New Orleans Hotel Collection Announces Partnership with Unique Festival in New Orleans

  

 NEW ORLEANS, LA – May 31, 2012 - In a move that recognizes the flourishing popularity of a recent addition to the New Orleans festival schedule, the organizers of the “San Fermin in Nueva Orleans” festival - better known as the “Running of the Bulls” - have announced a partnership with the New Orleans Hotel Collection.  

Taking place July 12-15, 2012, this year’s festival offers visitors and locals a full cadre of events,  including the centerpiece Saturday morning run with more than 300 “rollerbulls” from leagues in Baton Rouge, Houston, Jacksonville Fl, and other areas. 

Visit http://www.nolabulls.com/ for festival information and a complete schedule.

The Running of the Bulls started just six years ago and is an event that mimics the festival on the same dates that has taken place for centuries in the town of Pamplona, Spain. 

Each year has seen phenomenal growth in the activities and participation, and this year, to assist visitors in finding comfortable, nearby accommodations, Nola Bulls, LLC has named the New Orleans Hotel Collection hotels as official and exclusive hotel sponsors.

The seven hotels of the collection:  Bourbon Orleans (top right photo),  Dauphine Orleans (middle left photo), Audubon Cottages, Hotel Mazarin, Hotel Le Marais, Wyndham Riverfront and Crowne Plaza New Orleans Airport, (lower right photo)    are all in a locations that provide superb and easy access to the events of the festival. 

For more information on Nola Bulls, LLC or San Fermin in Nueva Orleans Festival, contact Mickey Hanning at (504) 247-3714 or Mickey@nolabulls.com.

For more information, visit www.neworleanshotelcollection.com.

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

Marc Becker

Area Director of Marketing

Marc.Becker@neworleanshotelcollection.com

(504) 527-0407

Patrick Daly

Account Supervisor

Daly Gray, Inc.

patrick@dalygray.com

Office:  (703) 435-6293

Cell:  (703) 300-8289

Access Point Financial Loan Pipeline Approaching $500 Million; On Target to Close $1 Billion in Hotel Loans by Year-end 2014

 ATLANTA, GA, May 31, 2012—Officials at Access Point Financial, Inc., (APF) a full-service direct lender and advisory company focused on the hospitality industry, today announced that the company’s loan pipeline has expanded to nearly $500 million since the company was announced less than a year ago.  

The company remains on track to place $1 billion in hotel loans by year-end 2014.    

“Qualified loan demand and brand support has kept pace with our initial expectations,” said Jon S. Wright (top right photo), president and CEO of Access Point.   

“Although we are seeing an increase in development project applications, the sheer quantity of CapEx requirements dwarfs development opportunities and will continue to do so for at least the next several years.

“ Based on our research and in conversations with brands and hotel owners, we estimate that there is a major pent up CapEx demand in the multi-billion dollar range on a rolling 12-month basis for the next several years for brand conversions or to retain the current license. 

“Although we are viewed as a leader in CapEx financing, we maintain ties with our brand partners for select and proprietary new-build projects."

For additional information, please contact 404-382-9599 or visit the company’s website at http://www.accesspointfinancial.com/.

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

 Daly Gray Public Relations

Jerry Daly, Chris Daly

(703) 435-6293

jerry@dalygray.com

chris@dalygray.com                                                   

DoubleTree by Hilton Cocoa Beach, FL Welcomes Back Guests After Completion of Multi-Million-Dollar, Hotel-Wide Transformation

COCOA BEACH, FL. (May 31, 2012) – The DoubleTree by Hilton Hotel Cocoa Beach Oceanfront (top left photo), located on what is commonly referred to as Florida’s “Space Coast,” welcomes guests to celebrate and enjoy its multi-million dollar hotel transformation.  

The property features comprehensive upgrades throughout the hotel’s guest rooms, public areas, functional space, dining outlets, landscaping and includes a new boardwalk to its private access beach.

Situated in the home to Kennedy Space Center, near Patrick Air Force Base and Port Canaveral, and offering the closest beach to Orlando, home to Walt Disney World, Sea World and Universal Studios, this Cocoa Beach hotel is the perfect setting for business and leisure.

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

 Daly Gray Public Relations

Jerry Daly, Chris Daly

(703) 435-6293

jerry@dalygray.com

chris@dalygray.com                                                   

Loews to Acquire First Hotel in New Expansion Plan

 HOLLYWOOD, CA and  NEW YORK, NY, May 31, 2012 — Loews Hotels & Resorts today announced that the company has entered into a contract to acquire the 632-room Renaissance Hotel & Spa in Hollywood, Calif. (top left photo)  from CIM Group. 

The acquisition is expected to be completed June 16 and the property will rebrand immediately to the Loews Hollywood Hotel. 

The company is finalizing the planning of an estimated $26 million renovation slated to begin this later this year with an expected completion during the summer of 2013.  The renovation will be completed in phases to minimize disruptions to guests.  Loews Hotels & Resorts will oversee the renovation and manage the hotel.  

“This is the first acquisition in our new strategy to approximately double the brand’s portfolio to more than 30 hotels over the next three to five years,” said Paul Whetsell (middle right photo), who joined the company as president and CEO earlier this year. 

“With access to discretionary capital to acquire, develop and joint venture, we are uniquely poised to fill our distribution gaps in major North American gateway cities, such as Boston, Chicago, San Francisco, Washington, D.C., New York, Dallas, Toronto and Seattle.”

  For reservations or more information about Loews Hotels & Resorts, call 1-800-23-LOEWS or visit: http://www.loewshotels.com/. 

Like Loews Hotels & Resorts on Facebook: www.facebook.com/LoewsHotels

Follow Loews Hotels & Resorts on Twitter: www.twitter.com/loews_hotels

Watch Loews Hotels & Resorts on YouTube: www.youtube.com/LoewsHotels

Contact:

Loews Hotels                                                 

Lark-Marie Anton                                          

(212) 521-2779                                               

 lanton@loewshotels.com 

 Daly Gray Public Relations

Jerry Daly, Chris Daly

(703) 435-6293

jerry@dalygray.com

chris@dalygray.com                                                   

                                                  

Voit Directs Five-Year Lease Renewal for Orange County, CA-Based Machinery Company in Placentia

 Orange County, CA, (May 31, 2012) – Mitch Zehner and Seth Davenport of Voit Real Estate Services’ Anaheim office have directed the five-year lease renewal of a 20,000 square-foot industrial building for a total consideration of $561,300 on behalf of the lessor.

 Located at 527 Fee Ana Street in Placentia, Calif., this warehouse property will continue to be fully occupied by CMI Precision Machining, a company that specializes in cnc machinery and related products, according to Zehner, Executive Vice President in Voit’s Anaheim office.

Zehner worked with Davenport, a Senior Vice President with Voit, to represent Terola Enterprises as the lessor. The lessee, CMI Precision Machine, was represented by Greg Osborne of Newmark Grubb Knight Frank.

“We’re seeing Orange County industrial tenants sign increasingly longer leases as the supply of mid-sized warehouse space continues to diminish,” said Zehner. “Many tenants in this market are now ready to secure existing and larger facilities which is a good indication that the market is continuing to stabilize.”

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

Voit Real Estate Services Expands Retail Team With Addition of Matthew Goldstein

Sacramento, CA–Voit Real Estate Services’ Sacramento office has announced the addition of Matthew Goldstein (top right photo) as a Senior Associate in its retail group, according to Kevin Sheehan (lower right photo), Managing Director of Voit’s Sacramento office. 

In his new role at Voit, Goldstein will work with Executive Vice President Jason Gallelli (middle left photo), who was named Sacramento’s “Broker of the Year” by the Association of Commercial Real Estate (ACRE) earlier this year. 

Goldstein, along with the Gallelli Team Retail Specialists, will focus on both tenant and landlord representation in the Greater Sacramento region.

“Voit’s retail group has been recognized as a top-producing team here in Sacramento, and we continue to recruit strong, driven brokers who will excel within our entrepreneurial company culture,” said Sheehan.

“Matthew has a proven passion for the industry, and his exposure to a wide variety of clients lends to his keen understanding of various retailers’ needs.  As a former college baseball player, he is a strong team player who aims to win - two characteristics which will make him a great asset to our team.”

Prior to joining Voit, Goldstein worked as a Sales Associate at Cornish & Carey Commercial Newmark Knight Frank, where he specialized in retail services in the Greater Sacramento market.

Goldstein earned his bachelor’s degree in Business Administration with an emphasis in sales and marketing from the University of Redlands in Southern California. He is a member of the International Council of Shopping Centers (ICSC).

Contact:

Jenn Quader/Judith Brower

Brower, Miller & Cole

(949) 955-7940

Jquader@browermillercole.com

Stirling Sotheby’s International Realty sale of Auburndale Estate in Florida to Canadian buyer nets highest price in more than a year

ORLANDO, FL--- Stirling Sotheby’s International Realty recently sold an estate home in Auburndale to a Canadian farmer who paid the highest price for any residential property in the Auburndale area in more than a year.

Roger Soderstrom, founder and owner of Stirling Sotheby’s International Realty, said International Luxury Home Specialist Chris Wilson (top right photo) in the firm’s Orlando/Dr. Phillip’s Marketing Center negotiated the sale.

By all accounts, the estate was well worth the record price.

Situated on 20 hilltop acres with lake views, the property is already zoned RL-2, which allows two to five units per acre if developed.

The 4,400 square foot Arthur Rutenberg home offers four bedrooms, three baths, a game room and a tropical screened pool and spa, a three car garage and its own spring-fed pond.

A 5,000 square foot custom metal building on the site is fully air conditioned with offices, bathroom facilities, a car lift and 18 foot doors, Wilson said.

“The sale we negotiated represents the highest price paid for any residential property in Auburndale for more than a year.”

For more information, contact

Roger Soderstrom, Owner/Founder Stirling Sotheby’s International Realty,

407-588-1260; rsoderstrom@stirlingSIR.com

Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Marcus & Millichap Arranges Sale of Citrus Grove Apartments in St. Petersburg, FL for $2.4 Million

  

 ST. PETERSBURG, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Citrus Grove Apartments (top left photo), an 84-unit, HUD subsidized apartment property located in St. Petersburg, Florida, according to Richard D. Matricaria (middle left  photo), regional manager of the firm’s Tampa office. The asset commanded a sales price of $2,400,000.

Casey Babb (middle right photo), a CCIM and senior multifamily specialist and Luis Baez, multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a partnership, was also secured and represented by Babb and Baez.

Citrus Grove Apartments was built in 1971 and is located at 731 15th Street South.   This 100 percent Project-Based, Section 8, affordable housing property is situated on 3.16 acres and comprises seven three-story, concrete block apartment buildings with pitched shingle roofs. 

Amenities include: semi-private breezeway entries, fully-appointed kitchens with electric appliances and window-unit air conditioning units.

“Over the years, Citrus Grove had evolved into a problem property plagued by high crime and poor living conditions,” adds Babb. 

“HUD and the city of St. Petersburg were determined to see a change of ownership.  After an exhaustive two-and-a-half-year process, we were able to help make that happen.

. “The incoming owner is planning a half-million dollars’ worth of immediate capital improvements, which is a huge sum for a property of this size.  Improvements will consist of new roofs, new central HVAC systems, improved security, improved landscaping, and more.

“ More importantly, the criminal element is going to be systematically removed so that the good residents at Citrus Grove can finally benefit from much improved living conditions”.

Press Contact:  Richard D. Matricaria, Regional Manager, Tampa

(813) 387-4700

Faris Lee Investments Expands Presence in Las Vegas; Adds Two Executives with Lisa M. Brady as Managing Director and Katie Brase as Director

 Las Vegas, NV– Continuing its strategy to build market share through expansion in major United States markets and the addition of new talent, Faris Lee Investments, the nation’s largest retail-specialized investment advisory firm, has expanded its Las Vegas office, naming Lisa M. Brady (top right photo) as managing director and Katie Brase (top left photo) as director.

“The timing was right to grow our Las Vegas office with two exceptional new executives. Lisa and Katie’s unique talents and skills will help build on Faris Lee’s growing service platform.

"They will work alongside Robert Moore, senior managing director in Las Vegas, to build on the firm’s local presence,” said Rick Chichester (lower right photo), president and COO of Faris Lee Investments.

Chichester added: “The Las Vegas office will also work with all of our offices to provide clients with street level market intelligence specific to the Las Vegas region. From the beginning, our expansion into Las Vegas was driven by client demand in that market.”

With more than 15 years of experience in the Las Vegas region, Brady has a background in tenant and buyer representation, investment sales, leasing, land acquisition and sales, and property management.  Before joining Faris Lee, Brady was a senior vice president at Sun Commercial Real Estate.

Brase also comes to Faris Lee from Sun Commercial Real Estate where she served as an associate specializing in investment sales and distressed assets. Her expertise includes property analytics, knowledge of sales and leasing comparables and market sales and rents. 

 She is a Certified Commercial Investment Member (CCIM) candidate, member of the CCIM Southern Nevada Chapter and on the CCIM Programs Committee. She is also a NAIOP Developing Leader and a member of the United Way of Southern Nevada Young Philanthropists Society.

  

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

 Darcie Giacchetto,

 949.278.6224

Spaulding Thompson & Associates

For Faris Lee Investments

Foreclosure Homes Account for 26 Percent of all U.S. Residential Sales in Q1 2012, according to RealtyTrac®

  

 IRVINE, CA. – May 31, 2012 — RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q1 2012 U.S. Foreclosure Sales Report™, which shows that sales of homes that were in some stage of foreclosure or bank owned accounted for 26 percent of all U.S. residential sales during the first quarter — up from 22 percent of all sales in the fourth quarter and up from 25 percent of all sales in the first quarter of 2011.

Third parties purchased a total of 233,299 residential properties in some stage of pre-foreclosure (defaults and scheduled foreclosure auctions) or bank-owned (REO) during the first quarter, an increase of 8 percent from the previous quarter and virtually unchanged from the first quarter of 2011.

The average sales price of homes in foreclosure or bank owned was $161,214 in the first quarter, down 1 percent from the previous quarter and down 2 percent from the first quarter of 2011. T

hat average sales price was 27 percent below the average sales price of homes not in foreclosure or bank-owned during the quarter — matching a 27 percent foreclosure discount in the previous quarter but down from a 29 percent foreclosure discount in the first quarter of 2011.

“Foreclosure-related sales picked up in the first quarter, particularly pre-foreclosure sales where a distressed homeowner is selling to avoid foreclosure — typically via short sale,” said Brandon Moore (top right photo), chief executive officer of RealtyTrac.

“Those pre-foreclosure sales hit a three-year high in the first quarter even as the average pre-foreclosure sales price dropped to a record low for our report. Lenders are approving more aggressively priced short sales, which in turn is resulting in more successful short sale transactions.

“Meanwhile the average price of a bank-owned home is stabilizing and even increasing in some areas where a slowdown in REO activity over the past year has resulted in a restricted supply of REO homes available,” Moore continued.

“Still, REO sales did increase on a quarterly basis in 21 states, indicating that lenders are still working through a bottleneck of unsold REO inventory in many areas.”

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

Christine Stricker

949.502.8300, ext. 268

christine.stricker@realtytrac.com

Michelle Schneider

949.502.8300, ext. 139

michelle.schneider@realtytrac.com

Order Custom Data:

Tyler White

949.502.8300, ext. 158

tyler.white@realtytrac.com

$12.6 Million San Fernando Valley Apartment Building Sold in California by Marcus & Millichap

  

 STUDIO CITY, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Verona (top left photo), a 35-unit, three-story apartment building in Los Angeles’s affluent Studio City neighborhood.

 The sales price of $12.6 million equates to $360,000 per unit and $292 per square foot.

 

Clyde Isaacson (middle right photo), a vice president investments, and Lonnie McDermott (middle left photo), an associate, both in Marcus & Millichap’s Encino office, represented the seller, a local developer, and the buyer, a private investor.

 “The Verona is an institutional-quality apartment complex featuring a variety of floor plans and a wealth of property amenities,” says Isaacson. “The new owner has obtained a substantial long-term interest in one of Los Angeles’ premier submarkets.”

The 43,214-square foot building is located at 11115 Aqua Vista St., two blocks north of Ventura Boulevard, San Fernando Valley’s major thoroughfare. The property is close to upscale shopping on Ventura Boulevard, fine dining, entertainment venues and Universal City.

Built in 2004, The Verona features penthouse units, spacious balconies, a well-manicured courtyard with water fountain, an on-site fitness center, subterranean parking, a rooftop patio and washers and dryers in all units.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

CMBS Delinquency Rate Hits All Time High in May

 Rate Surpasses the 10% Level as Delinquencies Increase for the Third Straight Month

 Delinquency Rate is Up 24 Basis Points in May, 67 Basis Points in the Last Three Months

NEW YORK ,NY -- Back in December we predicted that 2012 could be a rocky year for CMBS in terms of the delinquency rate. 

At the time, the delinquency rate was hovering at 9.51% and had stayed in a fairly tight band for a number of months. 

We wrote that the market could easily see a spike of 70 basis points in the short term, as five-year loans that were securitized in 2007 began to reach their maturity dates.

That prophecy now appears to be have come true.  The CMBS delinquency rate set an all-time high in May. 

Overall, the delinquency rate for U.S. commercial real estate loans in CMBS jumped 24 basis points in May to 10.04%.  In the process, the rate broke through the 10% threshold for the first time ever.

 Whether the rate creeping into double digits for the first time carries some psychological impact remains to be seen.

The good news for the CMBS market is that the five-year loans originated in 2007 were heavily front-loaded.  This means that by the end of June, the number of these loans reaching their maturity date starts to dwindle. 

 As a result, the upward pressure that this has put on the rate should be coming to an end.

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

Lindsay Church | Associate Publicist

Great Ink Communications

27 Union Square West, Suite 205 | New York, NY 10003

(212) 741-2977

Lindsay@greatink.com

@GreatinkPR

HFF closes the sale of 1 Dulles Corridor in Reston, VA

WASHINGTON, D.C. – HFF announced today that it has closed the sale of 1 Dulles Corridor (top left photo), a 216,000 square-foot, Class A office building located in Reston, Virginia.  The sale also included an adjoining 1.9-acre vacant land site.

HFF represented Parkridge 6, LLC and WFLP-H, LLC, entities wholly-owned and controlled by the Estate of Christopher Walker. 

1 Dulles Corridor is located at 10740 Parkridge Boulevard overlooking the Dulles Toll Road at the Hunter Mill interchange in Reston. 

 Built in 2008, the building consists of a seven-story office building plus a four-story parking garage.  Notable features include a two-story lobby, nine-foot ceilings, an efficient center-core design and a rooftop sky garden with panoramic views of Tysons Corner and the Dulles Corridor.

The HFF investment sales team representing the seller was led by senior managing director Andrew Weir (lower right photo) and senior analyst Matt Nicholson.

Contact:

ANDREW M. WEIR                                      

HFF Senior Managing Director                        

(202) 533-2500                                                

aweir@hfflp.com    

MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com                                          

HFF arranges $21 million refinancing for Hotel Tria in Cambridge, MA

BOSTON, MA – HFF announced today that it has arranged a $21 million refinancing for Hotel Tria (top left photo), a 121-room boutique hotel in Cambridge, Massachusetts.

HFF worked exclusively on behalf of KW Development LLC to secure a new $16 million first mortgage provided by Ladder Capital Finance LLC. 

In a separate transaction, HFF also advised the ownership in securing a $5 million mezzanine and preferred equity loan on behalf of KW Development from a private investor.  The combined proceeds of these loans were used to refinance the existing loan on the property.

Hotel Tria is located at 220 Alewife Brook Parkway on Route 2 in Cambridge in the burgeoning neighborhood of West Cambridge.  The property benefits from the recent and planned development in the area and its proximity to the Alewife MBTA train station. 

Acquired by the owner in 2008, the property underwent an extensive renovation and expansion in 2009, which included the renovation of the existing 66 guest rooms along with the addition of 55 guest rooms.

 The property is part of the Best Western franchise and has earned the distinction of being named a Best Western Plus hotel by the brand.  Hotel amenities include a business center, fitness center, shuttle service, bar and on-site Starbucks.

The HFF team representing KW Development LLC was led by senior managing director Riaz Cassum (middle right photo) and director Lauren O’Neil.

KW Development LLC (“KW”), based in Wayland, Massachusetts, was formed in 1984 by Robert Karol to develop, own and manage lodging properties and commercial real estate. 

Over the years, KW has developed, owned and managed a successful hotel portfolio under the Marriott, Starwood, US Franchise Systems and Choice Hotels brands as well as a variety of other commercial real estate assets.

Contacts: 

              

RIAZ A. CASSUM

 HFF Senior Managing Director                         

617) 338-0990                                                   

rcassum@hfflp.com   

LAUREN O’NEIL                               

HFF Director                                 

(617) 338-0990                               

loneil@hfflp.com                            

 MYRA F. MOREN

HFF Director, Marketing

(713) 852-3500

mmoren@hfflp.com