HFF arranges $124.9 million refinancing for four-property office portfolio in Los Angeles

LOS ANGELES, CA – HFF announced that it has arranged a senior and mezzanine loan totaling $124.9 million for four office buildings totaling 543,162 square feet in Burbank and Los Angeles, California.

HFF worked on behalf of international real estate investment and services company Kennedy Wilson (NYSE:KW) to secure the $104.9 million senior loan through GE Capital Real Estate and the $20 million mezzanine loan through an institutional investment advisor.  The loans have three-year terms.  Proceeds refinanced debt used to acquire the portfolio in 2007.

The properties within the portfolio are: 303 and 333 North Glenoaks Boulevard and 300 East Magnolia Boulevard in downtown Burbank, and 6100 Wilshire Boulevard in Los Angeles.  Tenants in the 84 percent leased portfolio include Turner Broadcasting, MTV Networks, Rich Crest Animation, the University of Redlands and the Department of Justice.

The HFF team representing Kennedy Wilson was led by senior managing director Paul Brindley (top right photo) and managing director Mark Wintner (lower left photo).

Contacts:

Paul Brindley, HFF Senior Managing Director, (310) 407-2100  

pbrindley@hfflp.com,                                             

Mark Wintner, HFF Managing Director, 310) 407-2100, mwintner@hfflp.com                        

 Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                                                             

$357.31 million sale of 16-property New York City Metro self storage portfolio closed by HFF

  

 HOUSTON, TX – HFF announced that it has closed the sale of a 16-property self storage portfolio in Connecticut, New York and Pennsylvania.

HFF and Louis Perfetto (top right photo), Esq. of the law firm Cohen & Perfetto LLP, represented the seller, Storage Deluxe.  CubeSmart purchased the entire portfolio for $357.31 million. 

Under the terms of the contract, this was the first of two closings involving CubeSmart and Storage Deluxe.  The second closing, with a purchase price of approximately $202.7 million, will consist of six assets encumbered with $88 million of secured debt to be assumed by CubeSmart. 

This closing will take place immediately following the completion of the loan-assumption process and should occur in the first quarter of 2012.  The second closing is subject to customary closing conditions, including lender consent with respect to the debt that will be assumed.

The HFF investment sales team representing Storage Deluxe was led by senior managing director Aaron Swerdlin (lower left photo).

Contacts:

Aaron A. Swerdlin, HFF Senior Managing Director,  (713) 852-3500, aswerdlin@hfflp.com                                  

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                                                             

HFF secures $4 million financing for Fort Worth, TX shopping center

DALLAS, TX – HFF announced today that it has secured $4 million in financing for the refinance of Hulen Square (top left photo), an 83,402-square-foot retail center in Fort Worth, Texas. 

Working exclusively on behalf of Cencor Realty Services (the “owner”), HFF placed the five-year, fixed-rate, non-recourse loan with ViewPoint Bank.  The loan’s interest rate will reset at the end of year five for an additional five years.

Hulen Square is situated on 9.1 acres at 6201-6299 Granbury Road adjacent to Hulen Mall and about seven miles southwest of downtown Fort Worth.  Renovated in 2008, the property is 84 percent leased to tenants including Dollar General, Jackson Hewitt and Pancho’s Mexican Restaurant.

The HFF team representing Cencor Realty Services was led by director Travis Anderson (lower right photo).  Randy Woodruff with Cencor Realty Services represented the owner in the transaction. 

Contacts:

Travis Anderson, HFF Director,  (214) 265-0880  tanderson@hfflp.com                                 

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com

                                                              

MetLife Sells Stake in Houston Office Building

  

NEW YORK, NY--(BUSINESS WIRE)--MetLife, Inc. (NYSE: MET) announced that it has completed the sale of a 50% interest in Wells Fargo Plaza (top left photo) to New York State Common Retirement Fund. MetLife will retain asset management responsibilities and the remaining 50% interest.

 “Selling a partial interest in Wells Fargo Plaza is an excellent opportunity for MetLife to diversify its portfolio while still holding a stake in this top tier property in a strong market,” said Robert Merck (middle right photo), senior managing director and head of real estate investments for MetLife.

 “This transaction allows us to leverage our strong asset management platform and expands on the success we’ve had in positioning Wells Fargo Plaza as a best-in-class property.

“ We are pleased to partner with such a reputable institutional investor as New York State Common Retirement Fund who shares our focus on risk management and our commitment to longterm investing in high-quality assets.”

 Wells Fargo Plaza is a 71-story, approximately 1.7 million square foot, Class AA office tower located at 1000 Louisiana Street in Houston’s Central Business District.

 The building is currently 96% leased to 37 tenants in the energy, legal and finance industries. MetLife has been an owner of the property since its development in 1983.

Senior Managing Director Robert Williamson (middle left photo) and Executive Managing Directors Scott Galloway (lower right photo) and Mark Gibson of Holliday Fenoglio Fowler, L.P. represented MetLife in the transaction and secured financing for the newly-formed joint venture. Clarion Partners advised the Common Retirement Fund on this transaction.

The New York State Common Retirement Fund exists to finance benefits for more than one million active and retired state and local government employees, police officers, and firefighters. With approximately $146.9 billion of assets under management, it is the third largest public pension plan in the U.S.

 For more information, visit www.metlife.com/realestate.

  For more information, visit http://www.metlife.com/.

Contacts

 MetLife, Inc., Emily Phillips, (212) 578-7217

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

krmurphy@hfflp.com

Interstate Hotels & Resorts Announces Sixth Management Contract in India

 ARLINGTON, VA—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, announced that JHM Interstate Hotels India, a 50/50 joint venture management company between Interstate and JHM Hotels, has signed a contract to manage the Ramada Hotel in Alleppey, Kerala, India.  The 120-room, under-construction hotel, which is owned by Mr. Reji Cheriyan, is anticipated to open in 2012. 

“This brings to six the number of hotels opened or signed in India, a country which continues to play a key role in our global strategy,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.

“We have established a successful platform for growth that allows us to take advantage of the many opportunities we continue to see in India’s hotel industry for both individual hotel owners and institutional investors alike.”

“Our partnership with JHM Hotels combines Interstate’s hotel operating expertise, strong relationships with all international brands and depth of resources with experienced, local ties and in-country market knowledge,” said Jim Abrahamson (lower left photo), Interstate’s president and COO. 

“We continue to build a robust pipeline of hotel management opportunities throughout the country, establishing a strong foundation for future expansion.” 

For more information, contact Lloyd Lauland, Executive Director, JHM Interstate Hotels India, at 91 124 3091700, or visit the company’s website:  http://www.jhminterstate.com./ 

For more information about JHM Hotels, visit the company’s website:  www.jhmhotels.com.

For additional information about Interstate, visit the company’s website:  http://www.ihrco.com/.

 Contact:      

Jerry Daly, Chris Daly, Carol McCune                            

Daly Gray Public Relations

(703) 435-6293

jerry@dalygray.com

chris@dalygray.com

carol@dalygray.com

 Carrie McIntyre, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com

                     

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Latino Hotel Association to Host 2011 International Conference & Expo Nov. 16-18 at Tropicana Las Vegas in Nevada

 HOUSTON, TX—Officials of the Latino Hotel Association (LHA), the global organization dedicated to expanding Latino ownership, leadership, and commerce in the hotel industry, announced that the organization’s Inaugural  International Conference & Expo will take place November 16-18 at the Tropicana Las Vegas in Nevada. 

The three-day conference of informational sessions and workshops will feature a speaker roster of top national and international executives in the hotel and property management industries.  Participants also will attend LHA’s signature fundraising event during the conference, the much anticipated Battle of the Brands, featuring industry leaders facing off in a boxing ring. 

Eighteen featured speakers will address a wide range of issues related to development, financing, operational management, marketing and sales.  They include:

Patrick J. Feltes (top right photo), senior vice president, GE Capital Franchise Finance

• Ed Hoganson, executive vice president of finance and business development, Crestline Hotels & Resorts
• Carlos Rodriguez (middle left photo) president and managing partner, DVI Cardel & Rodblu Investment Funds, executive vice president, Driftwood Hospitality Management, LLC
• Alex Yemenidijan (lower right photo) chairman of the board and CEO, Tropican Las Vegas Hotel & Casino, Inc.
• Jesse Luis, vice president of real estate and land acquistions, Choice Hotels International

 For more information on the conference and to register, please visit the LHA’s website at www.latinohotelassociation.com, or contact Angela Gonzalez-Rowe at (281) 668-9165 or by email at angela@latinohotelassociation.com.

Hotel registration fees are $85 per night from November 15 to 17, and $125 per night from November 18 to 19.  Hotel registration ends Saturday, November 12, 2011.

 Additional information is available at the association’s website, http://www.latinohotelassociation.com/.

Contact:      

Jerry Daly, Chris Daly

Daly Gray Public Relations

(703) 435-6293

jerry@dalygray.com                        

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Rochester Marriott Mayo Clinic Area Hotel Unveils New Look After Completing Multi-Million0-Dollar Comprehensive Renovation

ROCHESTER, MN, Nov. 10, 2011 - The Rochester Marriott Mayo Clinic Area has recently completed a comprehensive hotel renovation and redesign that adds casual comfort and modern updates to its lobby, reception desk, lounge, restaurant and guest rooms.

A hallmark of the extensive renovation is Marriott’s Great Room lobby concept (top left photo), which incorporates adaptable working and socializing spaces. The new design modernizes the hotel’s public spaces, blending natural elements with accents of visually stimulating colors, textures and warm tones to create a sophisticated yet relaxing atmosphere.

“We are delighted to introduce the revitalized Marriott hotel to our guests, clients and the community at large,” said General Manager John Peart. “The transformed spaces and upscale design will enhance our guests’ stay experience, in addition to increasing the comfort level of Mayo Clinic patients and their families who stay with us.”

 For further information or reservations call the Rochester Marriott Mayo Clinic hotel directly at (507) 280-6000, or visit http://www.rochestermarriott.com/.

Contact:

John Peart

General Manager

Rochester Marriott Mayo Clinic Area

(507) 280-6000 / john.peart@ihrco.com

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289