WALDORF-ASTORIA HOTEL PLANNED FOR SARASOTA

SARASOTA, FLA. — Sarasota-based Lions Gate Development and Hilton Hotels Corporation are developing a 225-room, 18-story Waldorf-Astoria Hotel to be built in The Proscenium, a 130,000-square-foot mixed-use development in Sarasota. The property will feature 38,000 square feet of ballroom, meeting and exhibition space; signature restaurants; a rooftop pool; a 12,000-square-foot spa; and 67 residences. A bridge will connect the hotel’s VIP lounge and the 800-seat Nederlander performing arts hall. Construction is slated to begin in fourth quarter 2008 and be completed year-end 2010. An affiliate of Hilton Hotels will manage the hotel. The Proscenium development will include retail, restaurants and a 500-seat theatre; 300,000 square feet of Class A office space; 96 residences within the 18-story office tower; and 50 loft residences.