Monday, June 9, 2014

Pyramid Hotel Group Adds Depth to Asset Management Expertise; John Green Rejoins Company as Senior Vice President

John Green

BOSTON, MA, June 9, 2014—Officials of Pyramid Hotel Group, one of the nation’s largest, independent, hotel management and asset management companies, today announced John Green has rejoined the company as Senior Vice President, Asset Management, adding significant depth to the company’s senior management team.

  He will join a robust team of asset management professionals as Pyramid grows its asset management portfolio. He will be responsible both for the growth and servicing of new relationships.

“We bring the same attention to detail to our responsibilities as asset managers for hotels operated by other companies, as we do to the hotels we operate,” said Richard M. Kelleher, Pyramid’s principal and chief executive officer.

 “We are delighted to welcome John and his more than 30 years of operating experience back to Pyramid.  His extensive background in owner relations, brands and asset performance coupled with extensive operations experience combine to create a unique strength to improve asset value.

 His background includes expertise with the full gamut of all the leading brands from luxury to focused-service and numerous independent and boutique hotels and resorts throughout the United States, Caribbean, Canada and Central America. 

Richard M. Kelleher
He has hands-on experience in all aspects of hotel ownership/operations from acquisition to exit strategy, repositioning and refurbishment, brand selection, cost controls and building sustainable profitability.  His well-deserved industry reputation and strong owner relationships will further strengthen our asset management group.”

Prior to rejoining Pyramid, Green was senior vice president of Wyndham Hotel Group Management’s hotel portfolio for the Wyndham Hotel Group.

 During his tenure, the group expanded from 14 to 50 hotels, generating more than $450 million in 2013 revenues.  Concurrently, he was brand senior vice president of Wyndham Hotels and Resorts, accountable for the Wyndham Hotels and Resorts franchise system, handling license partner relations and growing the group from 60 to 100-plus operating units. 

He previously was senior vice president and managing director of Pyramid Hotel Group where he was responsible for half of the owned and managed hotel portfolio in the eastern United States. 
For a complete copy of the company’s news release, please contact:

Chris Daly
Daly Gray
(703) 435-6293

Charles Dunn Completes $22 Million Sale of 201-Unit Multifamily Property in Panorama City, CA

Hamid Soroudi

 LOS ANGELES, CA, June 9, 2014 – Charles Dunn Company, one of the largest full-service regional real estate firms in the western United States, has completed the $22 million sale of a 201-unit  multifamily property located at 9010 Tobias Ave. in Panorama City, Calif.

Hamid Soroudi, senior managing director, of Charles Dunn Company represented the seller, Tobias Partners, LP, a private investor from Los Angeles.  The buyer was PJCF-T2, LLC, a Los Angeles-based private investor. The property sold at a cap rate of 5.3 percent and at a per-unit price of $109,543. 

              Built in 1972 and situated on 2.4 acres, the asset includes 102 one-bedroom/one-bathroom units, 51 studio units, and 48 two-bedroom/two-bathroom units. 

The four-story property includes two elevators, center courtyard that includes a pool and spa; recreation room and gym; controlled access; and semi-subterranean parking spaces. Many of the units have been recently renovated.

              “The Panorama City multifamily market is strong with vacancies currently under 3 percent and no new development underway,” said Soroudi. “The buyer was able to acquire a quality asset and has an upside potential of gaining additional income as rents roll and are brought up to market rates.” 

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

Darcie Giacchetto
D.G. Communications, Inc.

HFF closes sale of Hoboken, NJ Class A multi-housing property

Jose Cruz
FLORHAM PARK, NJ – HFF announced today that it has closed the sale of Curling Club Apartments, a 240-unit, Class A multi-housing community in Hoboken, New Jersey.

               HFF marketed the property on behalf of PNC Realty Investors, Inc., as investment advisor to the AFL-CIO Building Investment Trust.  The property was purchased free and clear of existing debt.

               Curling Club Apartments encompasses a full city block in the uptown Hoboken submarket between Grand and Adams Streets and 12th and 11th Streets as well as the northern half of the block between Clinton and Grand Streets and 12th and 11th Streets. 

Kevin O'Hearn
Completed in 1999, the property consists of four five-story residential buildings above a single level parking garage as well as a free-standing, single-story clubhouse and an interior courtyard.  All of the apartments are two-bedroom, two-bathroom units. 

Community amenities at the pet-friendly residence include a fitness center, resident’s lounge, storage units and garage parking.  Residents also benefit from shuttle service to the PATH station.

Michael Oliver
               The HFF investment sales team representing the seller was led by Jose Cruz, Kevin O’Hearn and Michael Oliver out of the New Jersey office and Andrew Scandalios and Jeff Julien from the New York City office.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

HFF closes sale of two office/R&D buildings in Pleasanton, CA

Steven Golubchik
SAN FRANCISCO, CA – HFF announced today that it has closed the sale of Arroyo Center, two office/R&D buildings totaling 104,741 square feet in Pleasanton, California.

               HFF marketed the properties on behalf of the seller, a joint venture between Cannae Partners and certain affiliates of Westport Capital Partners LLC.  Embarcadero Capital Partners, LLC purchased the assets for an undisclosed amount free and clear of existing financing.

               Arroyo Center is located at 5758-5794 W. Las Positas Boulevard within the Hacienda Business Park between Walnut Creek and Silicon Valley in Pleasanton.

 The 6.69-acre site is within 1.5 miles of the Dublin-Pleasanton BART station and less than two miles from the 1-580 and 1-680 interchange providing access to the greater San Francisco Bay area.

 The properties were renovated in 2013/2104 and are fully leased to two tenants: Hewlett-Packard and Gatan, a subsidiary of Roper Industries.

John Simerlein
               The HFF investment sales team representing the seller was led by managing director Steven Golubchik and director John Simerlein.

Westport Capital Partners LLC is a real estate investment firm specializing in the opportunistic real estate arena. Westport provides domestic and international investment opportunities to institutional and private clients.

Through its various funds, the firm invests in a wide variety of distressed and opportunistic real estate assets. The firm has offices in Los Angeles, CA, Wilton, CT and London, England. For more information regarding Westport Capital Partners LLC, please visit

Embarcadero Capital Partners is a real estate investment and management firm based on the San Francisco peninsula. The firm invests in dynamic, development-constrained U.S. markets that are known for intellectual capital and a creative business culture.

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

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

Sheraton Bali Kuta Resort Announces Opening of Play@Sheraton Kids Club

Dario Orsini
BALI, INDONESIA, June 9, 2014 – Sheraton Bali Kuta Resort, the newly opened luxurious resort located in the heart of the famed Kuta Beach, announced the opening Play@Sheraton Kids Club for its younger guests to enjoy from now onwards.

 Play@Sheraton Kids Club is designed to enhance the family travel experience with a fully-tailored program including special amenities, education, and entertainment designed for children up to 12 years old. Sheraton Bali Kuta Resort celebrated the opening of Play@Sheraton on Saturday, June 7.    

“We are thrilled to unveil the Play@Sheraton Kids Club at our beautiful new resort,” said Dario Orsini, General Manager of Sheraton Bali Kuta Resort.

“We have seen a surge in demand for family friendly facilities since opening a year ago and trust that this extension to our resort facility will not only meet the increasing needs of parents traveling with children, but also drive more family business to the Kuta area,” he added.   

 The opening of the kids club took place in the resort’s social courtyard, in the presence of hotel guests and media members, including a dance performance by kids from the Harmony Ballet School in Bali. 

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

Hwee Peng Yeo
Vice President, Asia Markets
Glodow Nead Communications
San Francisco • New York • Singapore • Shanghai
Level 21, Centennial Tower, 3 Temasek Avenue • Singapore 039190
1700 Montgomery Street, Suite 203 • San Francisco, CA • 94111
Asia: 65.9768.6087  US:415.394.6500 • E:

Hospitality Ventures Management Group Adds 42nd Hotel to Portfolio and Enters Multiple Strategic Partnerships

Mary Beth Cutshall

 ATLANTA, GA (June 9, 2014) – Hospitality Ventures Management Group (HVMG), an Atlanta-based, privately owned hotel ownership and management company, today announced that it remains on track to have one of its most successful years on record, having added three more hotels to its portfolio in the last two months and with two strategic partnerships on the horizon that have the potential to substantially increase the company’s portfolio of owned & third-party managed assets in the next two years.

            “While 2014 has been a strong year for most of the hospitality industry, it looks like it could well be the best year since we started in 2001, in terms of growth and diversification,” said Robert Cole, president & CEO of HVMG.

  “Historically, we have been known for our turn-around prowess, and now that we are at the place in the cycle where major repositioning has somewhat subsided, we are expanding into new territories, including new brand segments, and establishing new, best-in-class partnerships.”
Robert S. Cole
“With relatively low new product supply and high consumer demand, a growing number of hotels are changing hands, an ideal time for us given our skill set,” said Mary Beth Cutshall, HVMG’s senior vice president of acquisitions and business development. 

“With experts like PKF and STR predicting increased RevPAR well ahead of inflation for the next few years, we firmly believe now is the time to strike and are interested in investments, joint ventures and third-party management opportunities that contribute to our measured growth plan."

“We quietly have gone from a handful of hotels to nearly 50 in less than 7 years, a testament to the team of professionals we’ve been fortunate enough to assemble,” Cole noted.

 “We have a highly diverse group of executives with an average of more than 20 years industry experience each, and our retention rate is one of the highest in the industry.  I credit that to the family atmosphere the team has been able to cultivate.  As excellent as 2014 is already, the future looks even brighter still.”

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

Lauralee Dobbins
Daly Gray, Inc.

Arbor Appoints Patrick Brady as an Originator in Boston Office

Patrick Brady
UNIONDALE, NY (June 9, 2014) – Arbor Commercial Mortgage, LLC (“Arbor”) today announced the appointment of Patrick Brady as Originator.

 A native of Middleboro, MA, and a current resident of Quincy, MA, Mr. Brady is responsible for originating multifamily loans nationwide utilizing Arbor’s entire product line, including FHA, Fannie Mae, Freddie Mac, CMBS, Bridge, Mezzanine and Preferred Equity.

He is based in the company’s Boston, MA, office and reports to Ken Fazio, Senior Vice President, National Production Manager.

Mr. Brady joined Arbor in 2010 as an underwriter. In that role he handled the processing and underwriting of Fannie Mae DUS loans on multifamily properties nationwide. 

He was also responsible for full credit underwriting of borrowers, collection and analysis of due diligence and presentations to the Loan Committee. 

 Prior to joining Arbor, Mr. Brady served as an analyst for The Claremont Companies where he performed such duties as cash flow modeling, analysis of due diligence and managing an existing real estate portfolio.  He was also responsible for evaluating more than $1 billion of potential acquisitions. 

 Mr. Brady graduated with honors from Bridgewater State University and holds a B.S. in Accounting and Finance.

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

Christopher Ostrowski