Wednesday, April 9, 2008

Concord Hospitality Appoints Grant L. Sabroff Senior VP of Business Development

Industry Veteran Will Grow Company’s Third-Party Management Portfolio

RALEIGH-DURHAM, N.C.—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, announces Grant L. Sabroff (top right photo) has joined the company as senior vice president of business development.

A hospitality industry veteran, Sabroff brings more than 25 years of industry experience to Concord and more than 30 successfully completed transactions within the last 12 years. In his new position, he will focus on growing Concord’s third-party management portfolio, which currently accounts for approximately 50 percent of the company’s total portfolio of owned and managed properties.

Concord is on track to double the size of its overall portfolio by 2010, including 15 hotels that are scheduled to break ground by the end of the year.

“Grant brings indispensable skills and experience to Concord’s management team at a critical time in our development,” said Mark Laport, (photo at left) Concord’s president and CEO. “Concord is entering a period of accelerated growth; we have already broken ground on six new hotels this year and will have expanded into four new states by the end of 2008.

" We would like to maintain our portfolio’s current 50/50 balance between owned assets and management contracts, which is why Grant is such a key addition to our management team right now. He has a proven track record of identifying management opportunities, developing relationships and closing the deal.”

Sabroff joins Concord from Boykin Management, where he served for six and a half years, as senior vice president of business development. He has previously worked with McDonald & Company Investments, Coopers & Lybrand, and Laventhol & Horwath. He has experience with such brands as Marriott, Hilton, Radisson, Intercontinental and Choice.

Sabroff has a bachelor’s degree in hotel, restaurant and institutional management from Michigan State University.

Melanie Boyer
Account Executive or
Jerry Daly
Daly Gray Public Relations
(703) 435-6293

Marcus & Millichap's Robert Bender Named One of Firm's Top Investment Specialists

ENCINO, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced its top investment specialists for 2007.
One agent in Marcus & Millichap’s Detroit office ranked in the Top 30 out of more than 1,300 investment specialists nationwide. The agent is Robert Bender (27). (top right photo)

“We are proud to recognize Robert Bender as one of the firm’s top-ranking investment specialists,” says Harvey E. Green, (top left photo) president and chief executive officer of Marcus & Millichap. “Robert’s accomplishments and track record reflect his superior transaction expertise and commitment to client service.”

Bender, a senior associate based in Detroit, facilitated transactions valued at $143.42 million last year. Bender joined Marcus & Millichap in March 2005. His transactions last year included a $15.5 million office portfolio in Indiana; a $15 million retail property in Portage, Mich.; and a $15.7 million single-tenant, net-leased property in Zeeland, Mich.

Press Contact:
Stacey Corso
Communications Department
(925) 953-1716

Grubb & Ellis|Commercial Florida Negotiates Sale of Two Outparcels in Mulberry, FL for $1.125M

TAMPA, FL. – Grubb & EllisCommercial Florida negotiated the sale of two outparcels located at Shoppes of Mulberry, (photo above) in Mulberry, FL.

Brent Lindsey, (photo top left) senior vice president and Michelle Seifert, (photo top right) associate vice president in the company’s Retail Group negotiated the transaction on behalf of the seller, ML Mulberry, LLC. The first outparcel, approximately one acre, sold for $650,000 to AutoZone, based in Memphis, TN. The second outparcel, approximately .92 acres, was sold to METEOR, Inc. located in Muncie, IN for $475,000.

Shoppes at Mulberry is a new, 51,200 square foot pre-construction shopping center located in Mulberry, FL. Grubb & EllisCommercial Florida is handling the marketing of the anchor and inline space along with the remaining pad site.

About Grubb & EllisCommercial Florida

Grubb & EllisCommercial Florida is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties. Currently Grubb & EllisCommercial Florida has 30 brokers divided among its Tampa, Orlando and Melbourne offices which serve the entire mid-Florida marketplace.

For more information, contact:

Brent Lindsey, Grubb & EllisCommercial Florida – Tampa 813-830-7885
Michelle Seifert, & EllisCommercial Florida – Tampa 813-830-7537
Larry Lietzman, Grubb & EllisCommercial Florida – Tampa 813-639-1111
Jeff Sweeney, SIOR, Grubb & EllisCommercial Florida – Tampa 813-639-1111

Crescent Resources Negotiates New Lease Agreement for 6,800 SF of Office Space in Lake Mary

LAKE MARY, FL-– Crescent Resources, which is developing Primera at I-4 and Lake Mary Blvd., has negotiated a new lease agreement for 6,857 square feet of Class A office space at 1000 Primera Blvd. in Lake Mary.
(Aerial photo above of the Primera development)

Ida W. Rood, (photo top right) CCIM, senior vice president of leasing for Crescent Resources, LLC in Florida, negotiated the lease agreement on behalf of the landlord, CFE Federal Credit Union. The new tenant, H2 Diesel, a manufacturer of alternative energy sources for power generation, plans to relocate its corporate headquarters from Houston. Jim Snodgrass of Southern Exposure Realty participated in the transaction representing H2 Diesel.

Rood also negotiated a lease renewal for 6,846 square feet of office space in the Primera Five building (photo at left) representing the landlord America’s Capital Partners/Utah II, LLC, based in Boca Raton. Cliff Stein of Tower Realty represented the tenant, United Systems Software, Inc. in the transaction.

For more information, please contact:

Ida W. Rood, CCIM, Crescent Resources LLC 407-472-3383
Whit Duncan, Crescent Resources, LLC 407-804-1200
Larry Vershel or Beth Payan, LV Communications, Inc. 407-644-4142 (Fax 644-4410)

About Crescent Resources LLC
Crescent Resources is a joint venture between Duke Energy and Morgan Stanley Real Estate Fund. Crescent’s formation in 1969 to its position today as a real estate force in the Southeast and Southwest remains a dominant development and land management company comprised of dedicated people with uncompromising integrity.

More information about Crescent Resources is available on the Internet at

Morris, Manning & Martin Hires Fannie Mae Specialist Allison Gould for its Commercial Real Estate Lending Group

ATLANTA, GA– Morris, Manning & Martin's Commercial Real Estate Lending Group gained more firepower recently with the addition of M. Allison Gould, (top right photo) who spent 21 years as in-house counsel for Fannie Mae.

She was most recently Vice President and Assistant General Counsel in the Atlanta office of CWCapital, LLC, a Fannie Mae Delegated Underwriting and Servicing (DUS™) lender.

During her extensive career as Associate General Counsel and Director at Fannie Mae, she integrated strategic business knowledge with balanced legal advice to help achieve and exceed multifamily production goals. She also gained practical experience drafting regulatory guidelines and streamlining the organization's processes.

While in the private sector, Ms. Gould acted as transaction manager, working with underwriters, producers, closers and outside counsel to assure successful multifamily loan deliveries to Fannie Mae.

"The relationships Allison built and the expertise she gained during her time at Fannie Mae will be invaluable to our lending group and our clients," said Morris, Manning & Martin Managing Partner Bob Saudek. (photo at left) "With the addition of Allison, our lending team and our clients will have a unique edge as we expand our Fannie Mae multifamily lending practice," he added.

She earned her J.D. from Emory University School Of Law and her undergraduate degree from Furman University. Her accomplishments include serving as past co-chair of the American Bar Association's Affordable Housing Committee.

Ms. Gould is one of four new attorneys joining the Atlanta-based law firm recently. The firm added two new intellectual property partners to its Washington, D.C. office and added a new healthcare and real estate partner who is establishing a new office in Savannah.

About Morris, Manning & Martin, LLP

Morris, Manning & Martin, LLP, ( enjoys national prominence for its corporate finance, securities, mergers and acquisitions, litigation, technology, intellectual property, real estate and real estate capital markets, environmental, insurance and healthcare practices.

The firm has offices in Atlanta, Charlotte, Raleigh-Durham, Savannah and Washington, D.C. Commercial Real Estate Lending GroupMorris, Manning & Martin's Commercial Real Estate Lending group represents entities across the U.S. engaged in complex commercial property financing. The firm's experience and depth of knowledge provides clients including Fortune 500 companies, financial institutions, developers and investors with comprehensive representation on all commercial finance matters.

Media Contact:

Terri Thornton,
Thornton Communications,
(404) 932-4347

Hotel Real Estate Sales Continue Hyper-Active Trend in 2007; 2008 Expected to Remain Quite Active

KANSAS CITY, MO—Hotel Brokers International (HBI) the nation’s largest brokerage organization with more than 30 offices coast to coast, has released its TransActions Recap 2008, detailing hotel real estate activity for 2007 and its forecast for 2008.

Last year was a record year in dollar volume of transactions, as well as average selling price per room. The 104-page, data-rich publication, with more than 1600 sales comparisons from 2003 through 2007, is available from HBI for $200.

Highlights of the report point out that 2007 was a mixed bag, ranging from mega-deals, such as the Blackstone Group’s purchase of Hilton Hotels Corporation, valued at $26.3 billion, to transactions below $5 million. Transactions in the under $15 million category were particularly plentiful in 2007, with 426 reported sales.

“Industry-wide, we tracked 736 transactions last year, with the average hotel sold having 196 rooms and generating an average price per key of a record $117,000, up from $110,000 a room in 2006 and up from the decade low of $52,000 in 2000,” said Brandt Niehaus, (top right photo) CHB, HBI president and president of Louisville-based Huff, Niehaus & Associates.

“The trend toward higher pricing reflected the operating strength of the industry in 2007, which produced a 5.7 percent improvement in RevPAR, according to Smith Travel Research.”

Niehaus noted that HBI also posted a record year, with dollar volume up 20 percent, led by a 300 percent increase in upscale hotel sales. Typical time on market for an HBI hotel was approximately six months.

“With the credit markets in turmoil, we anticipate that loan closings will lengthen the sales process in 2008 as lenders require more documentation. Borrowing will be more difficult, with higher spreads and more equity required, but overall interest rates should remain historically favorable,” he said.

HBI TransActions Data Services tracks thousands of sources to uncover hotel real estate sales. “Overall cap rate for hotel sales in 2007 was essentially flat at 9.21 percent, compared to 9.19 percent in the prior year. Economy hotel cap rate was 10.97 percent, up from 2006’s 10.06 percent. Mid-market hotels enjoyed a 9.19 percent cap rate.

“We believe cap rates will move upwards across all segments this year,” Niehaus pointed out. “We believe there also will be a shift away from cap rate calculations based on pro-forma income to more conservative historical data as industry growth slows, especially during the first half of the year.”

Upscale hotels accounted for nearly half of the industry’s 2007 transactions with 356 hotels trading hands, up 25 percent from the prior year. Price per room averaged $133,000, while upper upscale properties averaged $186,000 per key.

Mid-market hotels without food and beverage remained the most sought-after property type. However, lack of available inventory for sale led to a decrease from 280 to 222 hotels. Prices, however, rose 22 percent to $72,000 per key, with Comfort Inn, Hampton Inn and Holiday Inn Express being the most popular brands.

Economy hotel sales rose 39 percent to 135 properties in 2007, led by Days Inn, Super 8 Motels, Motel 6 and Microtel. Luxury hotel sales declined but average price per room rose from $443,000 to $479,000.

In terms of location, resort hotels commanded the highest price per room in 2007 at $222,000, but suburban hotels were the most popular locations, accounting for 41 percent of all hotel sales. Airport location sales increased with average price per room improving to $107,000 per room.

Roadside property sales held steady at 130 transactions at an average price of $45,000 per room. HBI brokered 57 percent of all highway hotels in 2007.

“Despite disruptions in the capital markets and talk of recession, we anticipate 2008 will be another very active year for hotel real estate,” Niehaus said. “Supply growth remains constrained and the economy is expected to pick up in the second half or early next year, which will have a positive impact on hotel operations.

"Sellers who don’t want to wait for the cycle to move upward or to further invest in their properties will still be able to obtain attractive prices and the forecasted rebound offers upside for buyers, a win-win situation. Over most of the year, buyers will likely have a slight edge, but pricing will remain strong.”

Niehaus noted that foreign investors are showing substantial interest in U.S. hotels. “Given the value of the euro to the dollar, U.S. real estate is very attractively priced,” he said. “Concurrently, there is a trend for U.S. companies to expand into other parts of the world, with India and China attracting a substantial amount of interest."

Glenda Webb
Hotel Brokers International
(816) 505-4315

Melanie Boyer
Account Executive
Daly Gray Public Relations
(703) 435-6293

EastGroup Properties Announces Presentation at the Credit Suisse 2008 Real Estate Conference

JACKSON, MS– EastGroup Properties (NYSE-EGP) is scheduled to present at the Credit Suisse 2008 Real Estate Conference. EastGroup's presentation is scheduled for Wednesday, April 9, 2008 at 10:00 a.m., EDT.

The presentation will be live via web cast and is accessible through a link on EastGroup's website at on the day of the conference.

EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona and California.

Its strategy for growth is based on its property portfolio orientation toward premier business distribution facilities clustered near major transportation features. EastGroup's portfolio currently includes 24.9 million square feet with an additional 1.8 million square feet of properties under development.

EastGroup Properties, Inc. press releases are available at

David H. Hoster II
President and Chief Executive Officer
N. Keith McKey,
Chief Financial Officer
PO. Box 22728,
Jackson, MS 39225-2728
Telephone: 601/354-3555
Fax: 601/352-1441