Hersha Hospitality Management Names Michael W. Murray as Chief Operating Officer

PHILADELPHIA, Pa.- Hersha Hospitality Management (HHM), a leading hotel management company of more than 60 upper upscale, upscale and midscale U.S. hotels, announces Michael W. Murray (top right photo) has joined the company as chief operating officer. He will relocate to Philadelphia and be responsible for all of the company’s operational functions at the corporate and property levels.

Murray, a 27-year hospitality veteran, has in-depth operations expertise throughout the United States and Caribbean.

“Mike further strengthens our operational capabilities, especially in the full-service and resort arena, and has consistently run hotels with guest satisfaction scores that are in the top 10% of their respective brands,” said Tom Reese, (middle left photo) president of HHM.

“Mike brings with him a complement of management experience for some of the nation’s largest institutional hotel projects; an understanding of diverse geographic markets; and in-depth expertise in managing through all phases of the economic cycle,” Reese added.

“His experience includes hotels in all market tiers, from luxury to upscale select-service, with leading brands in the Marriott, Hilton, InterContinental and Starwood families. His diverse abilities are exemplified by his experience in running large independent hotels in urban markets, historic adaptive re-use projects, indoor water resorts and full-service resorts and casinos.”

Previously, Murray was the operations leader at Sage Hospitality Resources with responsibility for 48 hotels, $500 million in annual revenue and 6,000 associates across the United States.

Contact: Jerry Daly or Chris Daly, (703) 435-6293, chris@dalygray.com

HFF arranges $5.85M financing for 600 Technology Center Drive in Stoughton, MA

BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged $5.85 million in financing for 600 Technology Center Drive, a 55,397-square-foot, Class A office building in Stoughton, Massachusetts.

Working on behalf of H.N. Gorin, Inc., HFF senior managing director Bob Herron (middle left photo) and director Greg LaBine, top right photo) placed the fixed-rate loan with Unum Group for the acquisition of the property.

Completed in 2000, 600 Technology Center Drive is a three-story office building that is fully leased to The Shaw Group. H.N. Gorin, Inc. also owns the adjacent office property, 100 Technology Center Drive, which serves as The Shaw Group’s headquarters.

The properties create a “mini-campus” for the tenant and share a cafeteria as well as fiber optic connectivity. Situated on a five-acre site, 600 Technology Drive is located close to the entrance of Technology Center Drive at the intersection of Routes 139 and 24 in Stoughton.

Founded in 1990, H.N. Gorin, Inc. is a Boston-based real estate investment and development company involved in the acquisition, development, management and ownership of commercial, multifamily residential, industrial and retail real estate.

Unum Group is one of the leading providers of employee benefits products and services and the largest provider of group and individual disability income protection insurance in the United States and United Kingdom.

CONTACTS:

Robert M. Herron, HFF Senior Managing Director, 617 338 0990, rherron@hfflp.com

Gregory F. LaBine, HFF Director, 617 338 0990, glabine@hfflp.com

Laurie Fish McDowell, HFF Associate Director, Marketing, 617 338 0990, lmcdowell@hfflp.com

Arbor Closes $1,756,000 Fannie Mae DUS® Small Loan for Fairway Square at Alvin, TX

Uniondale, NY (10/06/2008) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,756,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 120-unit complex known as Fairway Square (top left photo) in Alvin, TX.

The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.22 percent.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com

Marcus and Millichap Sells a 2,852-SF Circle K in Brandon, FL

BRANDON, FL, Oct. 6, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Circle K, (top right photo) a 2,852-square foot C-Store with a gasoline station, located in Brandon, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $1,100,000 (a 5.8 percent cap rate) at $318 psf, based on higher rent expectations than current rents.

Ron Schultz, an investment specialist in Marcus & Millichap’s Tampa office marketed the property on behalf of the seller, a private investor based out of North Carolina. The buyer, a Limited Liability Co. (LLC), based out of Tampa, was represented by Jaimin Patel, an investment specialist in Marcus & Millichap’s Tampa office.

“This Circle K’s original 20-year lease was nearing its expiration date and the seller was either looking to re-tenant with a C-Store operator, or endure the expense and time needed to change use”, says Schultz.

Circle K is located at 2104 Brandon Boulevard in Brandon

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa(813) 387-4700

Marcus and Millichap Sells a 150,210-SF Shopping Strip

TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Tampa Plaza, (top right photo) a 150,210-square foot Kmart anchored shopping center located in Tampa, Florida, according to Steven M. Ekovich, First Vice President/Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $4,412,000. Les Aron (bottom left photo) and David Goldstein, Vice Presidents, Investments and Dan Wolf, Investment Specialist in Marcus & Millichap’s Tampa office represented both the seller, a private investor based out of Minnesota, and the buyer, a Limited Liability Company (LLC), out of New York in this transaction.

“The center sits on over sixteen acres of very desirable retail property in Tampa, a key component to the future development plans of the buyer. The out-of-town seller has owned the property since the early nineties. The sale demonstrates the continued strong demand for reasonably priced Florida commercial real estate despite the economic downturn,” says Wolf.

Located at 8303 N. Florida Avenue in Tampa, Florida, this 150,210-square foot shopping strip was built in 1968.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa(813) 387-4700

Paul Bouldin Joins Marcus & Millichap's Tampa, FL Office

TAMPA, FL – Paul Bouldin, (top right photo) a 30-year veteran of the commercial real estate industry, has joined Marcus & Millichap’s Tampa office according to Steven M. Ekovich, First Vice President/Regional Manager.

Prior to joining Marcus & Millichap as a senior land broker, Mr. Bouldin’s experiences included all aspects of real estate business, development, investment banking, underwriting and structured finance.

During his career, Mr. Bouldin has built, operated and sold shopping centers, warehouses, office buildings and more than $1.2 billion in residential land.

Just in the last two years, he sold over $100 million worth of golf course communities and residential properties.

Paul will specialize in residential and commercial land acquisitions at Marcus & Millichap, focusing on transactions throughout Florida. Paul earned a degree with dual majors in Economics and Business Management at Rollins College in Winter Park, Florida.

Paul resides in Oldsmar with his wife, Wanda. They have five grown children all of whom are in college. In his spare time Paul enjoys off-shore sailing, travel and golf.

Press Contact: Steven M. Ekovich, First Vice President/Regional Manager, Tampa (813) 387-4700