Monday, June 7, 2010

HFF to market for sale a portfolio of Courtyard by Marriott hotels in the Caribbean and Central America

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been exclusively retained to market for sale a portfolio of Courtyard by Marriott hotels in San José (bottom right photo) , Costa Rica; Santo Domingo, Dominican Republic; and Port of Spain, Trinidad.

HFF senior managing directors Dan Carlo (top right photo) and Dan Peek (top left photo) , along with senior hospitality analyst Max Comess will market the properties on behalf of the ownership group.

 HFF’s Hotel Group is planning to launch a global marketing campaign in conjunction with the NYU International Hospitality Industry Investment Conference in New York City the week of June 7th.

The portfolio represents a unique opportunity to acquire three well-established hotels in key international markets.

Purpose-built as Courtyard Hotels from 2002-2004, the properties have been institutionally maintained and recently renovated.

All have seen significant capital enhancements in such areas as room renovations and lobby conversions to the new Courtyard prototype. In two of the three markets, the respective Courtyard hotel functions as the “de facto” Marriott hotel, meaning it is the only property in the region wearing the Marriott marquee. Marriott International operates all three hotels.

“The operating performance of these hotels is impressive, as evidenced by their collective RevPAR performance that is 50 percent higher than the brand-wide average for the over 850 Courtyard Hotels,” said Carlo.

“Moreover, they offer a new owner tangible upside from such future initiatives as the expansion of guest rooms and function space.”

“This portfolio presents investors with a unique opportunity to enter or further establish their presence in high-growth Latin American and Caribbean markets through the acquisition of a high quality, strong performing collection of Marriott branded hotels,” added Peek.

Daniel Carlo, HFF Senior Managing Director, (305)
 Daniel C. Peek, HFF Senior Managing Director, (305)
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

HFF secures $40M refinancing for Solana Beach Towne Centre in California

SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $40 million refinancing for Solana Beach Towne Centre (mioddle right photo) , an approximate 250,000-square-foot, Class “A” retail community shopping center in Solana Beach, California.

Working exclusively on behalf of American Assets, Inc., HFF senior managing director Tim Wright (lower left photo) associate directors Zack Holderman and Rob Hinckley placed the 10-year, sub 6% fixed-rate loan with Deutsche Bank Mortgage Capital, LLC. Loan proceeds are retiring an existing CMBS loan.

Solana Beach Towne Centre is located at the southwest corner of Lomas Santa Fe Drive and Interstate 5 in the coastal North County San Diego city of Solana Beach. Renovated in 2006, the property has 12 Mediterranean-style buildings situated on a 23-acre multi-district site.

 The property is 97% leased to tenants including Henry’s Marketplace, CVS Pharmacy, Marshalls, Staples, Panera Bread and Starbucks.

“Solana Beach Towne Center is located in a preeminent retail market with high barriers to entry, proximity to high-end housing and exposure to an average traffic count of 233,600 cars per day,” said Wright.

American Assets, Inc. (AAI) is a full-service real estate company specializing in the investment, development and management of retail, office and multi-family real estate throughout the United States.

Since its founding in 1967, AAI has been steadfast in its approach to acquiring and developing premiere assets in some of the nation's most desirable markets including San Diego, San Francisco, Monterey and Waikiki.

Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HFF closes $40.5M sale of Class A office asset in Malden, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) today announced that it has closed the sale of 75 Pleasant Street, a 125,521-square-foot, Class A office building leased in its entirety to Massachusetts Department of Education on a long-term basis in Malden, Massachusetts.

HFF’s Coleman Benedict (lower left photo) exclusively represented the seller, a joint venture of Kennedy Associates and Corcoran Jennison, and procured the buyer in the $40.5 million transaction.

The property was completed in 2008 and is located at 75 Pleasant Street in Malden Center, north of Boston’s Financial District.

 The asset was built with energy efficient systems and is a smart growth development that is within walking distance of a major public transportation station.

“In today’s environment, investors are very focused on stability of cash flow and quality of product and 75 Pleasant Street satisfies both of those qualifiers,” said Benedict.

“This is a great execution for Kennedy, who invested in the development of the asset on behalf of one of the firm’s corporate pension fund clients.”


Coleman J. Benedict, HFF Managing Director, (617) 338-0990,
Kristen M. Murphy, HFF Associate Director, Marketing,  (713) 852-3500,

HFF Miami hires Paul Hsu as associate director for the firm’s hotel group

MIAMI, FL – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired Paul Hsu as an associate director for the hotel group in its Miami office.

Mr. Hsu will focus on the solicitation and execution of hotel transactions across the United States, with a particular focus on the southeastern region. He has more than six years of experience in the hospitality and commercial real estate industry and most recently served as a principal at Champ-East Hospitality Advisors, Inc.

 In this role, Mr. Hsu served as a consultant for owners and lenders on hotel and resort assets. Prior to forming Champ-East, he was a senior associate at The Plasencia Group, Inc, working on hotel transactions from the firm’s headquarters in Tampa, Florida.

Daniel C. Peek, HFF Senior Managing Director, (305) 448-1333,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

HEI Hotels & Resorts Acquires Le Méridien Dallas North in Texas

NORWALK, CT, June 7, 2010—HEI Hotels & Resorts, a rapidly growing hotel ownership and operating company, today announced that it has acquired the 258-room Le Méridien Dallas North (top left photo)  in Texas for an undisclosed amount.

The property becomes HEI’s 36th owned hotel, fourth hotel acquisition of 2010, and their fourth hotel under Starwood’s growing Le Méridien brand.

“This is a first-class hotel with a prime location in the foremost business center of Dallas and aligns perfectly with our portfolio of upper-upscale and luxury properties in leading US markets,” said Steve Mendell, (middle right photo) HEI’s president – acquisitions and development. “This is the fourth acquisition of HEI Hospitality Fund III, and we continue to seek out assets that leverage the experience of our acquisitions team and our investment resources.”

Nestled in the heart of Dallas’ famous Galleria area, Le Méridien Dallas North is just steps away from a wide variety of shopping, dining and entertainment options and only a 20 minute ride from the Dallas/Ft. Worth airport.

Also known for its bustling business district, the Galleria is home to many recognizable blue chip corporations, such as Nordstrom’s corporate headquarters and the offices of FedEx/Kinko’s, Highland Capital Management, ABC Broadcasting/Disney and Coca Cola.

The hotel concluded a complete renovation in 2009, modernizing each of their oversized 450-plus square foot guestrooms with a 42” HDTV, iPod docking station and Jack Pack, providing guests with the ability to view one’s laptop screen from the TV.

 All rooms also feature wireless and hardwire internet access and laptop-sized safes with electricity, as well as the new Le Méridien signature beds and full-size sofas and sitting area. Hotel amenities include the upscale Le Méridien restaurant and atrium bar; approximately 3,500 square feet of meeting space for groups ranging in size from five to 300; 24-hour business center; indoor heated pool; Jacuzzi; and fitness center.

“Our knowledge of both the brand and the region made this a particularly attractive deal for us,” said Anthony Rutledge, (lower left photo)  HEI’s chief financial officer.

“As our fourth Le Meridien, we are uniquely positioned to maximize this hotel’s performance through our industry-leading management team’s deep understanding and experience with the brand.”

Media Contacta:

Jess Petitt, HEI Hotels & Resorts, 203-849-2228,
Jerry Daly or Chris Daly, DalyGray Public Relations,,

Starwood Capital and Hersha Hospitality Management Announce Partnership to Build Premier Hotel Management Company

PHILADELPHIA, PA and GREENWICH, CT,  June 7, 2010 – Starwood Capital Group and Hersha Hospitality Management (“HHM”) announced today that they have entered into an agreement that will provide Hersha the resources to expand its highly successful platform across the United States.

 The transaction brings together two of the best known names in the real estate and hotel sectors.

 Starwood Capital is one of the world’s leading investment firms focused on real estate, having invested more than $24 billion in assets since its inception, while the privately held HHM is a leading third-party hotel management company operating more than 70 hotels in major metropolitan markets.

Under the terms of the agreement, Starwood Capital has purchased a 49.9% stake in HHM, for an undisclosed amount.

The new partnership will seek to capitalize on the ongoing industry recovery by aggressively pursuing select-service and full-service hotel management opportunities on a national scale.

 In addition, the venture will also target strategic investments in turnaround and opportunistic select-service hotels throughout the country and full-service hotels in select suburban markets.

“We are very pleased to be partnering with HHM,” said Barry Sternlicht, (top right photo) Chairman and CEO of Starwood Capital.

“Over the years, we have built a close relationship with Hersha’s leadership team and admire its best-in-class operating capabilities and ability to create value for the properties it manages. Starwood Capital will contribute capital, deal flow and enterprise-building resources to help leverage HHM’s operating expertise across the country and across a broader spectrum of investments.”

“Partnering HHM with Starwood Capital allows us to leverage the considerable strengths of both organizations,” Naveen Kakarla, (middle left photo) President and Chief Executive Officer of HHM said.

“Barry Sternlicht and Starwood Capital Group have demonstrated keen judgment, innovative vision, and an unparalleled access to capital across several real estate cycles. HHM, I believe, has struck the fine balance between building a high quality multi-brand platform that is both scalable and process-oriented, while preserving a hands-on, entrepreneurial approach to managing hotels and projects.”

HHM currently operates more than 70 hotels in metropolitan regions in Boston, Connecticut, New York, New Jersey, Philadelphia and Washington, D.C.

Media Contacts:
Tom Johnson, Abernathy MacGregor Group, (212) 371-5999
Jerry Daly or Chris Daly, Daly Gray Public Relations,,

Interstate Hotels & Resorts Promotes Sean McCurdy to Vice President-Strategic Accounts & Global Sales

ARLINGTON, Va., June 7, 2010—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that Sean McCurdy (top right photo) has been promoted to vice president, strategic accounts and global sales.

 He previously served as Interstate’s global director of worldwide sales.

 In his new position, McCurdy will be responsible for developing and expanding the company’s corporate sales initiatives and expanding relationships with key global accounts. He will report to George Brennan, Interstate’s executive vice president, sales and marketing.

McCurdy joined Interstate in 2003 as director of global travel industry sales for the company’s corporate housing division. Earlier in his career, he served as vice president of sales for Travel Inventory Marketing Alliance, senior director of worldwide sales for Choice Hotels International and has held executive positions for several of the nation’s top car rental and hotel brands.

“Sean brings more than two decades of industry experience and a proven track record in corporate sales and marketing,” Brennan said.

“He has been instrumental in securing for Interstate Hotels & Resorts preferred annual contracts with major corporate accounts over the past decade. Sean possesses the kind of relationship-building sales skills that deliver beneficial relationships to our corporate customers, a significant advantage for Interstate-managed hotels. This promotion affirms his continuing record of achievement.”

 For more information about Interstate Hotels & Resorts, visit the company’s Web site:


Jerry Daly,Media SVP; Carol McCune, Daly Gray, (703) 435-6293,
Carrie McIntyre, Treasurer, Interstate Hotels & Resorts, (703) 387-3320,