Publish Date : 30-Jan-2012
Westfield Concession Management, a subsidiary of Australia based real estate and mall developer - Westfield Group, obtained $331 million deal from Los Angeles Board of Airport Commissioners.
As per this 17-year deal, Westfield Concession Management will administer restaurants and shopping at two airport terminals and Theme Building. With this deal, Los Angeles World Airports (LAWA) expect to earn about $17.7 million for the first year concessionaires.
Westfield will be responsible to develop, lease and administer stores and restaurants at Tom Bradley International Terminal, with $1.5 billion Bradley West addition under construction, Terminal 2 and Theme Building. Westfield will get 2-year to develop spaces and choose concessionaires. In remaining 15-year, Westfield will supervise the restaurants, stores and other vendors for quality, service and financial performance. LAWA chose Westfield partly as it operates concessions under similar terms at nine other airports in cities such as Boston, New York, Chicago, Houston and Washington.
Peter Lowy, CEO of Westfield Group, said, “Westfield is very proud to be selected to partner with Los Angeles World Airports in the transformation of Los Angeles International airport. We are fully committed to bringing our global resources and development expertise to deliver an iconic, world-class airport experience.”
“Los Angeles World Airports is undertaking a $4.11-billion modernisation programme at LAX to improve customer service, safety and security at one of the most significant international gateways in the world. A major focus of our customer service improvements is to create a cohesive, memorable and high-quality dining and shopping experience with a variety of new and innovative options that offer a ‘sense of place’ reflecting the Los Angeles region. Our selection of Westfield Concessions Management will allow us to meet the demands of today’s travellers for quality dining, shopping and other services in a timely, cost-effective manner,” said Gina Marie Lindsey, Executive Director of LAWA.
Airport Commission awarded concessions deals for terminals 4, 7 and 8 last May. Host International will offer concessions in terminal 4, with outlets such as Camanile, Cole\'s, 8 oz. Burger Bar, L.A. Gourmet Street Truck, La Provence Patisserie & Cafe, Real Food Daily and Starbucks. CMS/Camacho Ventures, which leads eateries including Seven Grand, BLD, Loteria Grill, Mamalade Cafe, The Counter, Yogurtland and Coffee Bean & Tea Leaf, will administer terminals 7 and 8.
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