Arbor Closes $638,600 Fannie Mae DUS® Small Loan for Sleepy Hollow Apartments in Sleepy Hollow, NY

Uniondale, NY (April 8, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $638,600 loan under the Fannie Mae DUS® Small Loan product line to refinance the 8-unit complex known as Sleepy Hollow in Sleepy Hollow, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.36 percent.

The loan was originated by Dan Gaylord, Director, in Arbor’s full-service Austin, TX lending office. “The sponsor initially purchased the property as an under-performing asset,” said Gaylord. “After successfully repositioning the property, we cashed him out so that he could enjoy a long-term fixed-rate note.”

Contact: Ingrid Principe, P: 516.506.4298. F: 516.542.2555, http://www.arbor.com/

Cushman & Wakefield Closes Two Leases in Orlando, FL

Kell-Sibley Enterprises Relocates to University Center

ORLANDO, FL – April 8, 2009–Cushman & Wakefield of Florida, Inc. (C&W) announced the lease of 2,400 sf in the Cragg Building at University Center in Orlando for the relocation of Kell-Sibley Enterprises.

Office Brokerage Associate Douglas Eber (top right photo) negotiated the 5-year lease for the tenant.

Kell-Sibley Enterprises is a training and management consultancy for governmental and private business clients.

May Mei Garden Renews Lease at Shoppes of Hunt Club

ORLANDO, FL–Cushman & Wakefield of Florida, Inc. (C&W) announced the renewal of 1,386 sf in the Shoppes of Hunt Club for May Mei Garden restaurant. Retail Brokerage Associate Mindy Boehm negotiated the lease, representing the landlord in the transaction.

Contact: Brook Hines, 407-541-4401, brook.hines@cushwake.com
www.cushwake.com

Florida Senior Housing Property Sells for $10.2M

TAMPA, FL--CLW Health Care Services Group is pleased to have represented a privately-owned partnership in the $10.2 million sale of The Veranda, (top right photo) a 114-unit Senior Housing property located in Pensacola, Florida.

The property features:

• 94 Independent Living units; 20 Assisted Living units
• Built in 2004 (portion converted to Assisted Living in 2007)
• Three-story, 143,640± square foot building
• 6.44± acres
• Purchase price of $89,474 per unit
• 61% occupancy at time of closing

Contact: Allen McMurtry, 813.349.8349, amcmurtry@clwrg.com

The Dow Hotel Company Names Donna Rios General Manager of Hilton Bellevue

Washington State GM of the Year Adds Bench Strength to Company

SEATTLE, WA—Officials of The Dow Hotel Company, LLC, a hotel ownership investment and management company, today announced that Donna Rios (top right photo) has joined the company as general manager of the 353-room Hilton Bellevue (middle left photo) in Washington.

She will report directly to Michael Pitstick, (top left photo) regional vice president of operations, as she oversees the property’s day-to-day operations.

“Donna has an enviable track record in the greater Seattle market and has consistently outperformed her competitive set in guest satisfaction and revenues,” said Murray L. Dow II, (middle right photo) The Dow Hotel Company president.

“She brings additional depth and expertise to our hotel operating team. We continue to look for and hire top talent to not only successfully negotiate to

day’s economic environment but prepare for the inevitable turn around ahead.”

Prior to joining the Hilton Bellevue, Rios was the general manager of the very successful Embassy Suites Hotel in Tukwila, Wash.

Previously, she was general manager of the Embassy Suites Hotel, in Santa Clara, Calif. She was named the 2008 general manager of the year by the Washington State Hotel Lodging Association and won the Embassy brand’s Highest Internal Controls Score for Centrally Managed Hotels in 2008.

Located at 300 112th Avenue SE, in Bellevue, Wash., the AAA Three Diamond Award-winning Hilton Bellevue is just off I-405, in Seattle's upscale, eastside business district.

The hotel is within easy access to downtown Seattle, Pike Place Market, the Space Needle, (bottom right photo) and the Seattle Tacoma International Airport (SeaTac).

Each room offers flat-screen high definition televisions, high-speed wireless internet access, and Serenity Collection by Serta, Hilton’s exclusive bedding package.

The property features more than 60,000 square feet of flexible meeting space, a fitness center, pool, and three onsite eating and drinking options, Basil’s Bar, Tully’s Coffee and Basil’s Kitchen.

“The property’s accessibility to the airport and downtown Seattle make it an ideal location for both leisure and business travelers,” Rios said.

“As a further attraction for our business guests, we recently added the new Hilton Meetings package. Our fitness center has the latest, top-of-the-line Precor aerobic and muscle-building equipment. The Skyview Room, specially designed for business banquets and wedding receptions, accommodates groups of up to 325 people.”

Seattle-based The Dow Hotel Company is a hotel owner/investor and operator of first-class, full-service hotels with properties throughout the United States.

DHC is currently completing renovations at its Houston and Portland properties totaling more than $15 million.

The company’s portfolio of owned and managed properties consists of institutional-grade hotels, under such brands as Marriott, Hilton, Embassy Suites, Sheraton, and Crowne Plaza.

The company aggressively seeks to acquire, co-invest with joint venture partners and/or manage mid- to large-size, first-class, full-service hotels, especially those with extensive food and beverage capabilities.

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

General Growth Properties Stock Price Rise Puzzles Wall Street

NEW YORK, NY, April 7, 2009—Wall Street today is grappling with its biggest little mystery in months: What is triggering debt-loaded General Growth Properties’ stock price to jump 100 percent in the last 17 days?

The common stock of the nation’s second biggest shopping center developer was trading at $1.14 at noon today. On March 21 of this year, the stock was trading at 57 cents.

The stock began its flirtatious climb Friday, April 3, when it closed at 72 cents. On Monday, April 6, near the closing bell of the New York Stock Exchange, the stock was trading at 98 cents, up 37 percent. It closed at $1.

The stock has climbed from a 52-week low of 24 cents on Nov. 12, 2009. Its 52-week high came on May 16, 2008 when it reached $44.23 per share.

The stock rise is particularly puzzling to knowledgeable Wall Street analysts because Chicago-based General Growth and its subsidiary, The Rouse Co. of Columbia, MD, are struggling under a combined debt load approaching $10 billion, according to previous company disclosures and as previously reported by Real Estate Channel.

General Growth CEO Adam Metz himself has alluded to a possible Chapter 11 bankruptcy protection filing if company lenders couldn’t or wouldn’t extend GGP’s outstanding loans. The company itself is solvent, with about $168 million in ready cash on hand.

Metz previously disclosed major company lenders already have agreed to wait until Dec. 31 of this year for payment on about 40 percent of $2.6 billion in past-due loans.

Now some Wall Street insiders are hinting General Growth officials may have quietly obtained further loan extensions in the past couple of days and that rumor may have triggered the stock’s buoyancy.

The stock price rise has even perplexed General Growth officials themselves.

In a prepared statement, the company said that “as a result of the unusual market activity” in the company’s stock price, the New York Stock Exchange asked GGP to “issue a public statement indicating whether there are any corporate developments that might explain the unusual activity.”

The company said in its statement it is “not aware of any corporate developments” that could have pushed up the stock price so quickly.

The NYSE often asks companies for similar public clarifications when their stock’s share price moves swiftly, up or down, on the Big Board.

The NYSE asks for the clarifications because it wants to ensure that all market players have access, at the same time, to all information and developments that might be moving a specific stock.

Developer Launches City-Wide Competition to Design Public Mural in Hell’s Kitchen, NY

Prizes Include $20,000 Stipend, Art Show and Private Consultation with an Art Dealer

NEW YORK, NY, April 7, 2009, (Business Wire)--Calling all artists!

New York City developer Alchemy Properties invites local artists to enter a mural design competition to create a mural that will be displayed on the side of its newest development, Griffin Court Condominium,(top right photo) located at 800 Tenth Ave.

The winning artist will receive a $20,000 stipend, an art show hosted by Alchemy Properties at the building to display the artist’s works, a private consultation with a top art dealer, and a permanent display of the artist’s work in the building’s lobby.

To participate, applicants are asked to submit a scale sketch of the proposed mural, a 500-word description of their vision for the design and its impact on the neighborhood, as well as a resume and portfolio of past artwork. The deadline for entries is July 15, 2009.

“This is a great opportunity for an artist to create an art fixture for public display, and an ever-lasting artistic presence in the community,” said Kenneth S. Horn, president of Alchemy Properties, Inc.

“To the best of our knowledge, this is something that a private developer has never undertaken before in New York City. We are doing this not only to give a talented local artist an opportunity to display their work, but also to enhance the beauty of the neighborhood and support the arts.”

Proposals will be reviewed by a panel of judges, including the chair of Columbia University’s Visual Arts department, Gregory Amenoff, (middle left photo) Art Market Monitor editor and New York Magazine contributor Marion Maneker,(middle right photo) and art dealer Deborah Davis.

The winning mural will be announced in August 2009 and, once completed, will be displayed on two large exterior walls measuring 1,800 sq ft. (31 ft. by 66 ft.) and 4,700 sq ft. (59 ft. by 83 ft.), facing Tenth Avenue. The mural competition is sponsored by Sam Flax, a top New York City art store, which will provide the supplies to create the winning mural.

To enter, please visit http://www.alchemy-properties.com/ to download the application form and a high-resolution image of the proposed site for the mural.

Entries can be submitted digitally to muralcompetition@alchemy-properties.com or via mail c/o Alchemy Properties, 200 Madison Avenue, 20th Floor, New York, NY 10016. For more information on the competition, please call 212-683-0044.

About Alchemy Properties Inc.

Founded in 1990, Alchemy Properties Inc.'s mission is to develop real estate in New York metropolitan areas that are historically or architecturally significant.

Alchemy has made 23 acquisitions in the New York City metropolitan area since 1996.

As principal, it has developed over 1,000 apartments and is currently developing the following new condominium projects: 462 West 58th Street, 800 Tenth Avenue, 125 West 21st Street, and 50 West 15th Street in Manhattan.

Contact: Quinn & Co., Jessica Forman, 212-868-1900 x246, jforman@quinnandco.com

Texas Now Brightest Star in National Realty Values, Says Lewis Realty Advisors

HOUSTON--(Business Wire))--Texas property values have not suffered the serious declines that have swept over the real estate markets on the east and west coasts, according to Lewis Realty Advisors, one of the nation’s leading eminent domain consultants and real estate advisory firms.

“Texas property values did not soar as high as what we saw in California and Florida earlier in this decade, and the recent declines in Texas real estate are also moderate,” said David Lewis, (top right photo) chief executive officer of Lewis Realty Advisors.

Realty values in the Lone Star State are outperforming other states partly because supply and demand have maintained a reasonable balance. “The Port of Houston enjoyed its ninth record year in 2008 despite Hurricane Ike,” said Jim Edmonds, a national leader in government counseling and consultant for Lewis Realty Advisors.

(26-story Bank of America Building, Austin, TX, top left photo)

Texas leads the nation in job growth and Houston, Austin, Fort Worth, San Antonio and Dallas were recently named the top 5 healthiest home building markets in the nation by Builder magazine.

“The state of Texas has a completely different outlook in 2009, compared to where we were 20 years ago in 1989,” Lewis said.

“In the 1980s, federal bank regulators had seized our savings and loan institutions and property was sold off for a dime on the dollar.”
“In the 1980s, Texas was overbuilt, thousands of jobs were being lost and oil went to $8 a barrel. Texas was first to go into decline then and the last to rebound in 1990s,” Lewis said. “Today, Texas is a more secure location.”

Today, as values are placed on Texas property, it is critical that Texas real estate is not incorrectly diminished because of the declines in other parts of the nation, Lewis said. In this same vein, many out-of-state banks have failed to finance excellent Texas ventures because of concerns about the national economy, even though Texas is in better condition.

(Downtown Houston office buildings, middle left photo)

“Whether it’s federal banking regulators insisting on a mark-down of real estate asset values, the state government undertaking an eminent domain condemnation, or a local appraisal for property taxes, Texas realty must be valued with fairness,” said Jim Julian of Lewis Realty Advisors.

Other threats to property owners loom as federal stimulus funds are spent for expansion of roadways, transportation systems or energy easements. These projects will require property to be taken through eminent domain.

“Our firm believes eminent domain must be undertaken with complete transparency and full disclosure of all the facts by the entity with the power of condemnation,” Lewis said. “The government has vast power and it must diligently follow the American Constitution.”

Lewis is a founding board member of the Harris County Appraisal District, a former member of the City of Houston Planning Commission and a past president of the Houston Chapter of the Appraisal Institute.

Fellow consultant, Jim Edmonds, is a former assistant to Governor John Connally and Houston Mayor Louie Welch, and has also served in leadership for various charitable and public institutions including the Port of Houston, Texas’ major Port Authority.

Julian, who has been a member of the Appraisal Institute since 1965, was also an instructor for the International Society of Real Estate Appraisers, and served in leadership roles for the Appraisal Institute.

Contact: Lewis Realty Advisors, David Lewis, 713-461-1466, DLewis@LewisRealty.com

World’s Largest Ramada Hotel Furthers Brand’s Expansion in China

PARSIPPANY, N.J. (April 7, 2009) – Ramada Worldwide, one of the world’s leading international hotel chains with nearly 900 properties around the globe, today announced its continued expansion with two new hotels in China: the world’s largest Ramada hotel, the 1000-room Ramada Hotel & Suites Boao in the Hainan province, and the 548-room Ramada Huangshan in the Anhui province.

Currently under development on Hainan Island (middle left photo) just off the south coast of mainland China, the upscale, 24-story Ramada Hotel & Suites property is expected to open in December 2010.

The all-new construction hotel is being developed by Hainan Baolian City (Boao) Company Ltd., a subsidiary of the Shanghai Baolian Real Estate Company, Ltd., which is also developing the 337-room Shanghai Wyndham Baolian. (bottom right photo)

The all new construction hotel will feature oversized rooms and suites, three full-service restaurants, a lobby bar, 1,150 square meters of meeting space, a swimming pool, gym and other recreational facilities.

The hotel is part of a larger plan by the developer to transform more than two square kilometers of the city’s ocean front real-estate into an upscale resort destination that will feature multiple retail and entertainment spaces.

Owned and operated by Huangshan Xinhui Investment Co., Ltd., the newly constructed eight-story Ramada Huangshan hotel is the Ramada brand’s first hotel in the Anhui province.

Located on the south bank of the Xin’an River, an area famous for the Yellow Mountains and other natural wonders, the property will feature oversized rooms and suites; a multi-lingual staff that is fluent in English, Japanese and Cantonese; a full-service restaurant specializing in Western cuisine; meeting and conference facilities capable of accommodating up to 600 guests; a fitness center and express check-out. All guest rooms and suites will feature 26” flat-screen televisions and free high-speed Internet access.

“The cities of Boao and Huangshan serve as key destinations for both business and leisure travelers,” said Tom Monahan, (top right photo) Wyndham Hotel Group executive vice president of international development. “With the addition of these hotels, the Ramada brand is well poised to capture the business of those travelers and maintain Wyndham Hotel Group’s position as the leading lodging franchisor in China.”

Wyndham Hotel Group, the world’s largest U.S. based hotel company in China, currently franchises over 170 hotels throughout China, 34 of which are a part of the Ramada brand.

Ramada Worldwide, a member of the Wyndham Hotel Group family of lodging brands, is a global chain of mid-and-upscale hotels with locations in key destinations throughout the world.

Wyndham Hotel Group, one of three principal components of Wyndham Worldwide Corporation (NYSE: WYN), encompasses over 7,000 hotels representing nearly 593,000 rooms under the Wyndham Hotels and Resorts®, Ramada®, Days Inn®, Super 8®, Wingate® by Wyndham, Baymont Inn & Suites®, Microtel Inns & Suites®, Hawthorn Suites®, Howard Johnson®, Travelodge®, Knights Inn® and AmeriHost Inn® brands.

All hotels are owned individually and operated independently or by Wyndham Hotel Management. Wyndham Hotel Group is based in Parsippany, N.J. For additional information or to make a reservation, please visit http://www.wyndhamworldwide.com/.

CONTACT: Christine Da Silva, +1 (973) 753-6590, Christine.DaSilva@WyndhamWorldwide.com

Terranova Corp. Signs 7 New Retail Leases

MIAMI BEACH, FL, April 7, 2009 – Showing strong performance in a challenging business environment, Terranova Corp. has signed seven new retail leases in the last sixty days, bringing valuable new tenants to several of its shopping centers.

Patagonia Deli Market has signed an 2,675-square foot, five-year lease on Miracle Mile, (top right photo)at 244 Miracle Mile in Coral Gables, where it will offer an open air style gourmet market selling for on and off premise consumption barbecue style meats, Argentinean wines, pastries and imported Latin American grocery items.

· Rob’s Bageland has signed a 4,518-square foot, five-year lease at Shops at San Marco, a Publix-anchored center at 13800 S. Jog Road in Delray Beach. This is the deli’s second location in Broward County where it is creating a following for its breakfast, lunch and dinner menu.

· Cine-It Burger and Grill has signed a 2,517-square foot, five-year lease at 11509 S. Dixie Highway, in the Suniland Shopping Center, (top left photo) where it will introduce its original restaurant concept: serving homemade burger meals and other favorites, while showing clips of popular films on large screen TVs.

· One Price Dry Cleaning has signed an 822-square foot, three-year lease also at Suniland, where it will offer professional, reliable and affordable dry cleaning services to the Pinecrest area.

· Nuevo Mundo Multiservices has signed a 1,600-square foot, five-year lease at Parkhill Plaza, a Winn Dixie anchored center at 9535 W. Flagler Street in Miami, where it will sell cellular phones and offer services that range from money transfers to Central and South America to U-Haul truck rentals.

· Pines Discount Pharmacy has signed a five-year, 987-square foot lease at Palm Johnson, a Winn Dixie anchored center at 9940 Johnson Street just north of Pines Boulevard in Pembroke Pines, where it will provide the personalized service of an independently owned pharmacy.

· Low Price Insurance has signed an 861-square foot, three-year lease at Palm Plaza, at 16801 NW 87th Avenue in Miami, where it will offer consumer and commercial insurance, document preparation for certain transactions and notary public services.

“With our leasing team’s creativity and hard work, we keep adding value to our properties, even in these tough times,” said Terranova executive vice president Mindy McIlroy. “In this economy, deals don’t fall on your lap, which makes me especially proud of our performance this year.

Contacts:

Karen Lafleur, klafleur@terranovacorp.com
Mindy McIlroy, mmcilroy@terranovacorp.com

HFF arranges refinancing for Class AA office property in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged refinancing for 3600 San Clemente, (top right photo) a Class AA office building in Austin, Texas.

Working exclusively on behalf of HPI Real Estate Services & Investment (HPI), HFF managing director Mark West (middle left photo) placed the fixed-rate loan with ViewPoint Bank.

HPI, based in Austin, manages more than 10 million square feet of office, industrial and retail properties throughout central Texas.

Completed in late 2006, 3600 San Clemente has 90,267 square feet that is currently 100% leased.

The property is located at 3600B Capital of Texas Highway within the 49-acre San Clemente at Davenport mixed-use development in southwest Austin.


“3600 San Clemente is one of the newest office developments in Austin and is located in an attractive area not only to tenants but investors alike,” said West.


“Tenants are attracted to its central location within the city, proximity to high-end residential areas and its scenic setting in the Texas Hill Country while investors value the strong historical performance of the submarket and the significant barriers to entry that exist within this submarket.”

CONTACTS:

Mark E. West, HFF Managing Director, (214) 265 0880, mwest@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Arbor Named Top Ten Fannie Mae DUS® Lender for Second Year in a Row

UNIONDALE, NY, April 6, 2009– Arbor Commercial Mortgage, LLC today announced that it has been ranked number nine among the Top Ten Fannie Mae Delegated Underwriting and Servicing (DUS®) lenders for the year 2008.

“We are very committed to the Fannie Mae DUS® program and our business partnership,” said Ivan Kaufman, (top right photo) President and CEO.

“For the second year in a row, we’ve been named a Top Fannie Mae DUS® lender, increasing our ranking in 2008. We are very proud of this achievement and look forward to continuing to grow our market share.”

In 2008, Arbor Commercial Mortgage achieved a 20 percent increase in year-over-year production volume from 2007.

Contact: Ingrid Principe, iprincipe@arbor.com

New Joint Federal-State Crackdown on Foreclosure Rescue Scams Announced

WASHINGTON, DC, April 6, 2009—Federal and state officials today announced a new joint crackdown on the proliferating residential foreclosure rescue scams.

At a morning press conference today, officials said some results of the crackdown are already in play.

They point to the Federal Trade Commission which has just won a $1.2 million judgment against Clearwater, FL-based Mortgage Foreclosure Solutions Inc.

In a separate pending court case in California, the FTC has won a temporary restraining order and had the company’s assets frozen at National Foreclosure Relief Inc. in Santa Ana, CA.

The FTC charged the company and its two officers with violating the Federal Trade Commission Act by falsely representing that it will stop foreclosure in all or virtually all instances, and that it will give full refunds if foreclosure is not stopped.

The company’s two officers were identified in the FTC’s court complaint as David Ealy, also known as Hugo Tapia, and Chele Stone, also known as Chele Medina.

The FTC complaint alleges National Foreclosure Relief charged homeowners from $300 to $1,000 to begin its nationally advertised “Fresh Start” foreclosure rescue plan.

After the fee was paid, the company halted all phone and written contact with the homeowner, the FTC complaint states.

In the case against Florida-based Mortgage Foreclosure Solutions Inc., the FTC charged the company with soliciting fees ranging from $250 to $1,200 from financially-strapped homeowners.

Like National Foreclosure Relief, once the fee was received, Mortgage Foreclosure Solutions stopped all contact with the homeowner, the FTC states.

The FTC reported Mortgage Foreclosure Solutions didn’t have enough assets to pay off the $1.2 million judgment and so the agency agreed to suspend all but $8,320 of the judgment amount.

However, if FTC investigators find additional assets belonging to the company or its officers at a later date, the agency obtained court approval to seize the assets at that time.

Cindy Liebes, the FTC’s assistant regional director, says foreclosure rescue schemes are surfacing across the country. The recession, job losses and the real estate crisis have spurred the growing number of predatory rescue schemes as homeowners worry over the loss of their homes, Liebes says.

Participating in today’s telephonic press conference at the Treasury Department were Treasury Secretary Timothy F. Geitner, (top right photo) Department of Housing and Urban Development Secretary Shaun Donovan, (middle right photo) FTC chairman Jon Leibowitz (middle left photo) and Illinois Attorney General Lisa Madigan. (bottom left photo)

Marcus & Millichap Sells 70,040-SF Retail Center in Seffner, FL for $2.7M

SEFFNER, FL, April 6, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of North Grove Center, (top right photo) a 70,040 square foot retail property located in Seffner, Florida, according to Bryn D. Merrey, (middle left photo) Regional Manager of the firm’s Tampa office.

The asset commanded a sales price of $2,700,000, which equates to a price per square foot of $38.00.


David Goldstein and Les Aron, (bottom right photo) Vice Presidents of Investments and Matthew Reichenthal, Investment Specialist in Marcus & Millichap’s Tampa office, together with Michael Lombardi, Senior Associate in Marcus & Millichap’s New Jersey office had the exclusive listing to market the property on behalf of the seller, an out-of-state private investor.

The buyer, an affiliate, Isram Realty, of Hallandale Florida, was secured and represented by Dimitrios Langas and Matthew Reichenthal.

North Grove Center, which was built in 1977 and renovated in 2004, is located at 725 West Dr. Martin Luther King Jr. Boulevard.

The shopping center is approximately 70,040 square feet, anchored by Winn Dixie and Dollar General.

North Grove Center was sold for $2,700,000 at an 8.77 percent cap rate with an occupancy of 85 percent.

Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700

Concord Hospitality Wins Two of Marriott’s Top Brand Awards

Company Awarded “Hotel Opening of the Year” for Fairfield Inn & Suites, SpringHill Suites

RALEIGH-DURHAM, N.C., April 6, 2009—Concord Hospitality Enterprises, one of the nation’s top-ranked hotel developer/owner/operators, today announced it won two of Marriott’s top brand awards: “Hotel Opening of the Year” for both the Fairfield Inn & Suites and SpringHill Suites brands.

The company also brought home from Marriott’s annual recognition event several other Marriott accolades, including two Platinum, five Gold and three Silver Circle awards, all honors given for exceptional guest satisfaction.

“These awards demonstrate the quality that is our hallmark within the industry,” said Mark G. Laport, (top right photo) Concord president and CEO. “Our commitment to excellence, community, integrity and guest and associate satisfaction continues to generate superior results in all aspects of our business.

" Both “Hotel Opening of the Year” properties are new builds, and were strategically placed in markets that would support their development and yield the maximum ROI.”

The Hotel Opening of the Year award is based on superior performance in a number of categories, including demonstrated leadership, team building and development, financial management, sales and service leadership and community service at the time of opening.

RevPAR, RevPAR Index, occupancy, and guest satisfaction are also considered.

The 120-room Springhill Suites Waukegan/Gurnee, Ill., (middle left photo) winner of SpringHill Suites Hotel Opening of the Year, is the first SpringHill Suites hotel to feature the brand’s contemporary, boutique-style redesign.

Concord co-designed the brand’s new look in partnership with Marriott, which includes an innovative lobby with custom lighting, moveable “soft walls” and changeable graphic panels to create distinctive environments throughout the day.

The property launched in August 2008 and within two months achieved 66 percent occupancy, beating the industry average by more than five percent.

The 110-room Fairfield Inn & Suites Pittsburgh Neville Island (bottom right photo) opened in October 2008 and claimed the top award for the Fairfield Inn & Suites brand.

The property is located on Interstate 79, and each of the guest rooms and suites features luxury bedding, a large work area and free wireless high speed Internet.

The new property achieved 65 percent occupancy within two months, also beating the industry average.

Contact: Melanie Boyer, Daly Gray Public Relations, (703) 435-6293.

Marcus & Millichap Lists 196-Unit Luxury Apartment Complex in Santa Ana, CA for $27.5M

SANTA ANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Court at Artists Village, (top right photo) a 196-unit luxury apartment community in Santa Ana.

The listing price of $27.5 million represents $142 per square foot.

Ronald Harris, (middle left photo) senior vice president investments and a senior director of the firm’s National Multi Housing Group in Los Angeles, is representing the seller, a joint venture between a pension fund advisor and a local developer.

“The Court at Artists Village is a mixed-use urban apartment community comprised of 196 luxury apartment homes, 12,222 square feet of ground floor retail shops and 1,412 square feet of storage and office space,” says Harris.

“The Court at Artists Village truly defines urban infill development. The apartment community blends together unique design elements with traditional, well-appointed rental homes.

"Residents enjoy immediate access to the bohemian-style, urban-chic establishments of Artists Village, a pedestrian-oriented retail promenade with high-end restaurants, the Santora Building of the Arts (a local museum and studio), (bottom left photo) the Grand Central Theater and the locally famous Gypsy Den coffee shop.”

Located at 301 West 2nd St. in Santa Ana, The Court at Artists Village is a fully renovated 1990s’ vintage-style complex featuring a two-level subterranean parking structure.

Other amenities include a new fitness center, a swimming pool and a business center.

“The mixed-use retail component of The Court at Artists Village positions this asset favorably against competitive rental products,” says Harris.

“Furthering the desirability of this asset is its location in central Northern Orange County. The property is proximate to employment centers in Newport Beach, Costa Mesa, Anaheim and Santa Ana as well as some of Southern California’s most beautiful beaches and coastal cities.”

Press Contact: Stacey Corso, Communications Department, (925) 953-1716