Paramount Hotel Group Named Manager of Three Florida Distressed Hotels

FAIRFIELD, NJ—Paramount Hotel Group, an independent hotel management and ownership group, today announced that it has been named by institutional lenders in two separate transactions to operate three hotels currently in foreclosure and has an active pipeline of additional distressed properties.

 The company also will act as receiver for one of the properties. The hotels, which together have more than 500 rooms, are located in Florida and include two branded and one independent property.

“We have a long, proven track record with distressed hotel operations and are working closely with institutional lenders, special servicers and regional banks to help them determine and execute the right strategies to recover the optimum value of their hotel assets,” said Ethan Kramer, (top right photo) Paramount’s president.

“Our senior management team has been involved in the successful work-out and turn-around of more than 50 hotels in markets across the nation. Additionally, Paramount has established relationships with every major national franchisor in the U.S.

“Our approach is not just caretaking the property," Kramer says.. "We have take-over SWAT teams on stand-by who can take control of a property with just 24-hours notice.

"Our immediate goal is to stabilize the asset in terms of cash management, human resources, life safety and security. Subsequent to our assessment, we develop strategic options tailored to the Lender’s objectives. T

"he essential needs of the operation to continue as a going concern are identified and if capital is available for improvement, we recommend how best to deploy. Maximizing return on investment and generating the highest sale price on disposition is the ultimate driver in distressed hotel cases.”

Kramer noted that Paramount expects that opportunities to manage distressed hotels will expand rapidly over the next 12 to 18 months.

 “There is an unprecedented number of troubled hotel loans that will need to be resolved over the near-term. In many cases, these properties have been neglected and suffer from deferred maintenance.

"We have an in-house construction team that can quickly assess these problems and determine realistic costs to remediate. If the lender so desires to expend funds for capital improvement, Paramount will provide detail budgeting for renovation and repositioning, thereby enhancing value.

“As owners ourselves, we bring a seasoned eye to the problems these hotels face. We provide honest assessments of the properties’ potential based on more than 25 years of operational experience with distressed assets.

"Lenders want to recoup as much of their investment as possible without undertaking unnecessary risks of losing additional capital. We provide the operational and asset management expertise to help them realize their goals.”

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

Best Western Bowery Hanbee Hotel Receives Director’s Award for Quality

NEW YORK, NY – The Best Western Bowery Hanbee Hotel  (centered photo below) in New York City has received the Best Western Director’s Award for outstanding achievement in quality standards.

The Director’s Award recognizes Best Western International hotels in North America that meet or exceed cleanliness and maintenance inspection scores of at least 950 points out of a possible 1,000. Hotels must also meet Best Western’s requirements for design and high guest satisfaction scores in order to qualify.

“The Best Western Bowery Hanbee Hotel is committed to providing quality accommodations for our guests,” said General Manager Raymond Sun. ”Our staff has worked very hard to achieve this level of excellence and we are delighted to receive this important symbol of distinction from Best Western.”

Newly built in 2008, the Best Western Bowery Hanbee Hotel is located at 231 Grand Street in the heart of downtown New York City. The hotel is ideally situated between Chinatown and Little Italy in Lower Manhattan, surrounded by some of the most vibrant New York City neighborhoods such as Tribeca, Soho and the Lower East Side.

 Abundant subway access is a few blocks from the hotel. City Hall, Battery Park (above centered photo) , Trinity Church and PACE University are within walking distance. All 102 guestrooms feature a modern, comfortable design with 32-inch flat panel TVs and high-speed Internet access. The 100% non-smoking hotel also offers complimentary continental breakfast, Wi-Fi in the lobby, and a fitness center.

The Best Western Bowery Hanbee Hotel is owned by Ben Wong, founder and principal owner of New York-based Wok and Roll Restaurants,(above centered  photo)  and operated by Interstate Hotels & Resorts, the nation’s largest independent hotel management company (http://www.ihrco.com/).

 For more information about the Best Western Bowery Hanbee Hotel in New York City, please visit www.bw-boweryhanbeehotel.com or call Best Western International toll-free (800) WESTERN.

Contact:

Raymond Sun, General Manager, Best Western Bowery Hanbee Hotel, (212) 925-1177 raymond.sun@ihrco.com,
http://www.bw-boweryhanbeehotel.com/

HFF secures $120M recap for W Hotel & Residences in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it arranged a $120 million recapitalization for the W Hotel & Residences, (rendering centered below) a luxury mixed-use project under construction in Austin, Texas.

Working on behalf of Stratus Properties, Inc. and the Canyon-Johnson Urban Fund, HFF senior managing director Whitaker Johnson (top right photo)  placed a new five-year construction loan originated by CLG Hedge Fund, LLC, a hedge fund affiliated with Beal Bank Nevada.

This loan is replacing an original $165 million construction financing through Corus Bank that HFF secured on behalf of the borrowers in 2008. As part of the recapitalization, Stratus and Canyon-Johnson are also contributing $45 million to the project.

Due for completion in December 2010, the W Hotel and Residences will have 252 guest rooms and suites. In addition, approximately 159 residential units, in one- to four-bedroom layouts, will be located on floors 18 to 37 and will feature views of Lady Bird Lake, the Hill Country and the city skyline.

 Hotel guests will have access to the W’s signature Living Room experience and Whatever/Whenever, the hotel’s 24-hour concierge service that provides guests with the ultimate in amenities at any hour. On-site amenities will include an elevated garden incorporating a swimming pool and bar, a spa, and approximately 54,000 square feet of retail and office space.

There will also be an entertainment venue operated by Live Nation and a new studio for KLRU-TV’s Austin City Limits show. The W Hotel and Residences is located at 2nd Street and Lavaca in downtown Austin’s 2nd Street District.

“HFF was pleased to line up new construction financing to mitigate any risks associated with the health and stability of the in-place senior construction lender, Corus Bank. Construction never wavered throughout the process and upon completion, the W is going to be an outstanding addition to the downtown Austin area,” said Johnson.

Stratus Properties is a diversified real estate company engaged in the acquisition, development, management and sale of commercial, multifamily and residential real estate properties located primarily in the Austin area.

CLG Hedge Fund, LLC is a hedge fund affiliated with Beal Bank Nevada that focuses on commercial real estate lending. CLG originates loans from $10 million to more than $550 million on all types of collateral, including income properties, raw land, land development and construction, with emphasis on individual pricing based on each asset’s specific characteristics and risk profile.

Beal Bank Nevada is a well-capitalized financial institution with capital in excess of $1.8 billion and assets in excess of $5.5 billion as of June 30, 2009. Beal Bank Nevada is a member of the FDIC.

Contacts:

Whitaker M. Johnson, HFF Senior Managing Director, (214) 265-0880, wjohnson@hfflp.com
Anthony Sassine, CLG Hedge Fund, LLC, (214) 395-8101, ASassine@clghedgefund.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, murphy@hfflp.com

 (Downtown Austin photo bottom right)

Construct Two Group wins construction excellence award for FAMU – Developmental Research School

ORLANDO, FL— Construct Two Group, a construction management company, has won an Eagle award for best in category at the annual Excellence In Construction award program sponsored by the North Florida Chapter of Associated Builders and Contractors.

Construct Two Group snagged top honors for its role building the Florida A & M University-Developmental Research School (FAMU-DRS). Awards were presented at a banquet held in the University Center Club in Tallahassee, Fla., on October 15, 2009.

On hand to accept the award were Construct Two Group’s Founder and Chairman Derrick Wallace (top right photo)  and President/CEO Keith Williams, (middle left photo)  who are both FAMU Alumni.

Construct Two Group completed its $24.3 million contract in just 19 months. Located on the campus of FAMU, the K - 12 school is composed of a six building complex that includes buildings for elementary, middle and high school, administration, cafeteria/auditorium and gymnasium. The 132,116-square-foot campus opened in January 2009.

“As FAMU alumni, Keith and I have felt a special pride in having the opportunity to build this school,” said Derrick Wallace, chairman, Construct Two Group. “This award is a tribute to the strength of the construction management team we have built.”

Rhodes + Brito Architects, Orlando, Fla., designed the facility. TLC Engineering for Architecture, Orlando Fla., provided the electrical and structural engineering. Mechanical and plumbing engineering was provided by J.J. Christie & Associates, Winter Park, Fla.

Subcontractors under contract with Construct Two Group included: site grading by Genesis Engineering & Constructors Corp, Tallahassee, Fla., tilt-up concrete by Bolognese Construction Services Inc., Bonita Springs, Fla., electrical by Joyner Electric Inc., Tallahassee, Fla., mechanical by Lang Mechanical, Thomasville, Ga., plumbing by Dowdy Plumbing Corp., Tallahassee, Fla., and fire protection by Fire Sprinkler & Systems, Inc., Ellerslie, Ga.

Contact: Elaine Ingra, PR WORKS!, PH: 407 384-1344, elainei@pr-works.com, http://www.pr-works.com/

Marcus & Millichap Closes $28.1M Receiver's Sale of Multi-Family Asset in Torrance, CA

TORRANCE, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has successfully concluded the court- appointed receiver’s sale of Hampton at South Bay, (top left photo)  a 152-unit, 156,324-square foot luxury multifamily apartment building in Torrance. The sales price of $28.1 million represents $184,868 per unit and approximately $180 per square foot.

Greg Harris (middle right photo),  an executive vice president and senior director of the firm’s National Multi Housing Group (NMHG) in Encino, and Ron Harris, (bottom left photo) a senior vice president investments and senior director of the NMHG in Los Angeles, represented the receiver, Michael Fiorina, of Los Angeles-based Total Companies.

Financing for the acquisition was arranged by Capmark senior vice president Jim McBirney. The buyer is a Los Angeles-based private investor.

“The property was placed into foreclosure by Union Bank of California through its affiliate, UnionBanCal Equities Inc. Rather than foreclose and take title to the real property, Union Bank decided to pursue a rare receiver’s sale,” explains Greg Harris.

“The complex transaction involved the receiver obtaining court orders to sell the property and stand in the stead of the owners for purposes of contracting, due diligence and document execution.”

“Our marketing produced an almost unprecedented number of offers – 44 in the initial round and 25 best and final offers,” adds Ron Harris. “The transaction closed within 24 days of contract execution.”

Built in 1963 and renovated in 2007, Hampton at South Bay is located at 20707 Anza Ave. The property is comprised of six separate two-story structures and has a unit mix of primarily two- and three-bedrooms. Amenities include a swimming pool, an expansive fitness center, a one-of-a-kind theater room, a recreation/game room, an oversized sundeck and ample controlled-access on-site parking.

Torrance is halfway between Los Angeles and Orange counties and is bound by the Pacific Ocean. The South Bay region is situated on the southwest peninsula of Los Angeles County. Torrance is considered the heart of the South Bay.

Hampton at South Bay represents the upper echelon of rental housing in the South Bay.

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

Richmond/Hampton Roads Industrial Report Q3 2009

RICHMOND, VA--Jones Lang LaSalle Americas, Inc. research reports strong headwinds from the regional and local economies have kept companies cautious with little incentive for expansion plans.

 As a result, closings and cutbacks have placed downward pressure on absorption
and put upward pressure on vacancy rates.

Looking ahead, the credit markets have stifled new development activity, leading to stagnant new supply through 2011. From the demand side, smaller companies have started to reenter the market, generally a leading indicator of stabilization and a possible start into recovery.

For a complete copy of the company's news release, please contact  Perry H. Moss, (top right photo) CCIM, MBA, Research Analyst, Jones Lang LaSalle Americas, Inc., tel +804 200 6463, mobile +804 245 9774, perry.moss@am.jll.com

Interstate Hotels & Resorts Reports Third-Quarter 2009 Results

ARLINGTON, VA—Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation’s largest independent hotel management company, reported operating results for the third quarter ended September 30, 2009. The company’s performance for the third quarter includes the following (in millions, except per share amounts):

Highlights for the third quarter and through today include:

• · Extended senior secured credit facility to March 2012;
• · Common stock resumed trading on the NYSE effective July 29, 2009;
• · Added 10 properties to third-party management portfolio, including first hotel in India, the new-build Four Points by Sheraton in Jaipur;
• · Secured mortgage financing for Westin Atlanta Airport;
• · Signed purchase and sale agreement to sell wholly owned Hilton Garden Inn Baton Rouge; IHR to retain management of hotel with new ownership.

For a complete copy of the company's news release and financials, please contact: Carrie McIntyre, SVP, Treasurer, (703) 387-3320

 

Grubb & Ellis Files Five-Day Extension for Third,Quarter

SANTA ANA, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, has filed a Form 12b-25 with the Securities and Exchange Commission related to the filing of its Form 10-Q for the third quarter ended September 30, 2009.

The company said that the extension is necessary to include information on its $90 million preferred equity transaction, which is expected to close on or about November 6. Grubb & Ellis expected to file its Form 10-Q within the five-day extension period afforded by Form 12b-25.

Grubb & Ellis has scheduled a live webcast to discuss its 2009 third quarter results on Wednesday, November 11, at 10:30 a.m. Eastern Standard Time. The Company will issue its financial results before the market opens that morning.

Contact:  Janice McDill, Phone: 312.698.6707, Email: janice.mcdill@grubb-ellis.com

Marcus & Millichap Hires Bill Renje and Casey Babb as Senior Associates in Tampa Office

 
TAMPA, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has hired Bill Renje and Casey Babb, (top right photo)  two leading multifamily investment specialists in its Tampa office, according to Bryn Merrey, (bottom left photo) regional manager of the firm’s Tampa office.

“We are excited to welcome Bill and Casey to the firm,” says Merrey. “Their experience, in-depth knowledge of the Tampa Bay and Gulf Coast apartment markets and their dedication to providing institutional and private investor clients with superior transaction and advisory services will further enhance our presence in the Tampa Bay area and throughout Florida.”

Renje and Babb, both Certified Commercial Investment Members (CCIM), bring a combined 15 years of investment brokerage experience to the firm and will continue to focus on representing sellers in the disposition of multifamily properties in Tampa Bay and throughout the Gulf Coast region.

Renje is a two-time Olympic gold medalist for the U.S. wheelchair rugby team and holds a bachelor’s and a master’s degree from the University of Illinois.

Babb graduated from Florida State University with bachelor’s degrees in real estate and finance. He is a member of the Florida Gulfcoast Commercial Association of Realtors, the Urban Land Institute and the National Multi Housing Council.

Prior to joining Marcus & Millichap, both Renje and Babb were multifamily investment specialists with NAI Tampa Bay.

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

Cousins Properties Reports Results for Quarter Ended Sept. 30, 2009

ATLANTA--Cousins Properties Incorporated (NYSE:CUZ) today reported its results of operations for the three and nine months ended September 30, 2009. All per share amounts are reported on a diluted basis; basic per share data is included in the Condensed Consolidated Statements of Income accompanying this release.

Funds from Operations Available to Common Stockholders (“FFO”) was $7.3 million, or $0.12 per share, before certain separation and non-cash impairment and valuation charges discussed below for the third quarter of 2009, compared with FFO of $20.9 million, or $0.39 per share, for the third quarter of 2008. FFO was $38.6 million, or $0.70 per share, before such charges for the nine months ended September 30, 2009, compared with $50.9 million, or $0.95 per share, for the same period in 2008.


For a complete copy of the company's news release and financials, please contact James A. Fleming, (top right photo)  Executive Vice President and Chief Financial Officer, 404-407-1150, jimfleming@cousinsproperties.com or

Cameron Golden, Director of Investor Relations and Corporate Communications, 404-407-1984
mailto:camerongolden@cousinsproperties.com,%20Web site address: http://www.cousinsproperties.com/

Engler Financial Presents Lexington Park at Westchase in Tampa, FL

ATLANTA, GA--Engler Financial Group, LLC is proud to present Lexington Park at Westchase, (top right photo) a 400-unit class “A+” apartment community built in 2002 in Tampa, Hillsborough County, Florida.

The Property is located along the west side of Countryway Boulevard, just north of West Linebaugh Avenue within the upscale Westchase planned community.


Lexington Park at Westchase is being offered for sale on an “unpriced” basis and represents an exciting opportunity to purchase a well-located core Class “A+” multifamily community at a significant discount to new replacement cost.

The property has favorable assumable financing in-place with a $24,908,000 principal amount, May 2016 maturity date, 5.51% fixed interest rate, and “interest only” payments until June 2011

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

Post Properties Announces Third Quarter 2009 Earnings

ATLANTA--(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced  net income available to common shareholders of $50.2 million for the third quarter of 2009, compared to net income available to common shareholders of $25.2 million for the third quarter of 2008. On a diluted per share basis, net income available to common shareholders was $1.13 for the third quarter of 2009, compared to $0.57 for the third quarter of 2008.

The Company reported a net loss attributable to common shareholders of $0.1 million for the nine months ended September 30, 2009, compared to a net loss attributable to common shareholders of $1.0 million for the nine months ended September 30, 2008. On a diluted per share basis, the net loss attributable to common shareholders was less than $0.01 for the nine months ended September 30, 2009, compared to $0.02 for the nine months ended September 30, 2008.

For a complete copy of the company's release and financials, please contact Chris Papa, 404-846-5028

Marcus & Millichap Sells 25,088-SF Office Building in Tampa, FL

TAMPA, FL, November 3, 2009 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Palms Center (top left photo), a 25,088-square foot office property located in Tampa, FL, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office. The asset commanded a sales price of $2,700,000.
Michael J. Jaworski, (bottom right photo) an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a partnership. The buyer, a limited liability company, was also secured by Michael Jaworski.

Palms Center is situated at 15043 Bruce B. Downs Boulevard, a superb location with significant frontage on a major divided road. “The property has long term leases and a great tenant history”, says Jaworski. “The price was approximately $125 per rentable square foot on the two buildings”.

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

NAI Realvest Negotiates Long Term Lease for 27,560 SF of Office Space at Florida Central Commerce Park in Longwood, FL

MAITLAND, FL – NAI Realvest recently negotiated a new six-year lease agreement for 27,560 square feet of office space at 1124 Florida Central Parkway in the Florida Central Commerce Park off S.R. 434 in Longwood.

Robert Blackwell, (top right photo) SIOR principal at the firm, and associates Jim Murr and Sean DuPree CCIM, negotiated the transaction representing the landlord, Chicago-based G&G partners, LLC.

The new tenant is IDEX Corp., headquartered in Northbrook, Ill. The company specializes in highly engineered fluid dispensing and metering technologies and is known worldwide for its expertise in fire and safety products. Joe Hills of Coughlin Commercial represented IDEX in the transaction.

For more information, contact:

Robert Blackwell, SIOR, Sean DuPree, CCIM or Jim Murr, NAI Realvest 407-875-9989; or rblackwell@realvest.com;  sdupree@realvest.com;  jmurr@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
Beth Payan, Larry Vershel Communications, 407-644-4142, lvershelco@aol.com

Atlanta's Carter Hired to Manage & Lease Montecito Portfolio in Tampa, FL Area

ATLANTA, GA--Carter, one of the country's leading full-service commercial real estate firm since 1958, has been hired by Montecito Medical Management Corp. to provide property management and leasing services to a four-building portfolio in the Tampa area.

The four buildings are Summit Medical Center Buildings I, II (top right photo) and III and Premier Medical Center (bottom right photo)  Combined, the buildings comprise more than 70,000 square feet of medical office space.

"The addition of the Montecito Medical Management buildings to Carter's management portfolio is a big win for us," said Holly Hughes, executive vice president of Carter's Property and Facility Management Group. "It is a testament to Carter's deep level of expertise in managing and leasing medical office buildings and healthcare facilities."

Carter currently manages and leases several premier medical properties across the Southeast. In the Tampa Bay area, Carter manages 200,000 square feet of medical office properties, including Habana Medical Center and the University of South Florida Health South Tampa Center. In Atlanta, Carter manages and leases Piedmont West, a 264,000-square-foot medical office tower in Atlanta.

Montecito agreed that Carter's experience with medical offices was key.

"Carter's track record with medical offices played a critical role in our decision to hire the firm to manage our buildings in Tampa," said David McNeil, vice president of asset management at Montecito Medical Management.

Sarah Nettles, RPA, CCIM is the Carter general manager responsible for the Montecito portfolio, and Mike Burson is the vice president overseeing the buildings' management. Juan Vega and Liz Fay with Carter provide leasing services for the four buildings.

Carter's Property and Facility Management Group has a long track record of excellent customer service. With more than 25 million square feet under management among 170 buildings in 11 states, Carter helps clients increase asset values and reduce costs. Carter's 200-person Property and Facility Management team delivers the same industry-leading management standards to any property or facility.

Media contact:  Tony Wilbert, 404 405 3656, twilbert@wilbertnewsstrategies.com