Waterton Integrates Apartment, Hotel Management Operations

  

 

David Schwartz

 CHICAGO, IL – Waterton Associates LLC, a U.S. real estate investor and operator, today announced it has combined its wholly owned apartment and hotel management subsidiaries, Waterton Residential and Ultima Hospitality.

Effective immediately, Waterton Associates and the two subsidiaries will operate as a single entity, Waterton, reflecting the broader convergence of the multifamily and hospitality sectors as the firm celebrates its 20th anniversary.

“Over the years, we realized that whether we were managing an apartment community or a hotel, our goal was the same: to deliver an exceptional level of service to our customers, regardless of whether we counted their stay in nights or years,” said Waterton CEO and co-chairman David Schwartz, who co-founded the company with Peter Vilim in 1995.

 “We’ve coined this overlap between residential and hospitality ‘ResitalityTM’ – the idea of recreating the comforts of home for our hotel guests, and giving our apartment residents all of the services and amenities they expect when staying at a resort or hotel.”

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

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

MVP REIT II, Inc.’s Offering Declared Effective by the U.S. Securities and Exchange Commission

SAN DIEGO, CA  (Oct. 23, 2015) – MVP REIT II, Inc. (“MVP REIT II”) today announced that its registration statement on Form S-11 pertaining to an initial public offering of up to $550 million in common stock was declared effective by the United States Securities and Exchange Commission on October 22, 2015.

A copy of the final prospectus for MVP REIT II is available without charge upon written request to MVP REIT II, Inc., 12730 High Bluff Drive, Suite 110, San Diego CA 92130. The prospectus is also available at www.mvpreitii.com/prospectus, or on the SEC’s website at www.sec.gov.

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

Jill Swartz

Spotlight Marketing Communications

949.427.5172, ext. 701

jill@spotlightmarcom.com

Multi Housing Advisors Brokers Sale of 338-Unit Apartment Community in Mobile, AL

Jimmy Adams

BIRMINGHAM, AL  — Multi Housing Advisors (MHA) has arranged the $3.5 million sale of Orleans Place I & II, located in Mobile, Alabama.

Jimmy Adams of MHA’s Birmingham office represented the seller, Orleans Place Apartments, in the transaction. Varden Capital Properties (VCP) purchased the property.

“VCP plans to invest a significant amount of capital into the property’s interiors and exteriors,” Adams said. “There is pent-up demand for higher quality housing in the area and we anticipate the rehabilitated units being absorbed without issue.”  

Orleans Place I & II are located three blocks south of Mobile’s new Whole Foods development. The submarket has demonstrated strong rent and occupancy trends over the past five years.

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

Deborah Rogers

Multi Housing Advisors

404.645.7275

drogers@usmha.com

www.usmha.com.

HFF closes sale of 21-property multi-housing portfolio for University of Chicago

Matthew Lawton

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of a 21-property, 676-unit multi-housing portfolio plus two land sites located in Chicago, Illinois.

HFF marketed the offering on behalf of the University of Chicago.  Pioneer Acquisitions, LLC purchased the portfolio in its entirety free and clear of existing debt.

The portfolio consists of University of Chicago graduate student housing and faculty/staff buildings that are more than 95 percent occupied.  The properties have a total of 883 beds and approximately 460,582 square feet with individual units averaging about 681 square feet each.

 The properties are located in Hyde Park and Kenwood within walking distance to campus, approximately six miles south of Chicago’s Central Business District and close to Lake Michigan.

The HFF investment sales team representing the University of Chicago was led by executive managing director Matthew Lawton, managing director Brian Kelly and associate director Michael Higgins.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF represents NYRT in the sale of 163 Washington Avenue in Brooklyn, NY

Rob Rizzi

NEW YORK, NY– Holliday Fenoglio Fowler, L.P. (HFF) announced it has represented New York REIT, Inc. (NYRT) in the sale of 163 Washington Avenue, a 49-unit, 16-story mixed-use property in Brooklyn’s Clinton Hill neighborhood.

HFF marketed the asset on behalf of NYRT to an undisclosed buyer.

163 Washington Avenue is located near the intersection of Washington and Myrtle Avenues, one block from the Pratt Institute to the south and Brooklyn Queens Expressway/Interstate 278 to the north. 

Originally developed as condominiums in 2009, the property includes 49 best-in-class rental apartments averaging 825 square feet each, a 1,176-square-foot retail unit and 38 parking spaces.  Units feature stainless steel appliances, balconies, loft-style ceilings and cityscape views.

The HFF investment sales team representing the seller was led by managing directors Rob Rizzi, Jeff Julien and Rob Hinckley.

“We are extremely pleased to have assisted NYRT on this disposition.  NYRT was at the forefront of the growth of the Brooklyn market, acquiring the property in 2012 and then capitalizing on the impressive pricing we are continuing to see there,” said Rizzi.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

PFK Consulting Reports Hotel Spa Departments Generate Healthy Profits

Andrea Foster

Boston, MA --  Hotel spa departments continue to contribute to the revenue and profit growth of U.S. hotels.  According to the 2015 edition of Trends® in the Hotel Spa Industry, hotel spa department revenues increased by 5.1 percent in 2014, while spa department profits grew 10.5 percent.

“The benefit of having a hotel spa can go beyond the direct financial contributions of the spa department,” said Andrea Foster, managing director for PKF Consulting|CBRE Hotels (PKFC) and director of the firm’s spa and wellness consulting practice. 

“When we compared the performance of spa properties with comparable hotels in PKFC’s Trends® in the Hotel Industry database, we found that the spa hotel sample had a higher ADR in 2014 and was able to increase its room rates to a greater degree. 

“This does not suggest causation; rather, it suggests a reasonable conclusion that guests find greater value in properties that have more extensive amenities and services available, thus creating the ability to increase rates to a greater extent.”

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

Chris Daly,

cdaly@dalygray.com