Tuesday, May 6, 2014

Hilton Baltimore BWI Airport Completes Significant Upgrades

Hilton Baltimore BWI Airport hotel, Baltimore, MD

BALTIMORE, MD,  May 6, 2014—Officials of the Hilton Baltimore BWI Airport announced today the completion of a number of transformative renovation upgrades that have elevated the hotel into the top-five ranking among its competitive set, according to reviewers on one of the top guest-rated websites.

Joseph Bojanowski
“Although the hotel opened only in late 2006, our goal is to keep it fresh and appealing to guests,” said Joseph Bojanowski, president, PMHS. 

“The investment and hard work immediately paid off with highly favorable comments from our guests.  

"As a result of the renovation and implementation of new guest service initiatives, website reviewers now rate the Hilton Baltimore BWI Airport in the top five out of 26 competitive hotels. 

“As we settle in from these renovations, our intent is to continue to move up in the rankings.”

“Because of the hotel's convenient location and great amenities, we host a significant number of business and social gatherings,” said Bill Driscoll, general manager.  “These enhancements have had an immediate impact on our guest satisfaction levels and we look forward to attracting new groups, as well as business and leisure travelers to our hotel.”

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

Chris Daly, Jerry Daly media
(703) 435-6293

Cousins Properties Adds Donna Hyland to Board of Directors

ATLANTA, GA -- Cousins Properties Incorporated (NYSE: CUZ) announced today that Donna W. Hyland has been elected to its Board of Directors as of May 6, 2014.

Donna W. Hyland
Ms. Hyland is the President and Chief Executive Officer of Children's Healthcare of Atlanta, and she has served in various positions with Children's since 1998, including Chief Operating Officer and Chief Financial Officer.

Larry Gellerstedt
She is also a director of the Advisory Board of SunTrust Bank of Georgia and Stone Mountain Industrial Park, Inc., and she holds leadership positions in a number of significant charitable organizations.

"Donna's deep business and financial experience will bring a valuable perspective to our Board," said Larry Gellerstedt, President and CEO. "We are delighted that she agreed to join the Cousins team."

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

Marli Quesinberry, 404-407-1898
Director of Investor Relations and Corporate Communications

Essex Realty Group Brokers Sale Of 46-Unit Multi-Family Apartment Building in Chicago, IL

2601--15 West Belmont Avenue, Avondale neighborhood, Chicago, IL

Matt Welke

 CHICAGO, IL, May 6, 2014 - Essex Realty Group, Inc. is pleased to announce the recent sale 2601-15 W. Belmont Ave., a new construction, 46-unit elevator building located in Chicago’s Avondale neighborhood.

Jason Fishleder
The Property consists of two-bedroom simplex and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet, and includes an underground parking garage with approximately 49 spaces.

Matt Welke and Jason Fishleder were the brokers in the transaction. The sale price was approximately $11,500,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

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

Douglas Fisher
Essex Realty Group, Inc.

New Castle Hotels & Resorts Names Alex Lugo General Manager of Westin Jekyll Island, Jekyll Island, GA

Rendering of planned Westin Jekyll Island resort
Jekyll Island, GA

 JEKYLL ISLAND, GA and SHELTON, CT, May 6, 2014—Officials of New Castle Hotels & Resorts, a leading hotel owner, operator and developer, today named Alex Lugo  general manager of  the Westin Jekyll Island, currently under construction on Jekyll Island's oceanfront.  The 200-room hotel is expected to open in January 2015. 

            Most recently, Lugo was the director of operations for the Westin Buckhead in Atlanta, Ga., where he was responsible for substantially improving the hotel's performance in terms of profitability, guest and meeting planner satisfaction.

  For the past 10 years, Lugo has served in positions of increasing responsibility within the Starwood family of hotels, including the Sheraton St. Louis City Center, The Westin Beach Resort and Spa in Ft. Lauderdale, Fla. and the Westin & Sheraton Grand Bahama. 

Alex Lugo
            "Alex's experience with both resort and convention-oriented hotels, as well as the Westin brand made him an outstanding choice to lead this new, ocean-front, convention center hotel," said Gerry Chase, president and COO in making the announcement. 

"Alex has a terrific track record of financial and guest satisfaction performance and I have every confidence that he's ready for this next step in his career." 

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

Lauralee Dobbins
Daly Gray, Inc.


Marcus & Millichap Sells $11.8 Million Four-Property Hospitality Portfolio

La Quinta Inn, Tallahassee, FL
Helen Zaver

DALLAS, TX,  May 6, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a four-property portfolio of La Quinta Inns.

 Two of the hotels are located in St. Louis, Mo., one is in Tallahassee, Fla. and one is in Knoxville, Tenn. All but one was rebranded immediately at sale and the fourth will be rebranded in two to three months. The portfolio sold for $11,800,000.

            Chris Gomes, a senior associate in Marcus & Millichap’s Dallas office led the sale, along with Allan Miller, an associate vice president investments in the firm’s San Antonio office, and David Greenberg, a vice president investments in Fort Lauderdale.

 The seller is a Dallas-based hospitality firm and the buyer is from California. Anne Williams, a senior associate in Marcus & Millichap’s Memphis, Tenn. office, and Helen Zaver, a senior associate in Atlanta, assisted in the sale of the asset located in Tennessee.

Chris Gomes
William Holman of the firm’s St. Louis office is the firm’s broker of record in Missouri.

            “The location of these assets and their critical mass of rooms make this transaction lucrative from a pure ‘price per key’ perspective,” says Gomes. “Rebranding is one piece of the new owner’s value-add strategy.”

            When the rebranding is complete, two of the properties will be Baymont Inn & Suites hotels and two will take the name Motel 6.

            The properties are:

·         A 136-room interior corridor hotel in the Maryland Heights suburb of St. Louis, Mo. that was built in 1987 on 2.8 acres and is accessible from Interstate 270. Features include ample outdoor parking, a vending area, an exercise room and an on-site guest laundry facility. The property was operated as a Baymont Inn & Suites until 2006.

David Greenberg
·         A 104-room interior corridor hotel built in 1977 on 2.7 acres and located minutes from Lambert – St. Louis International Airport in St. Louis, Mo. The hotel features complimentary daily breakfast, wireless Internet access, ample parking, a vending area, an exercise room, an outdoor swimming pool and an on-site laundry facility for guests. A single-story restaurant located on the hotel’s east side is leased to a third party and operates as a Denny’s. The hotel is a 2013 TripAdvisor Certificate of Excellence award winner.

·         A 134-unit mixed corridor hotel situated on 2.7 acres in Tallahassee, Fla. that is easily accessible from Highway 27, the Apalachee Parkway. The property benefits from a variety of tourism and leisure attractions in the area, including Lake Jackson, the Florida State Capitol building and Alfred B. Maclay Gardens State Park.

·         A 130-unit mixed corridor hotel located on a 3.6-acre lot in Knoxville, Tenn. Built in 1986 and renovated/upgraded on a regular basis, the property features a freestanding restaurant that is leased to a third party.

            “This transaction highlights our ability to source opportunistic capital for deployment in multiple noncore markets,” says Gregory A. LaBerge, national director of the firm’s National Hospitality Group (NHG). “This portfolio sale brings the number of hotels sold so far in 2014 by the NHG to 39.”

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

Gina Relva
Public Relations Manager
(925) 953-1716

Elizabeth Davis, a veteran broker with a strong track record working with institutional investors, Joins IPA in Portland, OR

Elizabeth Davis
PORTLAND, OR – Institutional Property Advisors (IPA), a division of Marcus & Millichap, Inc. specializing in serving institutional and major private investors, is pleased to announce the addition of IPA Portland to its national platform, according to Brian T. Murdy, IPA’s national director.

Oregon native Elizabeth Davis, an industry veteran with more than 20 years of experience working with local and national institutional clients, will lead IPA Portland as director.

            “Elizabeth’s brokerage experience with some of the industry’s most prominent institutional investors and her goals for expanding her practice make her a strong fit to lead IPA’s expansion in the Pacific Northwest,” says Murdy. 

“Portland has emerged as a favorable market and many of our national clients either have a presence in the market or are interested in expanding there.  Elizabeth’s market knowledge and experience will be of great value in servicing IPA clients.”

            “Joining IPA gives me the opportunity to provide my major private and institutional clients with IPA’s industry-leading market research, national property marketing platform and access to both institutional and private capital buyers, a segment that Marcus & Millichap dominates,” says Davis.

“The strength of working with the IPA market-dominant teams across the country, and particularly on the West Coast, will bring an unparalleled brokerage platform to the region,” Davis continues. “I’m thrilled to bring IPA’s value-added platform to my clients in the Pacific Northwest.”

Hessam Nadji
            “Our recent expansions into the Pacific Northwest and Boston markets provide institutional clients with an even greater depth of resources to execute their investment strategies, and we are proud to have Elizabeth as part of our organization,” says Hessam Nadji, Marcus & Millichap’s chief strategy officer who oversees the firm’s national specialty groups, including IPA. 

“The IPA platform offers an incredible opportunity for experienced professionals who share our commitment to client service, collaboration and value-added brokerage.”

“Adding IPA Portland gives investors direct access to vital markets in the Pacific Northwest, which includes some of the most active investment markets in the country,” says Justin White, a vice president responsible for the firm’s Pacific Northwest region.  “Elizabeth’s addition is also a reflection of our growth strategy in the region,” he added.

            IPA is one of the country’s leading providers of institutional-quality commercial real estate investment services, including portfolio and property-level analyses, capital market solutions, research, acquisition sourcing and property sales. In 2013, the company closed over $3.3 billion in multifamily sales valued at $25 million and above.

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

Gina Relva
Public Relations Manager
(925) 953-1716

Marcus & Millichap Arranges Sale of Two Boca Raton, FL Apartment Buildings for Total $6.075 Million

Whispering Palms Apartments, Boca Raton, FL

BOCA RATON, FL, May 5, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Whispering Palms Apartments, a 54-unit apartment property, and Del Rio South Apartments, a 33-unit apartment property, both located in Boca Raton, FL.

Brandon J. Rex
Whispering Palms Apartments sold for $4,329,310 and Del Rio South Apartments sold for $2,645,690.

Brandon J. Rex, a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, represented the Boca Raton, FL-based seller as well as secured the buyer, a limited liability company from Delray Beach, FL.

“Positive trends are taking hold in Palm Beach County and providing momentum to the apartment sector. Single-family home sales and homebuilding in the county are increasing, municipal budgets are in better shape, and infrastructure work delayed during the economic downturn is resuming. This was a rare opportunity for an investor to purchase two east Boca Raton apartment buildings,” says Rex.

Whispering Palms Apartments consists of three two-story buildings that total 54 units and are comprised of 20 efficiencies, 24 one-bedroom/one-bath units, two two-bedroom/one-bath units, and eight three-bedroom/two-bath units. The property is located south of Yamato Road and west of Federal Highway at 4850 NE 5th Avenue in Boca Raton, FL. 

Del Rio South Apartments consists of 33 units in two two-story buildings. There are two efficiencies, 27 one-bedroom/one-bath units and four two-bedroom/one-bath units. 

The property is located south of Palmetto Road and west of Federal Highway at 480 West Camino Real in Boca Raton, FL.

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

Ryan Nee
Regional Manager
 Fort Lauderdale, FL
(954) 245-3400