool area and meeting rooms, it is anticipated that this hotel will be at the high end of Holiday Inn Express standards. Rooms are projected to rent for rates averaging approximately $75.00 per night. When asked why Monte Vista Crossings chose to develop the hotel in Turlock, Mark Hall, President of Hall Equities Group said, “This hotel is a nice compliment to the other phases of our Monte Vista Crossings project, and creates real synergy with the business, retail and other service uses at the center. In addition, there are few lodging alternatives in the area, so we hope it will prove to make good business sense.”

Construction of the new hotel marks the mid-point of development for the Monte Vista Crossings project. So far, Hall Equities Group has completed construction of over 500,000 sq. ft. of quality retail space at the 102-acre project, including stores for such name retailers as Target, Home Depot, Safeway, Ross, T.J. Maxx, Bed Bath & Beyond, Borders Books, Pier One Imports, and Pet Extreme. In Addition to the new Holiday Inn, the company expects to construct another 400,000 sq. ft. of buildings, including a second hotel, seven office buildings, sit-down restaurants, and several more retail stores.

Upon complete build out, Monte Vista Crossings will represent an investment of over $180 million in the City of Turlock. Located at the prominent interchange of Monte Vista Avenue and Highway 99, Monte Vista Crossings is designed to serve as the retail and commercial center of Southern Stanislaus County.

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