LOS ANGELES and HOUSTON, Sept. 5, 2008 (GLOBE NEWSWIRE) -- The L&R Group of Companies, ("L&R") began operations this week in its 33rd City, Houston, Texas, with the signing of a long-term lease commitment, through the year 2018, with System Property Development Inc. The deal covers four significant parking facilities in the core of the Central Business District of downtown Houston, which serve users of the local courthouses, office buildings and Minute Maid Park, home of the Houston Astros.
"The deal adds America's fourth largest city, and one of the countries best parking markets into the L&R Group of Companies parking portfolio for the next decade," says David Damus, Chief Executive Officer of L&R. He adds, "These four key locations mark our entry point into a strong parking market in the center of the Houston-Sugar Land-Baytown metropolitan area, which has a population of approximately 5.6 million. Our Five Star Parking brand (see www.fivestarparking.com) will service these parking facilities, and seek to expand into the local airports, office buildings, retail and entertainment centers within this vibrant and growing community. We are looking forward to owning, operating and building parking facilities in Houston, as we are one of the few truly vertically integrated parking companies in America. This is a key part of our strategic plan for growth in this market."
About The L&R Group of Companies
L&R, headquartered in Los Angeles, California, is a privately held, well-capitalized organization that operates five distinct parking divisions: Five Star Parking, WallyPark, Network Parking, Joe's Auto Parks and System Parking, Inc. Five Star Parking is one of the largest and most successful parking operators in the United States with a proven track record of success and experience across the whole spectrum of parking operations. From surface lots to commercial parking structures to major international airports including the single largest parking contract in the United States, where it is responsible for approximately $225 million in annual revenue for the Port of New York and New Jersey. Five Star Parking takes an "ownership" approach to operations designed to maximize revenue, lower overhead and achieve enhanced customer loyalty.
The L&R Group of Companies logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4834
WallyPark is one of the largest national off-airport parking companies located in five states and provides travelers with a unique level of customer service. Travelers are pampered with a higher level of airport parking services which extends beyond secure, convenient facilities and 24-hour shuttles to include free amenities, special member programs and exclusive car care services in select locations.
Since 1920, System Parking has specialized in providing customers and clients with tailored parking solutions, and is one of the premier parking companies in the United States, with approximately 244 locations in 7 states and 14 cities. System Parking Inc. designs customized, cost-effective parking solutions and specializes in a number of different parking venues consisting of hotels, hospitals, surface lots, condominium and residential properties, office buildings, and parking enforcement services.
For over 50 years, Joe's Auto Parks has been one of the largest parking operators in Los Angeles, with more than 85 downtown locations, each strategically located in and around some of Los Angeles' most well known high density attractions and destinations.
Network Parking, headquartered in Cleveland, Ohio is a nationwide parking company with experience in the management and operation of office building, mixed-use, retail, residential, airport and hotel parking facilities. Network Parking provides clients with an array of consulting services including layout, equipment and operations for valet, shuttles, validation programs, cashier services and car wash services.
For additional information on the L&R Group of Companies and its divisions, please visit www.tlrgc.com.