Monday, August 1, 2011
Sun Hospitality Advisors, a subsidiary of TPG that handles select-service hotel transactions, was engaged by Osprey Assets II, Inc., an affiliate of Bay Cities Bank, as their exclusive advisor in the sale of the 120-room property.
“Like most transactions involving a distressed property, this was not an easy one. The Airport Inn is an independent, two-story exterior corridor hotel, in which one third of the rooms were out of inventory,” explained Robert O’Leary, vice president of Sun Hospitality’s southeast region. “The difficulty of the deal seemed to bring out the best of everyone involved in order to get this transaction closed.”
The hotel, located at 3655 Hospitality Lane, is located just off Interstate I-275 and in close proximity to the St. Petersburg-Clearwater International Airport and minutes from area beaches.
“Bay Cities was able to get a troubled asset off its books, and the buyer, who plans a full renovation on the property, was able to acquire an asset with strong upside potential in a strategic location,” said O’Leary.
This marks the second bank-owned hotel Sun Hospitality/TPG has sold in the Clearwater area in the past seven months.
Vice President, Marketing & Communications
4107 N. Himes Avenue, Tampa, FL 33607
Millenia Plaza is positioned along Interstate 4 in Orlando, which has a traffic count of more than 161,000 cars per day and is situated north of Disney World, Universal Studios and Sea World.
The property offers “unparalleled” rent roll stability whereby 80 percent of the property is leased to three significantly below-market ground leases on separate tax parcels, and the balance of the property is currently being redeveloped to include Ross Dress for Less,
Brad Peterson, HFF Managing Director, (405) 286-5224, bp firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500 email@example.com
HFF closes $45.8 million sale of and arranges $32 million financing for Great America Place in Silicon Valley, CA
HFF marketed the offering on behalf of the seller, DJM Capital Partners, and procured the buyer, Newcastle Partners, which purchased the property for $45.8 million.
The properties are located at 5200 Great America Parkway, 2903 Bunker Hill Lane and 2933 Bunker Hill Lane across the street from the Santa Clara Convention Center, the Network Meeting Center @ Techmart and the adjoining Hyatt Regency Hotel.
Great America Place is also within walking distance to a light rail station and close to Interstate 880, Highway 101, Routes 237, 87 and 85 as well as the San Jose International Airport.
The HFF team representing DJM Capital Partners was led by director David Karol in conjunction with senior managing directors Michael Leggett (top right photo)and Gerry Rohm (middle left photo).
The HFF debt placement team was led by senior managing director Bruce Ganong (bottom right photo).
David Karol, Ca. Lic. #01813372, HFF Director, (415) 276-6300, firstname.lastname@example.org
Michael Leggett, Ca. Lic. # 01056334, HFF Senior Managing Director, (415) 276-6300 email@example.com,
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, firstname.lastname@example.org
Stirling Sotheby’s International Realty to Host Open House at 20 Acre Hillside Estate in Auburndale, FL Aug. 13
The estate overlooks a large pristine lake and private picturesque spring fed pond, and features a 4,400 square foot Arthur Rutenberg luxury home with four bedrooms, three baths, a game room, screen enclosed swimming pool and spa and three-car garage.
The property, which is listed for sale for $1,295,000, also includes a 5,000 square foot detached custom built metal building with an air-conditioned office that can be used as a shop or for vehicle or RV storage.
To see a brochure of the property, visit http://www.stirlingsir.com/eflyers/oldberkeleyrd/cwilson.html. View a video http://youtube/p2xYqLPBya4
Chris Wilson (top right photo), International Luxury Home Specialist with Stirling Sotheby’s International Realty will be hosting the open house and can be contacted at 321-289-8787 or Cwilson@stirlingsir.com.
Soderstrom said the property is being represented by Stirling Sotheby’s International Luxury Home Specialists Erin Wanner (lower left photo) and Chris Wilson.
For more information, contact:
Chris Wilson, Stirling Sotheby’s Internatioal Realty 321 289 8787
Roger Soderstrom, Founder/Owner Stirling Sotheby’s International Realty 407-581-7890
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142
For more information, visit www.bergercommercial.com.
Contact: Marielle Sologuren, Pierson Grant Public Relations, (954) 776-1999, ext. 226, email@example.com
Morrison Commercial Real Estate Completes Three Lease Transactions Totaling 25,367 SF in Central Florida
Both of these tenants were represented by Chris Sproles of CB Richard Ellis.
Bailey also represented the landlord in leasing space to Environmental Health Testing at the Atrium Tower in Orlando for a total of 6,400± square feet. “EHT is the only certification management company focused on developing certification programs & related tools for the growing environmental health field.”
Anne Deason of Grubb & Ellis Commercial Florida represented the tenant in this transaction.
Contact: Buffy Gillette, Phone: 407.219.3500, Email: firstname.lastname@example.org
When healthcare reform was first passed, speculation ran wild that adding so many new patients into the ranks of the insured could fuel demand for 60 million square feet of new medical office space. Now estimates are more conservative, but still significant.
"They don't necessarily feel that it will create demand for 60 million square feet of new space -but even if it's half or a third of that - and with the new products that the systems are going to need, it's kind of an exciting time for development firms," said John Mugford (top right photo) senior editor of Healthcare Real Estate Insights.
Meanwhile, demand from investors for medical office buildings is also growing, agreed experts on the show. As a result, sales volumes are rising.
Sales volumes of institutional quality medical office buildings reached $2.9 billion in 2010, compared to only $1.6 billion in 2009, said Paul Zeman (middle left photo), Partner with Healthcare Real Estate Services at Bull Realty Inc.
"We are seeing the bottom of the curve trending upward now," Zeman said.
The show aired Saturday on Biz 1190 in Atlanta and is available for download here. Other guests included Victor Moldovan (bottom right photo), a Partner at McGuire Woods LLP, and Leo Griffin, Vice President of Healthcare Real Estate Services at Bull Realty Inc.
The next "Commercial Real Estate Show" airs August 6, providing an update and inside look at the single tenant net lease industry. We'll get the scoop on cap rates, current financing terms, the most sought-after properties and the possible impact of upcoming FASB accounting changes and a lot more.
"Crank it Up" is from 7 p.m. to 9 p.m. Tickets are $10 and include a brewery tour, commemorative glass and a beer tasting where guests will be the first to sample this year's Crank Tank Ry'd Ale, Sweetwater's special brew created in honor of Camp Twin Lakes' Spin for Kids.
Hartman Simons is sponsoring a pre-event corporate happy hour at 6 p.m..; attendees will receive free food and learn the benefits of Spin for Kids corporate cycling teams.
"Crank it Up will provide an ideal platform to boost recruiting and fundraising for October's event," said Andy Litvak (top right photo with Laura Barnard of Halperns' who serves as Chair of the SFK 2011 Steering committee), Hartman Simons partner and Spin for Kids steering committee member.
"Hartman Simons is excited to have its own corporate team this year and have the opportunity to encourage other companies to do the same. The corporate team program offers a great way to give back to the community, build a sense of team and have fun."
Corporate teams will get their logos on the Spin for Kids website, discounted individual registration fees for teams of 10 or more and the opportunity to have a customized Spin for Kids t-shirt for their company.
"Spin for Kids has made a difference in the lives of thousands of children with serious illnesses, disabilities, and other challenges," said Adam Cohen (lower right photo), special events coordinator with Camp Twin Lakes. "It is great to see companies and their employees getting involved in community outreach and promoting a healthy and active lifestyle. "
To purchase tickets to Crank it Up or register an individual or team for Spin for Kids, visit http://www.spinforkids.org/ or call Adam Cohen at 404-231-9887.
For more information, visit www.camptwinlakes.org.
For more information check out our website at http://www.hartmansimons.com and our blog http://hartmansimons.typepad.com.
“While the industry has seen growth in occupancy and to a lesser degree rate since last year’s conference, savvy owners and operators still realize the importance of face-to-face networking, the sharing of ideas and best practices and learning what their peers are experiencing,” said Chuck Pinkowski (lower left photo) president of Pinkowski & Company and conference co-founder.
“The Southern Lodging Summit @ Memphis provides the perfect forum that allows attendees, including owners, operators, lenders and developers, to do just that.”
Following a continental breakfast at the Memphis Cook Convention Center on Wednesday, August 24, the conference begins in earnest with Governor Bill Haslam (top left photo) and Mayor A.C. Wharton (middle right photo) invited to speak on the importance of tourism to the state and the region.
Next, Marlene Colucci (top right photo) executive vice president for public policy, will present AH&LA’s latest legislative update. Randy Smith from Smith Travel Research will follow, providing an overview of the hospitality industry at both the national and local Memphis market levels.
The President’s Panel, moderated by Isaac Collazo, vice president of performance strategy and planning for Intercontinental Hotels, will launch the mid-morning portion of the conference. This year’s participating industry leaders include Jerry Cataldo, Hostmark Hospitality; Chad Crandell, Capital Hotel Management; Warren Fields, Pyramid Advisors; and David Pepper, Choice Hotels International.
Peter Yesawich, chair and CEO of YPartnership, will give the luncheon keynote speech. .
For the second year in a row, the conference will conclude with a special panel focusing on Social Media/eCommerce. Hosted by Jeff Higley, editorial director of HotelNewsNow.com and STR Global, this year’s panel, “Social Media 2.0,” will build upon last year’s foundation.
Panel participants include Ted Raynor, attorney, Burch Porter & Johnson; Chris Jackson, vice president, GCommerce; Justin Holmerud, field marketing social media, mobile & video, Starwood Hotels & Resorts; Sandee Swearingen, regional sales director, TIG Global/MICROS e-Commerce Services; and Jerry Stafford, regional director of revenue management, Davidson Hotels & Resorts.
The conference will wrap with closing remarks by the general manager of the Elvis Presley Heartbreak Hotel and current president of MMHLA, Mary Calorio, followed by a $1,000 cash giveaway event sponsored by Elvis Presley Enterprises.
Contact: Chris Daly, media, (703) 435-6293, email@example.com
The property recently underwent an extensive, top-to-bottom, $48 million renovation.
“Presidio Companies is highly regarded as strategic, expert developers of hotel real estate properties,” said Greg Mount (middle right photo), president of Richfield Hospitality.
“The hotel, the second Sheraton property in our portfolio, is well-located, a block from the Fort Worth Convention Center, convenient to DFW International Airport and Love Field, and within walking distance of numerous restaurants and world-class entertainment venues.
“The recent renovation lasted two years and focused on all guest rooms and public spaces, including the addition of the all new, state-of-the-art Link@Sheraton Lobby.
“Coupled with the latest technological advances that meeting planners will appreciate, we predict the Sheraton Fort Worth Hotel & Spa will quickly become a revenue-driving leader in the Texas market. This is our first contract with Presidio, and we look forward to exploring other opportunities together in the future.”
“Richfield Hospitality’s extensive track record of success with similar complex properties in major downtown markets made them a compelling choice as manager,” said Guneet Bajwa, chief operating officer, Presidio Companies.
“The recently completed, extensive renovation affords guests the opportunity to enjoy an exclusive, unique experience in downtown Fort Worth that includes a stylish, 8,000-square foot luxury fitness center and spa, featuring a yoga room, Pilates studio and six treatment rooms and a Shula’s 347 Grill.”
Located at 1701 Commerce Street down the street from the Fort Worth Convention Center (lower left photo), the Sheraton Fort Worth Hotel & Spa is near Dallas/Fort Worth International Airport and is convenient to the Museum of Modern Art and Rockwood Golf Course.
The hotel features 22,000 square feet of flexible meeting and exhibit space, capable of accommodating 1,000 people, and onsite dining at Shula’s 347 Grill.
Additional information about Richfield Hospitality may be found at the company’s website, www.richfield.com.
Contact: Jerry Daly or Chris Daly, Daly Gray, (703) 435-6293
His duties will center on overseeing the acquisition of new management contracts for both new build and existing hotels.
“As the industry and economy continue to improve, many owners are rethinking their current management strategies,” said Douglas Artusio (lower left photo) chairman and CEO, Dellisart LLC. “Michael is well known and respected within the hospitality community. We firmly believe his addition to our team will help us achieve our growth goals as we continue to expand our third party management services.”
Prior to joining Dellisart LLC, Hutchins was vice president of franchise sales and development for Carlson Hotels Worldwide, where he was responsible for strategic growth of the Radisson Blu, Radisson and Park Inn brands within the eastern United States and eastern Canada regions.
Contact: Chris Daly, President, Daly Gray, Inc., Ph: 703-435-6293, Cell: 703-864-5553
Concord Hospitality Adds DoubleTree by Hilton Richmond Downtown to Growing Full-Service Management Portfolio
“Coming on the heels of our contract with the Sheraton Oklahoma City, this agreement reflects our continued expansion into the full-service, third-party management arena,” said Mark G. Laport (lower right photo), president and CEO of Concord. “It also is our first full service property from the Hilton family of brands, and we are looking forward to maximizing the value of the DoubleTree by Hilton name to grow our market share in Richmond.”
Located at 301 W. Franklin St. in the heart of downtown Richmond, the hotel is within walking distance of the Commonwealth of Virginia capitol buildings, Virginia Commonwealth University, and the city’s historic business and financial district.
The DoubleTree by Hilton Richmond Downtown has 7,700 square feet of flexible meeting space, a full-service restaurant, “301 Franklin,” as well as a grab and go café, “Two Trees.”
Hotel amenities also include a rooftop pool and fitness center, 24/7 business center and complimentary high-speed Internet access, which is available in all guest rooms and public areas. Guest rooms feature the brand’s signature Suite Dreams beds and 32-inch flat-screen high definition televisions.
For more information, visit www.concordhotels.com.