Monday, December 3, 2012

DoubleTree by Hilton Opens Fourth Hotel in Baltimore, MD Area



Renovated DoubleTree by Hilton Hotel
 Baltimore North-Pikesville
 McLean, VA (Dec. 3, 2012) – DoubleTree by Hilton today announced the opening of the newly renovated, upscale, full-service, 171-room DoubleTree by Hilton Hotel Baltimore North - Pikesville.

Formerly a Hilton, the hotel is owned and operated by Pikesville Hotel Limited Partnership, a division of the Mangione Family Enterprise under a franchise license agreement with a subsidiary of Hilton Worldwide.

Rob Palleschi
As part of the brand transformation, renovations have been completed in all areas of the DoubleTree by Hilton Baltimore North – Pikesville.  Guest rooms now feature new carpeting, window treatments, furniture and bedding, as well as Wolfgang Puck in-room gourmet coffee and tea service. Bathrooms were redone in their entirety, including granite countertops and new CITRON by Crabtree & Evelyn bath and body products.


Bill Leonhardt
“The DoubleTree by Hilton CARE culture is a natural fit for this hotel,” said Bill Leonhardt, general manager.  “Pikesville is the largest Orthodox Jewish community outside of New York, and our staff takes great care to understand and respond to the needs and traditions of our neighbors.” 

“The Baltimore market has fully embraced the DoubleTree by Hilton brand as evidenced by the success of our three other properties in this metro area,” said Rob Palleschi, global head, DoubleTree by Hilton.

 “Baltimore is a major business and government hub for the region, as well as a robust leisure market with great family attractions and an active cruise terminal. Expanding our brand in the Baltimore suburbs is a smart move for DoubleTree by Hilton, and I am certain that the community will continue to appreciate our unique brand of genuine, caring service.”  

 The DoubleTree by Hilton is located at 1726 Reisterstown Road, Pikesville, Maryland 21208. For more information, please visit www.doubletree.com, contact your preferred travel professional or call +1 800 222 TREE.  

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

Maggie Giddens
Director, Global Brand Public Relations
DoubleTree by Hilton
+1 703 883 5346

 Lauralee Dobbins
Daly Gray Public Relations
+1 703 435 6293

NAI Realvest Negotiates Lease Agreement with Tampa-Based Carpeting Firm for 21,000+ SFIndustrial Building in Orlando




4573 Dardanelle Drive, Orlando, FL
 MAITLAND, FL. – NAI Realvest recently negotiated a new lease agreement for the 21,142 square foot industrial building at 4573 Dardanelle Drive, off Silver Star Rd. near the intersection of John Young Parkway and I-4 in Orlando.

 Michael Heidrich, principal at NAI Realvest in Maitland, brokered the transaction representing Landlord Orange Distributors, based in Lithia near Tampa.  

Michael Heidrich
Lifestyle Carpets, Inc., a Tampa-based firm that supplies the single and multi-family homebuilding industry, leased the property, which includes 3,640 square feet of office space in the fenced-in building situated on 2.1 acres.

For more information, please contact:

Michael Heidrich, Principal NAI Realvest 407-875-9989 mheidrich@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan or Larry Vershel, LV Communications, 407-644-4142 Lvershelco@aol.com



HC Real Estate Capital Arranges $5,300,000 in Financing for Retail Property In Boca Raton, FL



Towne Plaza, Boca Raton, FL
Boca Raton, FL – Dec. 3, 2012 Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,300,000 in financing for Towne Plaza (“TP”) located at 2301 Glades Road Boca Raton, FL.


TP is a 25,500 square foot retail center that is currently 100% leased to a roster of national tenants.

  The non-recourse financing was arranged through a correspondent Life Insurance Company relationship that replaced a maturing CMBS loan on the property.   The loan carries a 15-year term at a competitive, fixed interest rate.

Kurt Hoffmann, Principal at HC Real Estate Capital states, “The borrower was able to lock a 6-month Forward Loan Commitment for this high profile retail property that is located at one of the busiest intersections in Boca Raton, Florida.”

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia.  Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans.  The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors and commercial banks. 

Contact:

Chris Caveglia
HC Real Estate Capital, LLC
660 Linton Blvd. Ste 200 EX5
Delray Beach, FL 33444
Direct: 561-266-3273
Mobile: 561-376-3176

Voit Deal Brings Expanding Trucking Company to East Inland Empire



1075 Mount Vernon Ave., Riverside, CA
 INLAND EMPIRE, CA – Voit Real Estate Services’ Inland Empire office has successfully directed the sale of a 39,900 square-foot industrial property located in a 430,000 square-foot industrial park in Riverside on behalf of the seller’s advisor, Cornerstone Real Estate Advisers.

 This transaction represents one of the highest per-square-foot sale prices achieved in 2012 in the East Inland Empire market, according to Walt Chenoweth, an Executive Vice President in Voit’s Inland Empire office.

Walt Chenoweth
Chenoweth worked with Frank Geraci, Juan Gutierrez, and Patrick Wood of Voit to represent Cornerstone Real Estate Advisers as the seller in the $3.25 million transaction.

The property was purchased by Mile Transport Inc, an Ohio-based trucking company which was seeking a new West Coast distribution facility to help grow its existing business in the area, according to Chenoweth.

“The Inland Empire market has become increasingly competitive as the supply of quality Class A buildings in this size range is selling rapidly.  With little construction coming on line, we will continue to see an increase in values in the coming quarters,” Chenoweth explained. “This is a true indication that market recovery is underway.”

Juan Gutierrez
Chenoweth noted that the limited supply of inventory is allowing sellers to be more selective of buyers in order to obtain the best price for their properties, which is a trend he anticipates will continue into 2013.

  The buyer, Dmitry Burkovskiy the owner of Mile Transport, was represented by John Seoane of Lee & Associates.

The property is located at 1075 Mount Vernon Ave in Riverside, Calif.

  Contact:

Jenn Quader/Judith Brower
Brower, Miller & Cole
(949) 955-7940

DoubleTree by Hilton Continues Spanish Expansion with Second Hotel



La Mola Hotel & Conference Center, Spain
 BARCELONA, Spain – Hilton Worldwide confirmed the signing of a franchise agreement with Layetana to open its second DoubleTree by Hilton hotel in Spain.

 The deal will see the conversion of the existing La Mola Hotel & Conference Center to the upscale DoubleTree by Hilton brand, with the renovated property set to open at the beginning of 2013. 

The news follows the announcement earlier this month of the brand’s launch into the Spanish market with the signing of its first hotel, DoubleTree by Hilton Hotel & Spa Emporda. 

Patrick Fitzgibbon
 Patrick Fitzgibbon, senior vice president, development, Europe & Africa, Hilton Worldwide, said, “The DoubleTree by Hilton brand has experienced unprecedented growth in Europe with more than 55 hotels operating or in development across the region and we’re delighted to be announcing our second DoubleTree in quick succession.

“This hotel already has an excellent reputation in Spain and internationally, and when you combine that with the benefits of Hilton Worldwide's global systems and our Hilton HHonors guest loyalty programm, it is a winning formula.”

Doubletree byHilton Hotel & Spa Emporda, Spain
The 186-guestroom DoubleTree by Hilton Hotel & Conference Center La Mola will feature the brand’s signature welcome with the legendary warm chocolate chip cookie presented to every guest at check-in; an array of upscale amenities and guest services, and a unique and caring team member commitment to the local community.

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

Jules Kerby
Hilton Worldwide
+44 7966 893 697

 Maggie Giddens
DoubleTree by Hilton
+1 703 883 5346

Avison Young completes $14.35-million sale of trophy office building in Los Angeles



8201 Beverly Blvd., Los Angeles, CA
 Los Angeles, CA – Avison Young, Canada’s largest independently-owned commercial real estate services company, has completed the $14.35-million sale of a six-story, 38,667-square-foot office building located at 8201 Beverly Blvd. in Los Angeles.

 The trophy-class building is fully occupied by Aptium Oncology Inc., a subsidiary of AstraZeneca, a global, innovation-driven, integrated biopharmaceutical company.

 Martin McDermott, Principal with Avison Young in the company’s West Los Angeles office, represented the seller, Aptium Oncology Inc. The buyer, Beverly Quest LLC, was represented by Steven Rayan of South Park Group.

Martin McDermott
 “Los Angeles is in short supply of quality mid-sized office buildings suitable for today’s high-profile companies,” comments McDermott.

 “We achieved a price-per-square-foot above the local office market by emphasizing the strong design attributes, the quality of property condition, and abundance of parking. In fact, we find that an office property’s parking offering has become one of the top drivers of value and is one of the first areas an owner looks to invest capital to improve.”

Steven Ravan
According to McDermott, the property received multiple offers within weeks of hitting the market and was in escrow within a month of the offering. The property received a high per-square-foot (psf) sales comparison for the area and product type, which tends to be in the $275- to $325-psf range.

 Originally built in 1964 and then redeveloped in 1990 by Thom Mayne, one of the world's leading architects, the property won two American Institute of Architects awards in 1991.

Thom Mayne
 Mayne used pre-LEED design elements to reduce the heat load on the property with special glazing on the windows and a granite south-facing fa├žade. Mayne also accentuated the views from the property, which have unimpeded Downtown Los Angeles, Century City and Hollywood Hills views with floor-to-ceiling glass windows and high ceilings.

The property is well-located near the major cross street of La Jolla, in-between the Grove and the Beverly Center and adjacent to Beverly Hills and West Hollywood.     

 “We enjoyed the stewardship of this important Thom Mayne-designed building for 16 years and wish the buyer continued success with the property,” says Ian Brimicombe, MD Group Head of Tax and Treasury Group Finance for AstraZeneca.

Contact:

Darcie Giacchetto
D.G. Communications, Inc.
949.278.6224



Industry Experts Predict Residential Real Estate Trends for 2013



Lexington Homes Woodleaf
at The Sanctuary Club, Kildeer, IL
 CHICAGO, IL – With many experts proclaiming the real estate market has finally bottomed out, the industry is still holding its collective breath as it looks toward 2013 with great hope and anticipation.

Chicago-area real estate experts, below, give an overview of their top real estate trends for 2013.

 The Year We’ve Been Waiting For:

According to the Commerce Department, U.S. builders started construction in October 2012 on the most homes and apartments since July 2008, evidence that the housing recovery is gaining momentum and making consistent gains. 

Jeff Benach
“Like other builders, we're seeing a few things that have allowed us some cautious optimism going forward,” said Jeff Benach, co-principal of Lexington Homes.

“Due to signs of improvement in the market, we've been able to back off on incentives and discounting at most communities. Also, buyers are not expecting as many promotions or deals as in the past few years. We opened four communities in 2012 and hope to open two or three more in 2013. We’re ready to be running on all cylinders again.”

Brian Brunhofer
Brian Brunhofer, president of Meritus Homes, which opened two new-home communities in 2012 and plans to open two more in 2013, reports a similar uptick. “Traffic levels at our communities continue to increase. There’s a sense that buyers want to get on with their lives, and they are ready to purchase.”

Comeback of the Custom Home:

Custom home activity basically fell off the radar over the past few years, but with renewed confidence in the economy and increased demand for high-end housing, semi-custom and custom-home construction has been seeing signs of life.

Case in point, Lexington Homes launched a new custom-home division called Portfolio Homes in October and opened its first custom-home community, Woodleaf at The Sanctuary Club in Kildeer, Ill.

 “There’s been a resurgence in custom home sales in 2012, due to great values in the luxury market,” said Benach. “Record low interest rates and pent-up demand will continue to fuel luxury real estate sales in 2013.”

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

Kim Manning,
312-267-4527

Mark Thomton,
312-267-4523

Bulk Deal: 150 Condos Sell At 38% Discount In Downtown West Palm Beach


  
Jeff Greene
MIAMI, FL -- A bulk buyer has paid $195 per square foot - representing a 38 percent discount off of the average sales price to date - for the remaining 150 new residential condo units in the City Palms condo project in Downtown West Palm Beach, according to a new report from CondoVultures.com.

Billionaire Jeff Greene, who capitalized on the housing crash with credit default swaps and then unsuccessfully ran in 2010 for one of Florida’s two U.S. Senate seats, led the bulk group - comprised of four Florida corporations - that paid a combined $34 million for more than 148,000 square feet of salable residential space and nearly 26,300 square feet of commercial space in the 10-story City Palms project on Hibiscus Street in Downtown West Palm Beach, according to the Palm Beach Post.

City Palms, West Palm Beach, FL
Prior to the Nov. 5, 2012 bulk deal, the original developer had sold 138 residential units - about 48 percent of the 288-unit project - for nearly $39.2 million for an average of more than $310 per square foot since the first transaction was recorded in October 2008, according to an analysis of Palm Beach County Property Appraiser records.

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

Condo Vultures® LLC is a real estate consultancy and marketing company based in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached at 800-750-0517.

Tanger Outlet Centers and Peterson Companies Break Ground on Tanger Outlets National Harbor Near Washington, DC



National Harbor Resort, Washington, DC
 GREENSBORO, NC /PRNewswire/ -- Tanger Factory Outlet Centers, Inc. (NYSE:SKT) and Peterson Companies hosted an official Ground Breaking Ceremony to announce that construction has commenced on Tanger Outlets National Harbor

The center is located at National Harbor, the Washington, DC area's premier waterfront resort destination which includes fine restaurants, distinctive retail, office and residences, and a number of world-class hotels including the Gaylord National Resort and Convention Center, the largest non-gaming hotel on the eastern seaboard. 

Developed by Peterson Companies, National Harbor comprises 350 acres of prime real estate along the scenic Potomac River in Prince George's County, Maryland.

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

 Quentin Pell           
 214-600-3838           

Angela Sweeney
443-691-2957

HFF Secures $60 Million Construction Loan For Iconic New Morris Adjmi-Designed Office Tower in New York City



837 Washington St. rendering, New York City
 NEW YORK, NY - HFF, a leading provider of commercial real estate and capital markets services, announced today that it has secured a $60 million construction loan for 837 Washington Street, an iconic new office and retail building that will redefine the standard of the Meatpacking District’s architectural, aesthetic and commercial offerings.

 HFF placed the construction loan with M&T Bank on behalf of the borrower, a joint venture between affiliates of Taconic Investment Partners and Thor Equities.

Evan Pariser
Ideally situated on the corner of Washington and 13th Streets, 837 Washington will be composed of an existing landmark structure that will be restored and integrated within a brand new 55,000 square foot space envisioned as a flagship location for market-leading companies from the fashion, technology, entertainment and media industries.

 Senior managing director Evan Pariser; executive managing director John Pelusi; and director Michael Gigliotti of HFF represented the borrower in the transaction. Slated for occupancy in fall 2013, 837 Washington has been designed to receive a LEED Gold rating from the U.S. Green Building Council. 

John Pelusi
837 Washington’s three retail levels will total approximately 28,000 square feet anchored by a corner presence on Washington and 13th Streets just steps away from the Standard Hotel and the High Line. 

The office portion will measure approximately 27,000 square feet, serviced by two elevators via a private lobby on Washington Street, and boast soaring 12 foot high ceilings with full height divided light window walls affording abundant natural light and sweeping views in every direction.

Michael Gigliotti
In addition, the building will feature private terrace spaces of approximately 500 square feet on the 2nd floor, 3,500 square feet on the 3rd floor, and 3,000 square feet on the roof, with some of the Meatpacking District’s best vantage points of the High Line, Hudson River, Midtown, and Lower Manhattan. 

Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com


Loews Hotels & Resorts to Return to Washington, D.C. with Purchase of The Madison Hotel



Madison Hotel, Washington, DC
 NEW YORK, NY (Dec. 3, 2012) — Loews Hotels & Resorts, a wholly owned-subsidiary of Loews Corporation (NYSE: L), today announced that the company has entered into an agreement to purchase the iconic, 356-room Madison Hotel in the heart of Washington, D.C. from Jamestown Properties. The acquisition closes in January, 2013. 

 The Madison marks the second major hotel purchase announced by Loews Hotels this year, as part of the goal to add substantially to its portfolio of hotels over the next five years.

Paul Whetsell
The hotel company continues to aggressively seek hotel additions in gateway cities and resort destinations and expects to announce additional new Loews properties in the coming months.

 “The Madison completed a dramatic $23 million renovation in 2012,” said Paul Whetsell, president & CEO, Loews Hotels & Resorts. “We expect that the hotel’s quality, coupled with the addition of the Loews brand, will give us a strong competitive position in the D.C. market.”

 “During our ownership, we were struck by the quality and professionalism of the staff at the Madison, and are proud that its reputation for excellence remains in-tact,” said Michael Phillips, chief operating officer for Jamestown. “We are confident that the property will continue to flourish under the Loews flag once again.”

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

Lark-Marie Anton/Sarah Murov                                                  
Loews Hotels &
Resorts                                                                
(212) 521-2779 / (212) 521-2495                                                
lanton@loewshotels.com


Jerry Daly/Chris Daly
Daly Gray Public Relations
(703) 435-6293

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Modus Hotels Acquires Brookshire Suites in Downtown Baltimore, MD


  
Brookshire Suites, Baltimore, MD
 WASHINGTON, D.C., Dec. 3, 2012—Modus Hotels, the Washington, D.C.-based collection of urban lifestyle hotels, today announced it has acquired the 97-suite Brookshire Suites, Modus’ first hotel in downtown Baltimore and its third hotel acquisition of 2012. 

The company will invest several million dollars to fully renovate and re-concept the property and incorporate it into the Modus Hotels Collection, a portfolio of 12 hotels.

            “With its ideal location along Baltimore’s Inner Harbor and its distinctive identity, the Brookshire Suites is a perfect fit in our expanding portfolio of Modus Hotels,” noted Aaron Katz, president and CEO of Modus Hotels.

 “Following the completion of the renovation and the implementation of our proprietary marketing and management systems, we believe the hotel will be well positioned as an affordable, lifestyle hotel experience, something not offered by the existing hotels in the Baltimore market.”

Aaron Katz
Located immediately adjacent to Baltimore’s famous Inner Harbor, the hotel is just steps away from such attractions as the National Aquarium, the Baltimore Convention Center, Baltimore Orioles’ Stadium, Camden Yards and the Baltimore Ravens M&T Bank Stadium. 

  The Brookshire Suites Inner Harbor Hotel offers spacious suites, averaging 500 square feet.  Suites contain a sleeping area and a separate living room furnished with a sofa, oversized desk, free WiFi, and a mini-refrigerator with complimentary bottled water. 

Modus plans to begin the renovation process in January 2013.  It will start in phases so as to minimize guest disruption, with an expected completion date of the fourth quarter 2013.  The re-positioning will include a new lobby, new guest suites and a new exterior.

The new hotel now joins the Modus Hotels’ collection of upscale, urban, boutique properties operating in Washington, D.C., Chicago and Philadelphia, including The River Inn, The Quincy, One Washington Circle Hotel, The George Washington University Inn, Virginian Suites Arlington, Colony South Hotel and Conference Center and The Windsor Suites.

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

Chris Daly
media
(703) 435-6293