Friday, August 15, 2008

HFFS arranges programmatic joint venture equity, initial funding for Linchris Hotel Corporation’s acquisition of two Massachusetts hotels

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.), through its HFF Securities affiliate, has arranged programmatic joint venture equity for Linchris Hotel Corporation.

The initial funding was used for the acquisition and subsequent reflagging of two hotels, the Doubletree Hotel in Milford (top left photo) and the Holiday Inn in Rockland, Massachusetts.(top right photo)

HFFS director Janet Krolman (middle right photo) and HFF director Greg LaBine (middle left photo) worked exclusively on behalf of the borrower to secure programmatic joint venture equity with CrossHarbor Capital Partners.

“This venture provided Linchris with access to the capital to continue actively acquiring additional hotel properties in the near and longer term and further allows Linchris greater surety of execution,” stated Krolman.

“CrossHarbor actively seeks strong acquisition opportunities with top operating partners across all asset classes, including hotels, and making the investment with Linchris a great match,” added LaBine.

“We are pleased to be partnering with Linchris. Both firms share a common acquisition and investment philosophy and in seeking the strongest operating partners across all asset classes, Linchris clearly meets that standard for hotels. We believe the strategic alliance will allow both firms the ability to capitalize on opportunities in the lodging sector,” said Dan Jacobson of CrossHarbor Capital Partners.

The Doubletree Hotel is located at 11 Beaver Street off Interstate 495 and close to the Massachusetts Turnpike in Milford, approximately 27 miles southwest of Boston.

The five-story, 173-room property was renovated in 2007 and post-acquisition will receive additional improvements including new televisions and HVAC units. Hotel amenities include 8,500 square feet of meeting and banquet space, Legends Sports Bar and Grille, Il Cigno restaurant, an indoor pool, a fitness center and a business center.

Situated 15 miles south of Boston at 929 Hingham Street in Rockland, the former Radisson Hotel will be reflagged as a Holiday Inn. The hotel is convenient to Route 3 South and area business parks. The property, the only comparable full-service hotel in its market, has five stories with 127 rooms and on-site amenities include 3,800 square feet of meeting and banquet space, a 96-seat restaurant, a fitness room, an outdoor pool and a business center.

As part of the reflagging effort, the hotel will undergo a renovation of the lobby, common areas and guestrooms.


Janet N. Krolman, HFFS Director, 617 338 0990,

Gregory F. LaBine, HFF Director, 617 338 0990,

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990,

Liberty Property Trust Acquires Class A Office Building in Sawgrass International Corporate Park

BOCA RATON, FL - Liberty Property Trust (NYSE:LRY), the real estate investment trust that owns and manages nearly two million square feet of office and industrial properties in South Florida, today announced that it has purchased a 106,910 square foot Class A office building in Sunrise, Florida.

The building, located at 13621 NW 12th Street in Sawgrass International Corporate Park, (top right photo) was purchased from Real Estate Capital Partners. It is currently 100% leased to UnitedHealthcare.

“This acquisition allows us to expand our presence in Sawgrass International Corporate Park and gives us an excellent opportunity to continue to grow our national relationship with UnitedHealthcare, a Liberty tenant located in our Maryland, Minnesota and North Carolina regions,” said Andy Petry, (miidle right photo) Vice President Leasing and Development, Liberty Property Trust.

Located just west of Fort Lauderdale, the Sawgrass International Corporate Park is a 612-acre planned business park which provides office, flex and light industrial space. Park amenities include hotels, restaurants, child-care, fitness centers and retail shops.

In addition to the new acquisition, Liberty currently owns and operates three office buildings in Sawgrass International Corporate Park (1301 International Parkway building, 13360 NW 8th Street building and 13650 NW 8th Street building), totaling nearly 200,000 square feet.

Sawgrass International Corporate Park is strategically located at the intersection of I-75, I-595, the Sawgrass Expressway and within 15 minutes of the Fort Lauderdale International Airport and 30 minutes of the Miami International Airport.

Liberty Property Trust (NYSE:LRY), headquartered in Malvern, PA, is dedicated to enhancing people’s lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties.

Liberty's 75 million square foot portfolio offers exceptional locations and flexible design to more than 2,100 tenants at 700 office, distribution and light manufacturing facilities. The company is a leader in the development of high performance green buildings. For more information visit

Andy Petry, Liberty Property Trust, 561/999-0310
Media: Margo Hunt Winans, a.s.a.p.r., 757/404-8653