Saturday, May 30, 2009

Wyndham Hotel Group Integrates Hawthorn Suites with Wyndham Hotels and Resorts Brand


RIO GRANDE, Puerto Rico ­–­ More than 350 owners, managers and staff attending the Wyndham Hotels and Resorts conference this week heard new brand President Jeff Wagoner (top right photo) announce that the brand’s footprint would be expanded by affiliating it with the midscale extended-stay Hawthorn Suites® brand.

The affiliation, designed to reach a broader consumer base and leverage marketing, sales and training, creates a combined Wyndham® brand that will encompass approximately 325 hotels based on quarterly system statistics disclosed March 31. The company previously affiliated its Wingate® and Wyndham brands in 2007.

To formalize the relationship, the Hawthorn brand, now Hawthorn Suites by Wyndham, will be identified with a refreshed red and orange logo that incorporates key design elements of the Wyndham logo.

“The integration of Hawthorn Suites by Wyndham allows us to offer a complete spectrum of products under the Wyndham umbrella, meeting every type of consumer’s hotel need,” said Jeff Wagoner.
He also outlined a three-pronged brand strategy to clarify each product’s positioning within the Wyndham Hotels and Resorts brand and drive growth for the chain’s managed and franchised hotel portfolio.

Addressing an audience representing the Wyndham, Wingate by Wyndham and Hawthorn Suites by Wyndham brands who assembled for the conference at the Rio Mar Beach Resort & Spa - A Wyndham Grand Resort, Wagoner said his strategy aims to ensure “Wyndham gains recognition as one of the great upscale hotel brands.”

“With just three months under my belt as president of Wyndham Hotels and Resorts, already, it’s clear to me what we need to do,” he continued. “My focus has been, and will remain on, establishing three things: brand clarity, brand contribution and profitability for Wyndham owners and operators.”

Wagoner clearly framed the Wyndham brand portfolio to include five distinct product types including the four-plus diamond, upper, upscale Wyndham Grand Collection; the three- to four-diamond upscale Wyndham Hotels and Resorts; the three-diamond Wyndham Garden; the new-construction midscale without-food-and-beverage Wingate by Wyndham; and the extended stay Hawthorn Suites by Wyndham.

Building upon Wagoner’s message, Bill Hall, (middle right photo) Wingate by Wyndham brand senior vice president, unveiled the first new interior prototype designs for the Wingate brand since its launch in 1995. The new design concepts will include more open, social public spaces and contemporary guest room d├ęcor as well as ecologically friendly elements such as furniture and fixtures made from sustainable materials and energy-efficient lighting.

To develop the Wingate by Wyndham interior prototypes, the brand tapped Gensler, a global leader in architecture, design and planning.

“While our typical guest is over the age of 35, we are preparing for the Generation X and Y travelers who are developing their brand of first choice,” said Hall. “The new designs are contemporary and comfortable and provide an intuitive guest experience.”

CONTACT: Evy Apostolatos, (973) 753-6590
evy.apostolatos@wyndhamworldwide.com

Marcus & Millichap Sells Apartment Community in Sherman Oaks, CA for $16.5M

SHERMAN OAKS, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Regency at Sherman Oaks (top right photo) in Sherman Oaks.

The sales price of $16.5 million represents $239,130 per unit and $183 per square foot.

Greg Harris, executive vice president investments and a senior director of the firm’s National Multi Housing Group in Encino, represented the seller, a pension fund advisor, and the buyer, a private Southern California investor.

“This institutional-quality Class A apartment complex features a variety of floor plans set amidst a wealth of community amenities, including beautiful courtyards, a sparkling pool and a state-of-the-art fitness center,” says Harris.

Located at 4606-4616 Willis Ave. in the affluent Sherman Oaks suburb of Los Angeles, the property is one block north of Ventura Boulevard, the major thoroughfare of the San Fernando Valley, and is minutes from a Whole Foods Market and the Sherman Oaks Galleria.


Regency at Sherman Oaks was built in 2000 on 1.25 acres of land. The 69-unit, 89,269-gross square foot community is comprised of two three-story buildings.


The unit mix features nine one-bedroom/one-bath units and 60 two-bedroom/two-bath apartments.

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

Demand for Class B Apartment Units Increases in Washington, DC

WASHINGTON, D.C.— Economic headwinds are accelerating in Washington, D.C., with total employment in 2009 falling for the first time since 2001, according to a second-quarter Apartment Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

While slower household creation and waning residential demand will challenge the local apartment market this year, the metro’s still-resilient job base will mitigate losses in property revenue, with leasing activity remaining healthiest near large, established clusters of employers.
“While the local apartment market is weathering the recession relatively well, investment activity was tepid in the first quarter of this year,” says Ramon Kochavi, regional manager of the Washington, D.C. office of Marcus & Millichap.

“Softening revenues and rising operating costs, though, may cause some owners to consider bringing their properties to market.”

Following are some of the most significant aspects of the Washington, D.C. Apartment Research Report:

· After employers trimmed payrolls by 12,100 workers in 2008, a projected 18,400 jobs will be lost this year, amounting to a 0.6 percent reduction in the work force.

· Apartment construction will slow in Washington, D.C., with 3,600 rental units slated to be delivered in 2009. Last year, nearly 5,100 apartments were added to inventory.

· Employment losses will hamper housing demand this year. Vacancy is forecast to rise 100 basis points to 6.4 percent, after ticking up 30 basis points in 2008.

· Asking rents are projected to decline 0.3 percent to $1,360 per month in 2009, while effective rents will retreat 1.5 percent to $1,287 per month. Asking and effective rents rose 3.6 percent and 3.3 percent, respectively, last year.

For a copy of the complete Washington, D.C. Apartment Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

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

Negative Net Absorption Pushes Retail Vacancy Higher in Atlanta

ATLANTA, GA — Despite projections for slower job losses and decreased construction activity, retail vacancy in Atlanta will rise this year due to weaker consumer spending, according to a second-quarter Retail Research Report by Marcus & Millichap, the nation’s largest real estate investment services firm.

Employers will continue to cut payrolls through most of 2009, leading to the second-largest annual reduction in employment since 2000.

“In the investment market, retail activity is expected to stay light, with most interest focused on national credit, single-tenant properties,” says John Leonard,(top right photo) regional manager of the Atlanta office of Marcus & Millichap.

“Multi-tenant activity remains constrained as owners opt to strengthen operations to avoid selling at the deep discounts some buyers are demanding.”

Following are some of the most significant aspects of the Atlanta Retail Research Report:


· In 2009, employers are expected to cut 52,000 jobs for a 2.1 percent decline, compared with a loss of nearly 93,000 positions last year.

· Developers are forecast to complete 3.7 million square feet this year, down from 4.5 million square feet in 2008. Approximately 1.1 million square feet will be delivered in the Sandy Springs/North Fulton submarket.

· Projected negative net absorption of approximately 2.8 million square feet will cause a 280 basis point rise in vacancy by year end to 12.6 percent.

· Current weakness in the local economy will moderate retail space demand, resulting in a 3.5 percent drop in asking rents to $16.84 per square foot. Effective rents are projected to fall 4.5 percent this year to $15.02 per square foot.

For a copy of the complete Atlanta Retail Research Report, as well as reports on other markets nationwide, visit our website at http://www.marcusmillichap.com/.

Press Contact: Stacey CorsoCommunications Department(925) 953-1716