Monday, May 4, 2009

Grubb & Ellis Selected to Market 1650 Harbor Bay Parkway in Alameda, CA

SAN FRANCISCO, CA (May 4, 2009) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced it has been selected to market for sale 1650 Harbor Bay Parkway, (top right photo) a two-story, roughly 64,000-square-foot office/R&D building in Alameda.

“1650 Harbor Bay Parkway represents an institutional-quality, credit leased investment opportunity at a substantial discount to replacement cost,” said Edward Suharski, (top left photo) executive vice president, Grubb & Ellis.

“The property provides some of the highest quality lab space in the East Bay, and benefits from a unique location combining waterfront exposure in a business park setting.”

Completed in 2001, 1650 Harbor Bay Parkway is situated on approximately 3.7 acres of land. The property is accessible via the newly constructed Ron Cowan Parkway on Interstate 880, linking it with Oakland, San Francisco and the Silicon Valley.

It is located within five miles of the Oakland airport, and within close proximity to the ferry link to San Francisco. It is 89 percent occupied.

“Alameda has remained a desireable hub for life science, biotech, and medical device companies in their early to mid life cycles, providing tenants affordable space with high quality improvements,” said Steven Golubchik, associate vice president, Grubb & Ellis.
In addition to Suharski and Golubchik, the San Francisco-based sales team also includes Seth McKinnon, associate vice president.
Julia McCartney, 714.975.2230,

Damon Elder, 714.975.2659,

Orange County, FL March Tourist Tax Collections 28% Down over March 2008

ORLANDO, FL, May 4, 2009 -- County Comptroller Martha Haynie (top right photo) announced today that resort taxcollections received by the County in April for the hotel collection month of March 2009 were$13,870,800. Resort taxes are charged on short-term rentals, mostly hotels and motels.

Comptroller Haynie noted that March 2009 collections were 28 percent lower than March 2008.

“Some of the reduction in this year over year month of March decline can be
attributed to Easter occurring in March of last year and April of this year; however, this decline is predominately a factor of the economy,” Haynie stated.

CONTACT: Jim Moye (407) 836-5690

Arbor Closes $1,130,100 Fannie Mae DUS® Small Loan for Century Apartments in Hazen, ND

UNIONDALE, NY, May 4, 2009 - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,130,100 loan under the Fannie Mae DUS® Small Loan product line to refinance the 48-unit complex known as Century Apartments (bottom left photo) in Hazen, ND.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.

The loan was originated by Peter Margolin, (top right photo) Director, in Arbor’s full-service Deerfield, IL lending office. “Arbor was able to help the borrowers get out of their short-term bank loan by securing long-term debt on an asset that is core to their portfolio,” said Margolin.

Contact: Ingrid Principe
Arbor Commercial Mortgage
333 Earle Ovington Blvd., Suite 900
Uniondale, NY 11553
P: 516.506.4298
F: 516.542.2555

Grubb & Ellis Announces Top Producers for 2008

SANTA ANA, CA, May 4, 2009– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Wayne Fisher, (top right photo) executive vice president, Office Group, from the Philadelphia office was the company’s No. 1 producer and top Office Group professional for 2008.

Fisher received both honors at Grubb & Ellis’ Circle of Excellence Awards. The annual event, which was held in Maui, Hawaii, April 28 through May 1, recognized more than 60 of Grubb & Ellis’ top producers.

“Grubb & Ellis has a clear and focused growth strategy that can only be successful if our brokerage sales professionals embrace our goal of providing unparalleled client service,” said Jack Van Berkel, (top left photo) chief operating officer and president, Real Estate Services.

“Each of the individuals honored at The Circle of Excellence brings strong industry expertise, exceptional local market knowledge and an unwavering commitment to client service. We’re proud to recognize them for their accomplishments.”

The Company’s Top 20 Transaction Services honorees were:

1. Wayne Fisher, Tenant Advisory, Philadelphia
2. Neil Resnick, (bottom right photo) Tenant Advisory, Los Angeles West 3. Stuart Siegel, Industrial, New York Midtown
4. Jack Kerrigan, Office, Boston
5. Randall Book, (bottom right photo under Neil Resnick photo) Tenant Advisory, Detroit
6. Gary Schwartzman, Retail, New York Midtown
7. Howard Rosen, Office, New York Midtown
8. Thomas Tunnicliff, Office, Chicago
9. Alan Weisman, Industrial, New York Midtown
10. Rick O'Brien, Global Logistics, Pittsburgh
11. Bruce McNair, (bottom right photo under Randall Book photo) Tenant Advisory, Washington, D.C.
12. Philip Giunta, Investment, Boston
13. Jack Soloff, Office, Philadelphia
14. Michael Gottlieb, Office, New York Midtown
15. Louis Oliva, Global Logistics, Pittsburgh
16. Dixie Walker, Institutional Capital Markets, Newport Beach
17. John Cannon, Office, New York Midtown
18. Serge Vishmid, Tenant Advisory, Los Angeles West
19. Thomas Volini, Tenant Advisory, Chicago
20. Sven Sykes, Tenant Advisory, Chicago

The Company’s Top Five affiliate brokers were:
1. Chris Hobson, Office, Grubb & EllisBRE Commercial, San Diego
2. David Odmark, Office, Grubb & EllisBRE Commercial, San Diego
3. David Scherer, Office, Grubb & EllisLas Vegas, Las Vegas
4. Lee Clyburn, Office, Grubb & EllisThomas Linderman Graham, Raleigh, N.C.
5. Barry Hendler, Industrial, Grubb & EllisBRE Commercial, Carlsbad, Calif.

Erin Mays, 312.698.6707,
Janice McDill, 312.698.6735,

Crescent Hotels & Resorts Bulks Up with Eight New Hotels

WASHINGTON, D.C., May 4, 2009—Officials of Crescent Hotels & Resorts today announced the company has added eight management contracts and is ahead of schedule to achieve its goal of adding 12 contracts to its portfolio by year’s end.

The company added 18 hotels in 2008.

“The challenged operating environment has played an important role in our recent additions,” said Michael George, (top right photo) Crescent president and CEO.

“Owners who are not satisfied with the results at their hotels are seeking “A” operators more than at any time in the past, “B” and “C” operators are under the gun to perform, or be replaced. Our same-store portfolio has consistently outperformed its competitive set throughout this downturn, and we have quickly turned around new additions.

“Because of our proven track record in all phases of the economic cycle, we are talking to owners across a broad spectrum of property types from luxury to premium-branded focused-service.

"We have a very active pipeline, and have the infrastructure in place to comfortably add individual hotels and resorts.”

George said that Crescent is approaching the take-over of new properties with a multi-tiered strategy tailored to each market.

“According to recent forecasts, the hotel industry may be approaching the bottom of this cycle, with a modest upturn expected in 2010,” he noted.

“Our goal is to first stabilize the property through cost analysis and aggressive direct sales efforts, and then accelerate into a results-oriented plan to enhance returns as the economy begins to rebound. These plans are targeted to speed up the recovery process and quickly gain market share, while keeping a close eye on margins.”

The eight hotels are located from Texas to New York City:

Sheraton Fort Worth Hotel and Spa, Texas (top left photo)

The 430-room Sheraton Fort Worth Hotel and Spa is one of two designated host hotels for the Fort Worth Convention Center. The property offers 22,000 square feet of flexible meeting space, a 257-seat Shula’s 347 Grill, an oversized Link@Sherton lobby, and an 8,000-square-foot luxury fitness center and spa. Guest rooms feature a comfortable Sheraton Sweet Sleeper(SM) Bed, 32-inch flat panel HD television, and high-speed Internet access.

· Sheraton Herndon Dulles Airport Hotel, Va. (top right photo underneat Michael George photo)

The newly opened 184-room Sheraton Herndon Dulles Airport Hotel, is located adjacent to Dulles International Airport.

The hotel features the signature Sheraton Sweet Sleeper (SM) Bed and the Sheraton Fitness center, with equipment by Life Fitness®, which offers Core Performance-endorsed stretching equipment by Go Fit.

The property has two onsite dining options, Capitol Connections Restaurant and the Capitol Lounge. The Link@Sheraton experience with Microsoft, allows for free Wi-Fi Internet access, PC workstations and printing services.

Crowne Plaza St. Paul-Riverfront, Minn. (top left photo underneath Sheraton Fort Worth Hotel & Spa photo)

The Crowne Plaza St. Paul-Riverfront overlooks the Mississippi River in downtown St. Paul, and is convenient to Minneapolis-St. Paul International Airport. With 470 guestrooms and suites, the Crowne Plaza is an anchor hotel for St. Paul conventions, and features complimentary high-speed wireless Internet access, and Crowne Plaza Sleep Advantage bedding.

The property offers a fitness center and indoor pool, 50,000 square feet of classic and functional meeting space, featuring the 10,000 square-foot, glass-enclosed Great River Ballroom, and the spectacular roof top ballroom Windows of St. Paul. Dining options include Restaurant 11 and Port of Call.

Holiday Inn L.I. City-Manhattan View, New York (middle right photo underneath Sheraton Herndon/Dulles Airport hotel)

The contemporary designed, newly opened high-rise 136-room Holiday Inn L.I. City-Manhattan View is near top New York City attractions, including the Empire State Building and the Statue of Liberty, and is easily assessable to LaGuardia, JFK and Newark airports. The hotel offers free high-speed Internet access, a fitness center, indoor pool, and two onsite dining options, Swirl and 39 Below.

Hyatt Place Herndon/Dulles Airport-East, Va. (middle left lobby photo)

The Hyatt Place Herndon/Dulles Airport-East is the first new-build prototype for the brand in the mid-Atlantic region and located directly adjacent to Dulles International Airport.

Its 151 rooms feature flat panel high-definition televisions, the signature Hyatt Grand Bed™, and the Hyatt Plug Panel™. The hotel offers a 24-hour complimentary Stay Fit® fitness center, equipped with state-of-the-art Life Fitness® exercise equipment and advanced LCD touch screen consoles.

Hilton Garden Inn St. Paul City Center, Minn. (middle right underneath Hyatt Place Herndon lobby photo on left)

The Hilton Garden Inn St. Paul City Center has more than 11,000 square feet of flexible meeting space and 251 spacious rooms, each offering flat-screen HDTVs, complimentary high-speed Internet access, and the signature Garden Sleep System™.

The property is near the Minneapolis Convention Center and the Minneapolis-St. Paul International Airport, and features an indoor skyway to the Government Center and adjacent retail stores. The hotel offers a fitness center, pool, and the distinctive eating and drinking option, the Great American Grill®.

SpringHill Suites by Marriott Gainesville, Fla. (bottom right photo)

The SpringHill Suites Gainesville is located minutes away from the University of Florida, Ben Griffin Memorial Stadium and Bivens Arm Nature Park. Each of the 126 suites offer SpringHill Suites by Marriott bedding, well-lit work desk and free high-speed Internet access. The hotel features a fitness center, outdoor pool, and full-service business center.

Hampton Inn Saginaw, Mich.

Near Tri-City International Airport, the Hampton Inn Saginaw is close to the Japanese Cultural Center and Tea House, the island of Ojibway, and Bronners Christmas Wonderland, the world's largest Christmas store. The 120-room, pet-friendly property features a heated outdoor pool and exercise room, business center, and complimentary On the House® hot breakfast and Hampton's On the Run™ breakfast bags.

Headquartered in Fairfax, Va., outside of Washington, D.C., Crescent Hotels & Resorts owns, manages and co-invests in hotel real estate, and is an independent, third-party operator of hotels and resorts.

The company currently owns or operates approximately 55 hotels and resorts aggregating more than 9,000 rooms in 26 states.

The company’s portfolio encompasses properties in the resort, upper upscale full-service, boutique, convention and premium select-service segments under the premier hotel brands of Marriott, Hilton, Starwood, Hyatt, InterContinental, Radisson, Preferred, and Wyndham, as well as independent hotels, resorts and Golf Clubs.

Additional information about Crescent Hotel & Resorts may be found on the company’s Web site

Contact: Jerry Daly or Chris Daly, media (703) 435-6293

Ramada Brand Continues Middle East Expansion with Two New Hotels

DUBAI, United Arab Emirates (May 4, 2009) – Ramada Worldwide, one of the world’s leading international hotel chains with nearly 900 properties around the globe and a member of the Wyndham Hotel Group family of brands, today announced its continued expansion in the Middle East with the development of two new hotels: the 299-room Ramada® Plaza Kuwait City hotel (top right photo) in Kuwait and the 183-room Ramada Hotel and Suites Amman hotel in Jordan.

The brand, which has grown by 80 percent in the Middle East and in North Africa over the past two years, now has nearly 40 properties throughout the region.

“The World Tourism Organization has predicted that the Middle East will have the highest rate of overall tourism growth in the world over the next several years*,” said Jim Alderman, (bottom right photo) Wyndham Hotel Group executive vice president of development.

“The region has seen significant growth in upscale hotel development but the need for quality, international and midscale lodging brands remains. As the demand rises, the Ramada chain is well poised to continue its aggressive growth to meet that need.”

Located in Kuwait City and expected to open in October 2009, the five-star, Ramada Plaza Kuwait City hotel is being developed by Kuwait-based Gulf Real Estate Development House and will be managed by Abu Dhabi-based V. Five Continents Hospitality Group.

Located in Jordan’s capital of Amman (middle left photo) just outside the city’s financial and business districts and expected to open in May 2009, the Ramada Hotel and Suites Amman property is being developed by Kuwait-based Taameer Real Estate Investment Company and will be managed by Mena Co. for Hotels.

It will be the Ramada brand’s first hotel in Jordan.

A 30-minute drive from Queen Alia International Airport, the four-star, upscale hotel will feature free high-speed wireless Internet access, laundry and valet service, car rental and driver services, full service hair salon, valet parking, concierge service, 24-hour room service, business center, fitness center, swimming pool and nearly 800 square meters of meeting space.

The Ramada brand also recently opened its first hotels in six new countries, including Latvia, the Cayman Islands and Guam.


Christine Da Silva
Director, Media Relations
Wyndham Hotel Group
22 Sylvan Way
Parsippany, NJ 07054

+1 (973) 753-6590

Morrison Commercial Real Estate Completes 29,500 SF Lease at University Corporate Center III

ORLANDO, FL (MAY 4, 2009): Greg Morrison, CCIM, SIOR, Principal of Morrison Commercial Real Estate, announces the completion of an office lease totaling 29,500 square feet at University Corporate Center III, (top right photo) located in the Quadrangle Business Park at 11474 Corporate Boulevard, Orlando, Florida.

Greg Morrison (bottom left photo) and Emily Zinaich (bottom right photo) of Morrison Commercial Real Estate negotiated the lease on behalf of the landlord at University Corporate Center III.
The tenant, Siemens Shared Services, LLC was represented by Leo Orisi of The Princeton Group.

Morrison noted that “In the past ninety (90) days, Morrison Commercial Real Estate has finalized three (3) leases at University Corporate Center III totaling 78,664± rsf, and bringing the building up to 94% leased.
"This kind of activity and results in the current market is pretty amazing.”

Contact: Marylyn Tryon
Administrator and Marketing Assistant
Morrison Commercial Real Estate
255 S. Orange Avenue, Suite 1545
Orlando, Florida 32801
407.219.3500 407.219.3501 fax

CB Richard Ellis Capital Markets Group Secures $14M Loan for Sanford, FL Apartments

ORLANDO, FL - May 4, 2009 –The Orlando office of CB Richard Ellis is pleased to announce that Dennis Jiménez, (top right photo) Vice President with CB Richard Ellis Capital Markets Group, arranged financing in the amount of $14,050,000 on behalf of a venture between Canadian and Florida-based investors for the acquisition of Stonebrook Apartment Homes, (bottom left photo) located in Sanford, Florida.

Terms of the financing included a 10-year loan with 30-year amortization, a fixed-rate of 5.62% and a loan to purchase price of 78%.

"While this transaction closed as originally scheduled, 35 days from the date of application, we still faced a significant issue that required some last-minute technical services.
"Nonetheless, we kept our eyes on the ball and all players, including attorneys, third-party consultants, underwriter, buyer and seller worked relentlessly to push the deal across the finish line," said Jiménez.

The borrower chose Freddie Mac's recently introduced Capital Markets Execution (CME) loan program.

"The CME product represents Freddie Mac's securitization program with the added benefit of permitting future secondary financing, as well as offering a lower interest-rate than the traditional portfolio execution," said Jiménez.

"And despite the challenging capital markets, Freddie Mac continues to offer very competitive terms for multifamily loans, both in Florida and nationwide."

Stonebrook Apartment Homes is a 356-unit garden-style apartment community constructed in two phases in 1991 and 2001, with a net rentable area of 352,200 square feet.

For more information, please contact Dennis Jiménez at 407.839.3101