Wednesday, October 3, 2012

Marriott International Reports Third Quarter 2012 Results

Bill Marriott, Chairman

BETHESDA, Md., Oct. 3, 2012 /PRNewswire/ -- Marriott International, Inc. (NYSE: MAR) today reported third quarter 2012 results. 

  • Diluted earnings per share (EPS) totaled $0.44, a 52 percent increase
  • over prior year adjusted results;
  • During the third quarter, the company completed the sale of its equity
  • interest in the Courtyard joint venture resulting in cash proceeds of
  • $96 million and a $41 million pre-tax gain;
  • North America comparable company-operated REVPAR rose 7.0 percent in
  • third quarter.  On a constant dollar basis, worldwide comparable
  • systemwide REVPAR rose 6.0 percent and average daily rate rose 4.7
  • percent using constant dollars;
  • At the end of the third quarter, the company's worldwide pipeline of
  • hotels under construction, awaiting conversion or approved for
  • development totaled over 120,000 rooms, not including the 8,100 rooms
  • from the acquisition of the Gaylord brand and hotel management business;
  • Nearly 5,000 rooms opened during the quarter, including over 1,400 rooms
  • converted from competitor brands and over 1,600 rooms in international
  • markets.  The company signed nearly 13,000 rooms in the third quarter;
  • Marriott repurchased 9.6 million shares of the company's common stock
  • for $353 million during the quarter.  Year-to-date through the third
  • quarter, the company repurchased 24.3 million shares for $903 million;
  • For comparable Marriott Hotels & Resorts properties in North America,
  • group room revenue increased 8 percent in the third quarter compared to
  • the year ago quarter.

For a complete copy of the company’s news release, please contact:

 Tom Marder,

NAI Realvest Negotiates New Industrial Lease Agreement in DeLand, FL for Metals Recycling Firm

Michael Heidrich Jr.
MAITLAND, FL  – NAI Realvest recently negotiated a new lease agreement for 5,000 square feet of industrial space at 748 International Speedway Blvd. in DeLand.

 NAI Realvest Associate Michael Heidrich, Jr., negotiated the transaction representing the tenant, PMR Metal, LLC, along with Michael Heidrich Sr., principal at NAI Realvest. 

 PMR Metals deals in the recycling of all types of metals and electronic devices. 

Michael Heidrich Sr.
 The landlord, RSP Commercial Investments, was represented Roger Baumgartner of Baumgartner Company.

For more information, contact:

Michael Heidrich, Jr., Associate, NAI Realvest 407-875-9989 or
Michael Heidrich, Principal, NAI Realvest 407-875-9989 or
Patrick Mahoney, President, NAI Realvest 407-875-9989
Beth Payan, Larry Vershel Communications 407-644-4142

Multifamily Project in Atlanta’s Historic Fourth Ward Illustrates North American Properties’ New Multifamily Strategy

Historic Fourth Ward Park, Atlanta
 ATLANTA, GA (Oct. 3, 2012) – North American Properties (NAP) will officially break ground today on BOHO, a luxury multifamily residential project in Atlanta’s Historic Fourth Ward.

BOHO, a 276-unit multi-rise that will front Historic Fourth Ward Park, illustrates NAP’s focus on creating communities in walkable, urban neighborhoods to appeal to the unique needs and wants of Gen Y.

Mark Toro
NAP, a privately held, multi-regional real estate company, has deep experience in multifamily, having developed more than 13,000 units. A first-mover in the apartment world, NAP recently completed projects in Austin and Cincinnati and has more than 3,000 units in the pipeline in Dallas; Nashville, Tenn.; Atlanta; Alpharetta, Ga. and Tallahassee, Fla.

“We know Gen Y wants walkable communities that provide unique experiences, both where they live and where they go forshopping and entertainment,” said Mark Toro, managing partner of North American Properties. “For BOHO, having the Historic Fourth Ward Park in our front yard is the first step in creating that great experience.”

American Properties owns both Atlantic Station and Avalon.

For a complete copy of the company’s news release, please contact:

Elizabeth Hagin
O: 404-965-5023
C: 678-642-4301

Atlanta Gets New Opportunity Zone

Mayor Kasim Reed
ATLANTA, GA (Oct. 3, 2012) – Invest Atlanta, the city of Atlanta’s economic development agency, said today the state of Georgia has designated a new Opportunity Zone in the city.

The new Opportunity Zone, designated as such by the Georgia Department of Community Affairs, is the area bounded by White Street and Lee Street in Southwest Atlanta.

New or existing businesses located within an Opportunity Zone are eligible for a yearly income tax credit of $3,500 for each new job created as long as they create at least two net new jobs. The annual tax credit is good for up to five years, meaning a business could be eligible for up to $17,500 in tax credits if it hired at least two new people per year.

Mike Beatty
Atlanta Mayor Kasim Reed, chairman of Invest Atlanta, was informed of the city’s new Opportunity Zone in an August 31 letter from Georgia Department of Community Affairs Commissioner Mike Beatty. The designation will be good for tax years 2012 through 2022 and can be renewed.

“Opportunity Zones incentivize existing businesses to expand and entrepreneurs to create new ventures in the city,” said Mayor Reed. “Since becoming mayor, we have created 10 new Opportunity Zones. These zones have a direct impact on our overall economic competitiveness and help grow new jobs.”

Georgia’s Opportunity Zone program enables local governments to apply for Opportunity Zone designation for any piece of property situated in or adjacent to an area where the poverty rate is 15 percent or higher.

Brian P. McGowan
“Opportunity Zones encourage economic development and help create jobs in areas where this activity otherwise might not occur,” said Council Member Winslow, representative for Council District 4.

“Creating jobs and encouraging economic development in across Atlanta is a top priority for Invest Atlanta and the city,” said Brian P. McGowan, president and CEO of Invest Atlanta. “In other Opportunity Zones such as the City Hall East/Ponce City Market zone, we are seeing major investments being made that are creating scores of new jobs.”

In the last year, the state approved Opportunity Zone designations in Downtown, Midtown, North Avenue, Atlanta Industrial Parks #1, Atlanta Industrial Parks #2, Atlanta Industrial Parks #3 and at Fort McPherson, a former Army post that will be redeveloped.

For a complete copy of the company’s news release, please contact:

Elizabeth Hagin
O: 404-965-5023
C: 678-642-4301

Colliers Receivership Solutions Expands Portfolio and Staff

Bruce Kassman
MIAMI, FL, Oct. 3, 2012 - Colliers International South Florida is pleased to announce that the Receivership Solutions group has expanded its client base, property portfolio and staff.

Donna Miller has joined the firm as Vice President of Receivership Solutions. Together with Executive Vice President of Receivership, Bruce Kassman, Donna will manage the firm's growing portfolio of properties for our lender and special servicer clients.

 "I am excited to start a new challenge within Colliers International South Florida's Receivership Solutions and look forward to working with the team to further develop their practice," says Miller. "I am fortunate to be joining such a respected company that prides itself on top quality service."

 Miller is a 24-year licensed real estate attorney with extensive knowledge of legal and real estate issues, including expertise in representing real estate developers, lenders and the Resolution Trust Corporation.
For a complete copy of the company’s news release, please contact:

Crystal Proenza
Vice President of Marketing
Colliers International South Florida
Commercial Real Estate Services
Tel: 305 476 7138

Vulcan Investment Partners Fund Investing $150 Million On Distressed Properties in South Florida

Inaki Negrete

MIAMI, FL /PRNewswire/ -- Vulcan Investment Partners (, founded by a group of leading Mexican businessmen and financial experts, will invest $150 million on purchasing 1,200 repossessed and foreclosed homes in South Florida.

Vulcan administers VulcanDynamicRealty Fund LP, a fund dedicated to purchasing and renovating distressed properties at 50 percent of their original construction cost.

Vulcan acquires foreclosed properties or those that are bank owned and rents them for several years at an attractive cap rate (about 14 percent annually) before selling them as the housing recovery takes hold. The firm expects to rent 70 percent of its properties and sell the remainder at high margins.

 Guillermo Prieto Trevino
"The residential home market in South Florida is definitely on the rise, but we still see about 700 single family homes come out of foreclosure every week in Broward and Miami-Dade counties," said Inaki Negrete, CEO of Vulcan Investment Partners.

When Vulcan liquidates the fund in 2017, it expects to see a 100 percent increase in the values of the properties in its portfolio, plus an annual rental cap rate above 14 percent.

"When we looked at the low acquisition prices, along with property appreciation and a high rental cap rate, we were able to project a high return on investment over five years," said Emilio Braun, Vulcan's chief marketing officer.

At once risky, the distressed South Florida property market has gotten the support of investors. Among Vulcan's board of directors is Guillermo Prieto Trevino, former chairman and CEO of Bolsa Mexicana de Valores SAB de CV.

"Many see this strategy as a way of taking advantage of the demand for rentals and the low U.S. home prices," Negrete said. "We're buying properties once valued at $200,000 or more for $75,000 and making them available for a reasonable $1500-a-month rent."

Earlier this year, South Florida had the second-highest increase nationwide in foreclosure activity with a 53 percent increase in foreclosure filings. As investors absorb the distressed properties, the market will balance out, with properties increasing in value and construction activity picking up, Negrete said.  

Vulcan's founders see significant community benefits from their multimillion-dollar investment.
"Vulcan in essence is helping revitalize the South Florida real estate market by reducing the number of foreclosed properties and making them affordable to renters and buyers," Negret said.

Vulcan Investment Partners, LLC incorporated on July 13, 2011 to act as General Partner to private real estate funds engaged in the purchase, sale, and leasing of distressed properties in the East Coast and Sunbelt region. Vulcan controls investment strategies and structural and organizational decisions of private real estate funds.


Patricia Maldonado

Cuhaci & Peterson Completes Design Work on The Fresh Market at The Falls, south of Miami and gets contact for another in Pensacola, FL

 ORLANDO, FL. --- Cuhaci & Peterson Architects, based in Orlando’s Baldwin Park, completed design work on “The Fresh Market” store at The Falls retail center in the Pinecrest community off U.S. 1 south of Miami.

James E. Downs, president of the Baldwin Park architectural firm, said construction is complete on the 18,000 square foot facility and it opened in early September at the south Dade County shopping center.

James E. Downs
At the same time, Downs said, the architectural firm has been awarded a contract to design another new facility for “The Fresh Market” in Pensacola.  That Pensacola store will also offer 18,000 square feet of upscale grocery shopping space.

For more information contact:  

Lonnie Peterson, Chairman Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Jed Downs, President Cuhaci & Peterson Architects, LLC, 407-661-9100;  
Larry Vershel or Beth Payan, Larry Vershel Communications, Inc. 407-644-4142,   

NAI Realvest Completes Sale of 4.3 Acre Church Site in West Orlando. FL

Paul P. Partyka
 Orlando, Fla.  -- NAI Realvest recently negotiated the sale of a 4.3 acre church site at 5355 Long Rd. in Orlando for $180,000. 

 Paul P. Partyka, managing partner at NAI Realvest, brokered the transaction representing the seller, International Church of the Four Square based in Los Angeles, and the buyer Open Door Primitive Baptist Church which is currently on Silver Star Road in Orlando. 

 Open Door Primitive Baptist is expanding and will be constructing a new building on the site for new church facilities for their congregation, according to Partyka.

For more information, contact

 Paul P. Partyka, Managing Partner, NAI Realvest, 407-875-9989;
Patrick Mahoney, President, NAI Realvest, 407-875-9989;
Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142

US 41 Self Storage in Fort Myers, FL Sold by Marcus & Millichap for $3.2 Million

US 41 Self Storage, Fort Myers, FL
 FORT MYERS, FL, Oct. 3, 2012 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of US 41 Self Storage, a 76,903-square foot self-storage facility located in Fort Myers, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Michael A. Mele, a first vice president investments and senior director of Marcus & Millichap’s National Self-Storage Group (NSSG) in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Florida-based financial institution and the buyer a partnership.

Michael A. Mele
US 41 Self Storage was constructed in 2006 and is located in Fort Myers, Florida.  The property is 80.6 percent physically occupied and has 438 self-storage units, 208 of which are climate-controlled units, 87 are non-climate controlled and 143 are RV/boat parking spaces.  The facility consists of one two-story building and five one-story buildings.  Storage units at this facility range from 25 to 300 square feet.  

“The speed with which buyers not only placed offers, but also competed heavily on terms, resulted in a deal that went from listing to closing in under three weeks.” said Mele, “We have seen incredible activity on distressed self-storage assets as buyers compete heavily on both price and terms for these opportunities.”

Press Contact:

 Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Marcus & Millichap Arranges Sale of Best Western Inn in Palatka, FL

Best Western Inn, Palatka, FL
PALATKA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Best Western Inn of Palatka, a 55-room, limited service hotel located in Palatka, Florida, according to Richard D. Matricaria, Regional Manager of the firm’s Tampa office.

Jonathan S. Ruprai, senior associate and Dennis Hopper, associate, both in Marcus & Millichap’s Tampa office, represented the seller, a limited liability company.  Ruprai and Hopper also secured the buyer, a local private investor

Press Contact:

 Richard D. Matricaria
Regional Manager, Tampa
(813) 387-4700

Manhattan Apartment Sales Jump While Average Sales Price of $1,377,630 Declines Slightly from a Year Ago


Hall F. Willke
New York, NY, -- According to the third quarter Manhattan residential market report released by Brown Harris Stevens, the average Manhattan apartment sale price of $1,377,630 was down 4% from same period in 2011.

At 2,790, the number of closings was at the highest level since the collapse of Lehman Brothers four years ago. Closings were up 12% when compared to the third quarter of 2011.

 The average price for cooperatives sold during the third quarter of 2012 was 6% below the same period last year, at $1,104,049. The average condominium price was $1,752,994, virtually unchanged from a year ago.

New York City skyline
“Although there has been a sharp decline in inventory, it is a healthy sign that there were more sales in the third quarter of this year than in any quarter since the collapse of Lehman Brothers” said Hall. F. Willkie, president of Brown Harris Stevens Residential Sales. “This combined with record low interest rates, and strong demand from both local and international buyers is promising.”

Report highlights include:

·         This quarter there were 3 sales over $20 million while in the third quarter of 2011 there were 7.

·         Sales over $5 million fell 12% from the third quarter of last year.

·         The median sales price, which measures the middle of the market, rose 2% to $865,525 when compared to the same period of last year.

·         While studios on the East Side experienced a 9% increase in their average price over last year’s third quarter, all other size categories experienced declines.

·         All sizes of apartments on the West Side experienced lower average prices.

·         New development sales helped the Downtown market and brought up the condo price per square foot 10% higher when compared to the third quarter of 2011.

·         New development sales also impacted average condo prices in Northern Manhattan, boosting the average price per square foot 16% over the same period of last year. 

For a complete copy of the company’s news release, please contact:

Jennifer Little,
Rubenstein PR