Marriott International Confirmed as Title Sponsor of Second Annual Cornell Icon of the Industry Awards Dinner

NEW YORK, NY, May 20, 2010—Officials of Cornell University’s School of Hotel Administration today announced that Marriott International will be the title sponsor of the second annual Cornell Icon of the Industry Awards Dinner.

 This year’s event will honor the 2010 Icon of the Industry, Class of 1956 alumnus Charles "Chuck" Feeney (top right photo), co-founder of Duty Free Shoppers and founding chairman of The Atlantic Philanthropies.

The event also honors the Pillsbury Institute for Hospitality Entrepreneurship’s 2010 Hospitality Innovator Award winner, Solomon Kerzner,(middle right photo)  founder, CEO, and chairman of the board of Kerzner International.

The annual awards dinner features a gathering of the world’s most influential hospitality and travel leaders coming together to support Cornell School of Hotel Administration scholarships and programs.

The event will be held on June 8, 2010, at the American Museum of Natural History in NYC, and will begin with a reception at 6:30 p.m. The dinner and awards ceremony will follow.

Officials also announced that J.W. “Bill” Marriott, Jr., (top left photo)  chairman and chief executive officer of Marriott International, Inc., and inaugural winner of the Icon Award, along with the school’s dean and E. M. Statler Professor, Michael Johnson, (bottom right photo) will co-present the award to Feeney.

Marriott was presented the award last year in recognition for his extraordinary industry, community, and philanthropic leadership. He is a member of the National Business Council and the Executive Committee of the World Travel & Tourism Council.

“Chuck’s influence on the hospitality industry has been wide ranging and long lasting,” said Bill Marriott. “His mark on retail travel, as well as his philanthropic endeavors, are each impressive in their own right.

"His foundation has a great record worldwide, including in Vietnam and Australia. I’ve known Chuck for years, and he is a smart businessman, a generous benefactor and an ideal recipient of this year’s Icon of the Industry award.”

Solomon Kerzner will receive the Pillsbury Institute for Hospitality Entrepreneurship’s 2010 Hospitality Innovator Award for his visionary work redefining the scope and scale of destination resort/casino development and operation throughout much of the world.

With a career spanning more than four decades, he founded both of South Africa’s largest hotel groups, played a pivotal role in the development of tourism industries in Mauritius and the Bahamas, and continues to develop industry leading projects in unique destinations throughout the world.

He also manages six of the top-rated luxury resort properties in the world under his One&Only brand in the Bahamas, Mexico, Mauritius, the Maldives, Dubai, and South Africa.

Jonathan Tisch (middle left photo) will co-present, also with Johnson, the Hospitality Innovator Award to Kerzner.

Tisch is chairman and CEO of Loews Hotels, as well as co-chairman of the board and member of the Office of the President of Loews Corporation, its parent company, which was founded by his father Robert Tisch.

 He also holds positions as chairman emeritus of the United States Travel Association (U.S. Travel), a travel industry lobbying group; trustee of Tufts University; treasurer of the New York Giants Football Team; and board member of the Tribeca Film Institute.

 His published works include The Power of We: Succeeding Through Partnerships, Chocolates on the Pillow Aren't Enough: Reinventing the Customer Experience and his recently released, Citizen You...Doing Your Part to Change the World.

He also hosts “Beyond the Boardroom with Jonathan Tisch,” an Emmy-nominated series of one-on-one interviews with America’s preeminent CEOs and business people on Plum TV, a media network. The show also has aired on CNBC, Fox, PBS, and WNBC-New York.

The event already has attracted more than 60 sponsors and 650 registered attendees, according to Joe Strodel, Jr., (bottom left photo) director of corporate & foundation affairs, Cornell University School of Hotel Administration.

To RSVP, please register at www.hotelschool.cornell.edu/events/icon or contact Liz Flint at es232@cornell.edu.

 Admission prices are $1,000 for VIP seating (limited seating still available); $575 for premier seating; and $275 for regular seating. To share a testimonial on either of the event honorees, please do so here at www.hotelschool.cornell.edu/industry/events/icon-accolades.html.

Interested sponsors may contact Rachel Ash, manager of corporate & foundation affairs, Cornell University School of Hotel Administration, at rep6@cornell.edu.

 For additional information, please go to the event’s official Web site: www.hotelschool.cornell.edu/industry/events/awardsdinner.html.

Contact: Jerry Daly, Chris Daly, Daly Gray Public Relations, (703) 435-6293

SOLD: CBRE Orlando Closes Six Apartment Deals in Six Weeks

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of three more multi-housing communities in Orlando over the last two weeks – their sixth apartment closing in six weeks.

The three most recent sales occurred in separate transactions to different buyers. The properties are Archstone Altamonte Springs, Notting Hill, and Residences at Villa Medici.

Shelton Granade (top right photo)  and Luke Wickham (top left photo)  of CBRE’s Central Florida Multi-Housing Group exclusively represented the sellers on all three assignments.

The properties sold range from a stabilized, value-add deal built in the late 1980’s (Altamonte Springs, 224 units) to bulk sales on two fractured condo communities (Notting Hill in Lake Mary and Residences at Villa Medici in Orlando).

 Buyer interest in multi-housing assets in Central Florida has increased significantly over the last few months.

CBRE currently has several other assets under contract, and is generating more than 40 offers on some widely marketed offerings. For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Contacts:

Shelton Granade, Senior Vice President, Central Florida Multi-Housing Group,  T 407.839.3103, shelton.granade@cbre.com

Luke Wickham, Director of Operations, Central Florida Multi-Housing Group,  T 407.839.3130,  luke.wickham@cbre.com

Jones Lang LaSalle Completes 71,286 SF Industrial Lease in Los Angeles

LOS ANGELES, CA, May 20, 2010 — Jones Lang LaSalle announced that it has completed a lease with Love Culture for 71,286 square feet of industrial space, including 18,550 square feet of office space, at a single tenant building located at 2423 23rd Street in Los Angeles, Calif.

Jones Lang LaSalle’s team of Executive Vice President Paul Sablock (top right photo), Senior Vice President Barry Hill, Vice President Greg Matter and Associate Zac Sakowski represented the landlord, Daumosh, Inc., in the transaction. Bryan Lee and Kee Kwon of North American Properties represented the tenant.

“Daumosh was looking to lease their property quickly so it could move into its new building and avoid any vacancy,” said Sablock. “We were able to locate a tenant who was looking for an industrial building in the garment district which contained significant amount of high image office space.”

Founded in 2007, Love Culture is one of the fastest growing speciality retailers featuring the latest styles for women ages 14 to 40.

Contact: David Ebeling, Ebeling Communications, 949.278.7851, david@ebelingcomm.com

Grubb & Ellis Commercial Florida Negotiates Long Term Retail lease at Post Commons Shopping Center for New Chinese Restaurant in Melbourne, FL

MELBOURNE, FL - Grubb & Ellis Commercial Florida, associated with 130 offices worldwide, recently negotiated a five year lease agreement for 6,300 square feet in the Post Commons Shopping Center (bottom left photo) at 4100 Wickham Rd. in Melbourne.

Cheryl Harrington, (top right photo) vice president of retail development for Grubb & Ellis

Commercial Florida in Melbourne, negotiated the transaction representing the landlord, Post & Wickham Corporation, Inc. based in Fort Lauderdale.

Yong Wang Buffet, Inc. of Daytona Beach, leased suite 114 with 6,300 square feet for a Chinese restaurant that seats 260. Interior buildout is underway, with opening planned for early this summer.

Grubb & Ellis Commercial Florida  is an affiliated commercial real estate services firm specializing in the leasing and sale of office, industrial, retail, land and investment properties.

Currently Grubb & Ellis Commercial Florida has 40 brokers divided among its Orlando, Melbourne and Tampa offices to serve the entire mid-Florida marketplace.

Contact: Cheryl Harrington, VP Retail Development, 2108 W. New Haven Avenue, West Melbourne, FL 32904, 321.984.1957

First Wyndham Grand in Hawaii Will be New, Oceanside Residential Resort

PARSIPPANY, NJ– Wyndham Hotels and Resorts, part of the Wyndham Worldwide family of companies (NYSE: WYN),  announced that the brand’s first new build project in Hawaii also will be the first to fly the Wyndham Grand® flag: a 322-unit luxury resort and residential development currently under construction on a 25-acre tract at Poipu Beach on the south shore of Kauai.

Koloa Landing at Poipu Beach Wyndham Grand Resort (bottom left rendering) is owned by Poipu Beach Villas LLC, a Salt Lake City-based consortium, and is being developed in multiple phases.

The general contractor is Layton Construction, also known locally as Resort Construction Managers, which has served the needs of commercial construction customers for nearly six decades. Azul Hospitality Group of San Diego, a hospitality management company specializing in full-service hotels and upscale resorts, will manage the property.

Construction began in June 2008. The project ultimately will include one-, two-, three-, and four-bedroom luxury residences. Construction is expected to be completed on Phase One during the third quarter of this year, which the resort will celebrate with a grand opening. Phase One will include 85 luxury resort residences, two lagoon pools, fitness center and a dining and shopping marketplace.

“This will be an impressive addition to the Wyndham Grand Collection portfolio, which represents our most distinguished properties,” said Jeff Wagoner, (top right photo)  Wyndham Hotels and Resorts president.

“We are committed to expanding the Wyndham brand to provide our guests with the broadest choice of high-quality vacation opportunities in some of the most popular destinations in the world.”


“Customers are still seeking thoughtfully planned, high-end vacation opportunities in desirable locations like Kauai’s south shore, with luxurious resort amenities to complement their interests and lifestyle,” said Kent B. England, president of Poipu Beach Villas, LLC. “We are delighted to add the Wyndham Grand name to this spectacular resort, which will create an exciting new destination in the highly popular Hawaiian market.”

Koloa Landing is offering full ownership of these luxury residences with price ranges beginning in the low $900,000’s to more than $3 million for the penthouses. For more information, visit www.koloalanding.com or call (866) 921-4242. For more information about the Wyndham Grand Collection, visit www.thewyndhamgrandcollection.com.

. Additional information and reservations for all Wyndham hotels are available by calling (800) WYNDHAM -- (800) 996-3426 -- or visiting http://www.wyndham.com/.

Contact; Evy Apostolatos, Director, Public Relations, Wyndham Hotel Group, 22 Sylvan Way, Parsippany, NJ 07054, +1 (973) 753-6590, evy.apostolatos@wyndhamworldwide.com

The Resort at Pembroke Pines, Pembroke Pines, FL - Engler Financial Group Exclusive Offering

ATLANTA, GA--Engler Financial Group LLC presents The Resort at Pembroke Pines (top left photo),  an upscale 1,520-unit apartment community which was constructed in three phases between 1986 and 1990 in Pembroke Pines, Broward County, Florida.

The Property is located along the north side of Pembroke Road, just east of S. Flamingo Road, approximately two miles east of Interstate-75.


The Resort at Pembroke Pines is offered for sale on an “unpriced” basis and represents an excellent opportunity to purchase a well-located multifamily asset which underwent an extensive exterior renovation in 2007.


The Resort at Pembroke Pines is currently encumbered with a $120,000,000 assumable DMBS Fannie Mae Variable rate (90 day DMBS + 1.34%) loan.

The loan rate, which has a high correlation to LIBOR, is established thru a security sale every 90 days and is currently at 1.58% thru August 2, 2010.The loan matures August 1, 2015 and is "interest only" for the remaining term.

Spreads on new DMBS product would typically be priced in the 2.5%-3% over range versus 1.34% on the current loan. The reduced spread adds a significant amount of cash flow to the asset.



Contacts:
Greg Engler, CEO/President, 678/992-2000, ext. 1, gengler@efgus.com
Pat Jones, Senior Vice President, 678/992-2000, ext. 2, pjones@efgus.com
Kris Mikkelsen, Senior Associate, 678/992-2000, ext. 4, kmikkelsen@efgus.com

Grubb & Ellis Represents UCLA in 81,195-SF Office Lease Extension in Los Angeles

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, announced that members of its Tenant Advisory Group represented the University of California, Los Angeles in a 130-month lease extension for 81,195 square feet of office space located at 5767 W. Century Blvd.

Sean O’Leary, vice president, and Maury Gentile, executive vice president, represented the university in conjunction with Joanne Williams of UCLA Real Estate.

The university uses the space, located near the Los Angeles International Airport, for the Faculty Practice Group Physician Support Services office, which has approximately 400 employees.

The office is responsible for billing 1,300 providers at four hospitals, including Ronald Reagan UCLA Medical Center, (bottom right photo) Santa Monica UCLA Medical Center & Orthopedic Hospital, Resnick Neuropsychiatric Hospital and Mattel Children’s Hospital UCLA, as well as 65 other clinics.

 The facility also houses the Physician Referral Services call center. According to O’Leary the lease generated significant cost savings for UCLA.

The owner of the property, Decron Properties, represented itself in the transaction.

Contact: Julia McCartney, Phone: 714.975.2230, Email: julia.mccartney@grubb-ellis.com

Elika Associates in Manhattan Reports a Diversified Market Share and Sees Tremendous Sales Transactions in Spring

NEW YORK,  NY (May 20, 2010) -- Spring, traditionally a busy season in real estate, is off to a strong start for Elika Associates, Manhattan’s first and only exclusive buyers brokerage, which saw incredible sales activity in all sectors of the market.

Elika Associates, a boutique brokerage that works extensively with high-end and international buyers, experienced a diversification in its market share, thanks in large part to the Federal Housing Tax Credit propelling first-time homebuyers to enter the market.

Pieds-a-terre buyers and international investors were also active players in the marketplace and Gea Elika, (top left photo)  the company’s founder and principal broker, along with his top agent, Megan McGinn, (top right photo)  completed eight deals in the first quarter of the year.

“A wide range of well-qualified buyers are stepping away from the sidelines as the market bottoms out and as a result Elika Associates experienced a tremendous growth in our client base,” said Elika. “The luxury market is next to recover and I’m confident that we’ll see more high-end buyers ready to pull the trigger by year’s end.”

In the months leading up to the deadline for the Federal Housing Tax Credit, Elika Associates experienced a surge in leads from pre-qualified, first time homebuyers, fielding 20 to 30 inquiries per day.

 Elika agents are currently reporting a wave of parents purchasing homes for their children who will be starting at city universities in the fall and international buyers who are looking to invest in a recovering New York market, some even purchasing apartments sight-unseen.

Elika Associates is New York’s premier buyers brokerage. Elika exclusively represents the buyer and provides exceptional services tailored to each discerning client’s unique real estate needs.

Elika provides buyers with expert unbiased assistance with all property inquiries while finding, managing and negotiating the purchase of their next real estate investment. Elika Associates is a proud member of REBNY, FIABCI, NAEBA and REALTOR(TM). For more information, please visit www.elikaassociates.com.

Contact:  Rubenstein Associates, Inc. – Public Relations, Eiko Suzuki: 212-843-9395, esuzuki@rubenstein.com

Chatham Lodging Trust Signs Contract to Acquire Four Hotels

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, has signed a contract to acquire four hotels for $61 million, or $137,387 per key, including the assumption of approximately $12.5 million of debt on two of the properties.

The properties include a Residence Inn by Marriott® in Westchester County, N.Y. (top left photo) , a Hampton Inn & Suites® in Houston (middle right photo) and a Courtyard by Marriott® (bottom right photo) and a SpringHill Suites by Marriott® in Pennsylvania.(lower left photo.) 

The transaction is expected to close within four weeks of execution of the purchase and sale contract, subject to completion of due diligence and the following closing conditions:

· the closing of the purchase of the Courtyard and SpringHill Suites may be extended up to an additional 45 days, pending lender approval of the debt assumption on those two properties; and

· the closing of the purchase of the Residence Inn may be extended up to an additional 60 days and is subject to the seller’s right to withdraw the property from the acquisition portfolio, in exchange for payment of a breakage fee to Chatham, if the seller does not receive lender consent to the sale.

In the event that the Residence Inn is removed from the acquisition portfolio, Chatham will have the option to purchase the Residence Inn for up to an additional year.

The acquisition of the four hotels represents the second acquisition of a multi-property portfolio by Chatham since it completed its initial public offering on April 21, 2010, and is expected to bring its current portfolio to 10 hotels, with a total of 1,257 rooms.

The two Pennsylvania hotels, in Washington and Altoona, will be managed by Concord Hospitality Enterprises. Island Hospitality Management, a hotel management company 90 percent-owned by Jeffrey H. Fisher, (top right photo) Chatham’s chief executive officer, will manage the Westchester County and Houston properties.

“This transaction increases our geographic diversity and gives us our first Marriott-branded hotels,” Fisher said.

“With this acquisition, our hotel portfolio now comprises upscale extended-stay hotels and premium-branded select-service properties located in major markets with high barriers to entry near strong demand generators, which is in line with our acquisition strategy.

" With the closing of this transaction, we will have invested a total of $134.5 million since the completion of our IPO. We have an active pipeline and continue to look for additional opportunities.

“Three of the hotels will require only modest investment in brand-required product improvement plans that occur at a change of ownership, and the fourth is due for a larger upgrade, which we expect will make it more competitive in its market,” he added.

The four hotels are:

· The 133-room Residence Inn by Marriott® White Plains, White Plains, N.Y. (Westchester County)

· The 120-room Hampton Inn & Suites® Houston – Medical Center, Houston, Texas

· The 86-room SpringHill Suites by Marriott®, Washington, Pa.

· The 105-room Courtyard by Marriott®, Altoona, Pa.

Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select service hotels. The company currently owns six hotels with an aggregate of 813 rooms/suites. Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Jerry Daly or Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293, jerry@dalygray.com
Peter Willis, Chief Investment Officer (Acquisitions), (561) 227-1387, pwillis@cl-trust.com

Davidson Hotel Company to Manage the Radisson Hotel Bloomington by Mall of America

BLOOMINGTON, MN—Davidson Hotel Company  has taken over management of the 403-room Radisson Hotel Bloomington by Mall of America, which includes the Water Park of America (middle left photo) , the largest indoor water park in the country. The hotel and water park were recently acquired by an affiliate of Wheelock Street Capital, a real estate private equity firm.

“While this marks our entrance into water park management, the overall property fits perfectly within our wheelhouse of operating complex, full-service properties that appeal to business and leisure travelers in markets with high barriers to entr," said John Belden, (middle right photo)  Davidson’s president and chief executive officer

"The property has tremendous upside, and our core skills will help our owner maximize the property’s true value.

"We are every bit as selective about our partners and property owners as we are about the assets we manage.

"We are thrilled to welcome Wheelock Street Capital into our family and into one of the most sophisticated groups of property owners in the industry.”

Located at 1700 East American Boulevard across the street from the world-famous Mall of America, the eight-story hotel is just 10 minutes from Minneapolis/St. Paul International Airport.

Guests may choose from seven different configurations of hotel rooms and suites (including bunk beds for the kids), all of which feature high-speed Internet access, in-room coffee makers, work desks and chairs, microwaves and refrigerators.

Hotel amenities include an on-site fitness center, 1,863 square feet of meeting space, corporate lounge, three restaurants and complimentary shuttle service to the Mall of America, the Minneapolis-St. Paul International Airport and local businesses within a five-mile radius. Additionally, guests may purchase special access to the adjoining 77,000 square foot Water Park of America.

The Water Park of America features a 5,800 square foot game arcade, as well as activity pools with hoops, nets and balancing logs.

Among the water park’s most popular features is America’s longest indoor family raft ride, more than 10 stories tall and over a mile long. It also offers the Lake Superior wave pool and Minnesota’s only Flow Rider Surf Simulator, as well as several body and tube slides.

“The combination of world class hospitality and a top-notch water park attraction make for an ideal, year-round family destination,” said Patrick F. Lupsha, (bottom right photo) Davidson’s chief operating officer. “Together with its strong corporate mid-week appeal, the hotel is well positioned to become a market leader following the implementation of our proprietary management and marketing programs.”

Wheelock Street Capital, L.L.C. is a real estate private equity firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Wheelock Street pursues a highly focused, fundamentally driven investment strategy.

Backed by established institutional capital, the company is currently pursuing acquisitions and recapitalizations of real estate and operating platforms in the hospitality, multifamily, condominium and residential land/homebuilding sectors.

Additional information on Davidson may be found at the company’s Web site, www.davidsonhotels.com.

Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155, cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com