Chatham Lodging Trust Signs Contract to Acquire Four Hotels

PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium branded select-service hotels, has signed a contract to acquire four hotels for $61 million, or $137,387 per key, including the assumption of approximately $12.5 million of debt on two of the properties.

The properties include a Residence Inn by Marriott® in Westchester County, N.Y. (top left photo) , a Hampton Inn & Suites® in Houston (middle right photo) and a Courtyard by Marriott® (bottom right photo) and a SpringHill Suites by Marriott® in Pennsylvania.(lower left photo.) 

The transaction is expected to close within four weeks of execution of the purchase and sale contract, subject to completion of due diligence and the following closing conditions:

· the closing of the purchase of the Courtyard and SpringHill Suites may be extended up to an additional 45 days, pending lender approval of the debt assumption on those two properties; and

· the closing of the purchase of the Residence Inn may be extended up to an additional 60 days and is subject to the seller’s right to withdraw the property from the acquisition portfolio, in exchange for payment of a breakage fee to Chatham, if the seller does not receive lender consent to the sale.

In the event that the Residence Inn is removed from the acquisition portfolio, Chatham will have the option to purchase the Residence Inn for up to an additional year.

The acquisition of the four hotels represents the second acquisition of a multi-property portfolio by Chatham since it completed its initial public offering on April 21, 2010, and is expected to bring its current portfolio to 10 hotels, with a total of 1,257 rooms.

The two Pennsylvania hotels, in Washington and Altoona, will be managed by Concord Hospitality Enterprises. Island Hospitality Management, a hotel management company 90 percent-owned by Jeffrey H. Fisher, (top right photo) Chatham’s chief executive officer, will manage the Westchester County and Houston properties.

“This transaction increases our geographic diversity and gives us our first Marriott-branded hotels,” Fisher said.

“With this acquisition, our hotel portfolio now comprises upscale extended-stay hotels and premium-branded select-service properties located in major markets with high barriers to entry near strong demand generators, which is in line with our acquisition strategy.

" With the closing of this transaction, we will have invested a total of $134.5 million since the completion of our IPO. We have an active pipeline and continue to look for additional opportunities.

“Three of the hotels will require only modest investment in brand-required product improvement plans that occur at a change of ownership, and the fourth is due for a larger upgrade, which we expect will make it more competitive in its market,” he added.

The four hotels are:

· The 133-room Residence Inn by Marriott® White Plains, White Plains, N.Y. (Westchester County)

· The 120-room Hampton Inn & Suites® Houston – Medical Center, Houston, Texas

· The 86-room SpringHill Suites by Marriott®, Washington, Pa.

· The 105-room Courtyard by Marriott®, Altoona, Pa.

Chatham Lodging Trust is a self-advised real estate investment trust that was organized to invest in upscale extended-stay hotels and premium-branded select service hotels. The company currently owns six hotels with an aggregate of 813 rooms/suites. Additional information about Chatham may be found at www.chathamlodgingtrust.com.

Contact:

Jerry Daly or Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293, jerry@dalygray.com
Peter Willis, Chief Investment Officer (Acquisitions), (561) 227-1387, pwillis@cl-trust.com

Davidson Hotel Company to Manage the Radisson Hotel Bloomington by Mall of America

BLOOMINGTON, MN—Davidson Hotel Company  has taken over management of the 403-room Radisson Hotel Bloomington by Mall of America, which includes the Water Park of America (middle left photo) , the largest indoor water park in the country. The hotel and water park were recently acquired by an affiliate of Wheelock Street Capital, a real estate private equity firm.

“While this marks our entrance into water park management, the overall property fits perfectly within our wheelhouse of operating complex, full-service properties that appeal to business and leisure travelers in markets with high barriers to entr," said John Belden, (middle right photo)  Davidson’s president and chief executive officer

"The property has tremendous upside, and our core skills will help our owner maximize the property’s true value.

"We are every bit as selective about our partners and property owners as we are about the assets we manage.

"We are thrilled to welcome Wheelock Street Capital into our family and into one of the most sophisticated groups of property owners in the industry.”

Located at 1700 East American Boulevard across the street from the world-famous Mall of America, the eight-story hotel is just 10 minutes from Minneapolis/St. Paul International Airport.

Guests may choose from seven different configurations of hotel rooms and suites (including bunk beds for the kids), all of which feature high-speed Internet access, in-room coffee makers, work desks and chairs, microwaves and refrigerators.

Hotel amenities include an on-site fitness center, 1,863 square feet of meeting space, corporate lounge, three restaurants and complimentary shuttle service to the Mall of America, the Minneapolis-St. Paul International Airport and local businesses within a five-mile radius. Additionally, guests may purchase special access to the adjoining 77,000 square foot Water Park of America.

The Water Park of America features a 5,800 square foot game arcade, as well as activity pools with hoops, nets and balancing logs.

Among the water park’s most popular features is America’s longest indoor family raft ride, more than 10 stories tall and over a mile long. It also offers the Lake Superior wave pool and Minnesota’s only Flow Rider Surf Simulator, as well as several body and tube slides.

“The combination of world class hospitality and a top-notch water park attraction make for an ideal, year-round family destination,” said Patrick F. Lupsha, (bottom right photo) Davidson’s chief operating officer. “Together with its strong corporate mid-week appeal, the hotel is well positioned to become a market leader following the implementation of our proprietary management and marketing programs.”

Wheelock Street Capital, L.L.C. is a real estate private equity firm founded in 2008 by Merrick R. Kleeman and Jonathan H. Paul. Wheelock Street pursues a highly focused, fundamentally driven investment strategy.

Backed by established institutional capital, the company is currently pursuing acquisitions and recapitalizations of real estate and operating platforms in the hospitality, multifamily, condominium and residential land/homebuilding sectors.

Additional information on Davidson may be found at the company’s Web site, www.davidsonhotels.com.

Contact:

Cyndi Norwood, Davidson Hotel Company, (901) 821-4155, cnorwood@davidsonhotels.com

Jerry Daly, Chris Daly (media), Daly Gray Public Relations, (703) 435-6293, jerry@dalygray.com

Champion Real Estate Co. Looks to Acquire $500M in Retail Properties

LOS ANGELES, CA, MAY 19, 2010 — Champion Real Estate Company, one of the West Coast’s premier commercial real estate developer and investors, announced today that its retail division is looking to acquire $500 million in retail real estate in the Western United States in the next three years.

Spearheading the initiative is 25 year industry veteran Steve Boss  (top right photo) who was hired as the firm’s new Managing Director of retail investment and development.

Boss was formerly the CEO and founder of Afton Property Investment Corporation and held senior management positions with Pan Pacific Retail Properties and Combined Properties.

 He will focus his attention on using the company’s platform to acquire existing centers with value add opportunity; distressed assets and notes; and prime entitled shopping center land. The company will consider opportunities in core markets ranging in price from $10 million to $200 million.

“We are confident we are close to the bottom of the market and now is the best time to acquire real estate,” said Bob Champion, (lower left photo)  president of Champion Real Estate Company. “Steve has the experience and knowledge to help us succeed in this opportunistic time.”

Based in Los Angeles, Calif., Champion Real Estate Company has developed, renovated or repositioned over $700 million in retail, office, multi-family and mixed-use properties in top tier, urban locations since 1987.

Our projects have received national recognition for their excellence including a NAHRO award for one of our public-private partnerships, multiple ICSC Maxi Awards for our shopping centers, multiple Builder Magazine Gold Nugget awards for our multifamily, mixed-use and transit oriented projects and an award from the California Historic preservation Society.

For more information, please visit http://www.championrealestatecompany.com/.

Contact: David Ebeling, Ebeling Communications, (949) 278-7851, david@ebelingcomm.com

Melrose-Sovereign Companies to Manage Villas of Turnberry Trace in North Port, FL

ORLANDO – Melrose-Sovereign Companies, which ranks as one of the largest residential community management firms in the Southeast, was recently awarded a contract to manage the Villas of Turnberry Trace (top left photo) in North Port off U.S. 41 and I-75.

Jack B. Hanson, LCAM, and Ellen Lumpkin (bottom right photo), LCAM, co-founders and partners at Melrose-Sovereign Companies said Turnberry Trace will include some 60 villa homes at build out.

Headquartered in Orlando, Melrose-Sovereign Companies has eight offices throughout the state including an office recently opened in Daytona Beach.

For more information, contact:
Robin Travers, Melrose-Sovereign Companies, 407-228-4181, rtravers@melrose-sovereign.com;
Jack B. Hanson, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, jhanson@melrose-sovereign.com;
Ellen G. Lumpkin, LCAM, Partner/Co-founder, Melrose-Sovereign Companies, 407-228-4181, elumpkin@melrose-sovereign.com;
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142, Lvershelco@aol.com

Grubb & Ellis Commercial Florida Negotiates $250,000 Sale Price for Office condominium at Northwood in Clearwater, FL

TAMPA – Grubb & Ellis/Commercial Florida, which is associated with 130 offices worldwide, recently negotiated the $250,000 sale price for a 2,922 square foot office condominium at 2535 Landmark Drive in the Northwood Plaza Office complex (top left photo)  in Clearwater

Chuck Bohac, vice president of Land Services at Grubb & Ellis Commercial Florida, negotiated the transaction representing the seller, Northwood Office Condominium Inc. of Coral Springs, Fla. LMM Northwood, LLC, is the buyer.

Northwood Plaza Office Condominiums, located off McMullen Booth Road, has condominiums available within the office complex ranging in size from 1,090 to 12,354 square feet.

CONTACTS:
Chuck Bohac, Vice President 813-639-1111;
Jeffrey Sweeney, President 407-481-5387;
Larry Vershel Communications 407-644-4142

Marcus & Millichap Brokers $25.5M Whole Loan Sale in New Jersey

ELMWOOD PARK, N.J., May 19, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, served as real estate advisor to Hartz Mountain Industries in connection with its acquisition of a multifamily housing portfolio in Bergen County, through the purchase of a $25.5 million whole mortgage loan.

“Through Marcus & Millichap’s Special Asset Services (SAS) division, we have been successful in representing the real estate interests of both lenders and real estate investors in these transactions,” says Michael J. Fasano, (top right photo)  vice president and regional manager of the New Jersey office.

The New Jersey office of the SAS division has developed strong relationships with lenders across the state to assist in the evaluation of commercial real estate collateral securing whole mortgage loans. Eight senior agents, including Jeff Oram, (middle left photo) Nat Gambuzza and Kevin McCrann, comprise the SAS division in New Jersey.

Oram, a director of the firm’s National Office and Industrial Properties Group, Gambuzza, a vice president investments, McCrann, a senior associate, and associate Thomas McConnell also in the New Jersey office, collaborated on the transaction. The buyer was Secaucus based Hartz Mountain Industries, Inc.

The four-property garden-style apartment portfolio includes the 56-unit Madison, the 71-unit Stanford Court and the 103-unit Coventry Square in Westwood; and the 46-unit Village on the Green located in River Vale.

Oram and Gambuzza served as the lead real estate advisors to the senior lender.

“Marcus & Millichap’s in-depth knowledge of the New Jersey commercial real estate market, together with the specialization of the SAS division and national expertise in multifamily sector, has positioned the firm as a leading advisor to New Jersey community banks with REO and pre-REO evaluation and decision making,” says Fasano.

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

A.D. Owens Construction Renovation Project in Orlando Wins Golden Brick Award

ORLANDO, Fla., May 18, 2010 — The renovation of the historical 60 N. Court Avenue building (top left photo)  completed last May by A.D. Owens Construction Corp. has won the Golden Brick award in the category of interior projects for the owner, Old Florida National Bank.

A.D. Owens Construction performed the work under a design-build contract with the owner.

The façade of the 1920s building was kept intact and the first two floors of the three-story, 12,000-square-foot structure were renovated. The result is a ground level retail bank and second floor office space, in what has since become the headquarters of Old Florida National Bank. Hunton Brady Architects provided the design.

The Golden Brick award program sponsored by the Downtown Orlando Partnership honors projects that affect the Downtown Development District and contribute significantly to the City’s quality of life.

“This award is special to our team because it recognizes the value of bringing new life and vitality to one of Orlando’s historical gems,” said Andy Owens, president, A.D. Owens Construction.

Originally founded in 1962 as the Downtown Orlando Council Inc., the Downtown Orlando Partnership is an organization dedicated to enhancing the quality of life and economic development of downtown Orlando.

The association has more than 300 member companies. For additional information, visit www.downtownorlandopartnership.com.

A.D. Owens Construction Corp. was founded by construction industry executive Andrew Owens in 2007.

Headquartered in Orlando, Fla., the Company provides construction management, general contracting and design build services for new construction, renovations and tenant interiors for commercial projects throughout Central Florida.

Please visit http://www.adowens.com/ for additional information.

Contact: Elaine Ingra, 407-384-1344, elainei@pr-works.com

Palmer Electric wins new infrastructure contract for hospital underground duct bank in Orlando

WINTER PARK, FL, May 19, 2010 — The commercial division of Palmer Electric Company has secured a $1.05 million contract with the Orlando office of PCL Construction Services Inc., a construction services company, for the Orlando Regional Medical Center (ORMC) Enabling Package “G”.

Under its scope of services, Palmer is expanding the hospital’s infrastructure with the installation of 40,000-lineal feet of underground duct banks and 30 manholes located throughout the medical facility’s downtown Orlando campus.

Duct bank users include the Orlando Utilities Commission, A T & T, Bright House Networks and ORMC for its electrical and communication systems. Completion is scheduled for November 2011.

Winter Park, Florida-based, RLF is providing engineering services for the project.

Palmer Electric Company is a provider of electrical contracting, service and energy saving technologies to commercial, institutional and residential customers since its founding in 1951.

The Company employs a staff of 200. Located in Florida, the company is headquartered in Winter Park with residential division offices in Lakeland, St. Cloud and Jacksonville. For additional information, visit http://www.palmer-electric.com/.

Contact: Elaine Ingra, 407 384-1344, elainei@pr-works.com

MBA Study: First Quarter 2010 Commercial/Multifamily Mortgage Originations Increase from Year Earlier, Though Levels Remain Low

WASHINGTON, , DC (May 18, 2010) - First quarter 2010 commercial and multifamily mortgage loan originations were 12 percent higher than during the same period last year and 26 percent lower than during the fourth quarter of 2009, according to the Mortgage Bankers Association's (MBA) Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations.

"The results of the survey showed changes in commercial and multifamily origination levels varied significantly between investor groups.

"However, it's hard to draw conclusions based on first quarter numbers given seasonal effects, such as the industry's usual push to finalize deals before the end of the year, resulting in lower first quarter origination activity," said Jamie Woodwell, (top right photo) MBA's Vice President of Commercial Real Estate Research.

 "Based on surveys from the Federal Reserve Board and discussions with lenders, there appears to be increasing capital available for commercial mortgages, but only limited demand for new mortgages from commercial and multifamily property investors."

Among the key findings in the report are:

---New commercial and multifamily mortgages increased 12 percent from last year's levels.
---On an absolute level, volumes remain low, with significant variations between investor groups.
---Originations for CMBS conduits and life insurance companies increased dramatically on a percentage basis - coming off of very low bases.
---Originations for Fannie Mae and Freddie Mac, which had remained robust through the credit crisis, fell by almost half.

For a complete copy of the news release, please contact:
 Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

HFF named to market for sale 1.95 Million-SF industrial portfolio in Oklahoma

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) has been named to market for sale a 16-building, 1,950,000-square-foot, 99.7% leased industrial portfolio located in Oklahoma City and Tulsa, Oklahoma.

The HFF investment sales team will be led by managing director Jud Clements (top right photo)  and director Robby Rieke (middle left photo)  who are marketing the portfolio on behalf of the seller, The Gardner Tanenbaum Group.


The Gardner Tanenbaum Group is based in Oklahoma City and is a fully-integrated real estate development company with more than 60 years of experience.

The portfolio is being offered in two separate sub-portfolios as the portfolio is encumbered with two attractive assumable debt options that run through March 2015 and January 2016 that will enhance the overall returns. The two portfolios are being offered individually or as a single portfolio transaction.

The portfolio is currently leased to 40 tenants with an average remaining lease term of approximately five years. Tenants include L-3 Communications, Northrop Grumman, ACS, Sherwin-Williams and Carrier Corporation, to name a few.

“The portfolio has had an average occupancy in excess of 99% since 2006, evidencing the strength of the overall portfolio,” said Clements.

Contacts:

Judson Clements, HFF Managing Director, (214) 265-0880, jclements@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Industrial Team at Southern Commercial Completes 14,558-SF New Lease

ORLANDO, FL.(May 18, 2010) Principals Tom McFadden, SIOR and William “Bo” Bradford, CCIM, SIOR of Southern Commercial Real Estate Advisors completed a 14,558 square foot new lease at 4071-4075 Seaboard Road, Orlando, Florida.

McFadden and Bradford negotiated the 5 year lease, representing the Landlord, RREEF. The Tenant, Interline Brands, Inc. was represented by John McDaniel with Mohr Partners out of Dallas, TX.

Media Contact: Celeste MacKenzie Southern Commercial Real Estate Advisors, 321-281-8503 20 N. Orange Avenue, Suite 605, Orlando, FL 32801, cmackenzie@southerncommercialre.com

Morrison Commercial Real Estate Completes 3 Office Lease Transactions Totaling 16,520 SF in Orlando, FL

 ORLANDO, FL (May 18, 2010): Greg Morrison (top right photo), CCIM, SIOR, Principal of Morrison Commercial Real Estate, announced the completion of three office lease transactions totaling 16,520± square feet.

Damien Madsen of Morrison Commercial Real Estate represented the tenant, PlusOne Solutions in subleasing a 7,532 square foot space located at 11301 Corporate Blvd, Orlando, FL. Scott Bell of Jones Lang LaSalle represented the sublandlord in this transaction

Christi Davis of Morrison Commercial Real Estate represented the landlord at SunTech Commerce Park in leasing a 4,247 square foot space to Corporate Merchant Solutions, Inc. At 30 S. Magnolia Avenue, Davis represented the landlord in leasing 4,741 square feet to Revenue Consulting, Inc.

Contact: Buffy Gillette, Phone: 407.219.3500, Email: bgillette@morrisoncre.com

Arbor Named Top 10 Fannie Mae DUS® Lender for Third Year in a Row

UNIONDALE, NY (May 18, 2010) - Arbor Commercial Mortgage, LLC (Arbor) today announced that it has once again been named a Top Ten Fannie Mae Delegated Underwriting and Servicing (DUS®) lender for 2009.

Over the last three years, the company has continued to increase its ranking, rising to the number eight spot for its production in 2009.

"We are extremely proud of our business partnership and accomplishments with the Fannie Mae DUS® program," said Ivan Kaufman, (top right photo) Chairman and CEO of Arbor.

"We were one of the few companies to grow market share in 2009 and this increased ranking is a tremendous accomplishment. I want to congratulate our EVP, Director of Operations, John Caulfield, (middle left photo)  under whom we have grown our platform, as well as the dedicated Arbor family of employees who have worked so hard to help us achieve this milestone."

AmVest Capital Teams up with Arbor Commercial Mortgage to Deliver Multifamily Product Line to its Expansive Client Base

CHARLESTON, SC, May 18, 2010--- AmVest Capital, LLC, a leading provider of financial services and solutions to community and regional banks nationwide, announced today that it has partnered with New York-based national direct lender Arbor Commercial Mortgage to meet the growing demand for commercial/multifamily loan products.

AmVest will now offer a complete line of Fannie Mae DUS® products to its group of more than 100 banks across the nation.

“This new partnership allows AmVest to respond to the strong need of our bankers for off-balance sheet commercial/multifamily loans,” said Mark Kelley, (lower right photo) Chief Executive Officer. “Arbor’s market presence as a Top Ten Fannie Mae DUS® lender allows us to provide direct lending access along with the highest levels of execution and customer service in the marketplace.”

Loan amounts will begin at $1 million with no maximum.

“We are very pleased to partner with AmVest to offer our vast product line and pride ourselves in delivering swift execution and first-class customer service,” said John Caulfield, EVP, Director of Operations for Arbor. “We look forward to providing direct and seamless lending to AmVest and its growing client base.”

This partnership will complement AmVest Capital’s existing product offering which includes: FDIC Expanded Insurance, Cash/Treasury Management, Loan and Portfolio Purchases and Credit Card Services.

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

Contact: for Arbor:  Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com
Contact for AmVest: Mark Kelley/843.682.3757

Jesse Gant Joins RealtyTrac as Vice President Product & User Experience

IRVINE, CA– May 18, 2010 – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, today announced the hiring of technology and Internet veteran Jesse Gant (top right photo).

In his role as Vice President of Product and User Experience, Gant will lead a team to develop a product plan and vision, leveraging the company’s innovative applications and capabilities, to drive membership and revenue growth.

“We are delighted that Jesse has joined RealtyTrac,” said James J. Saccacio (top left photo) , chief executive officer of RealtyTrac. “Jesse brings the kind of forward-thinking online management experience we are looking for to help us grow our business.

"He has experience segmenting audiences with a strong focus on refining the customer experience. Jesse will help us take our vision to another level for the multiple audiences that use RealtyTrac. His expertise will help us create, define and articulate the RealtyTrac brand to all our customers.”

Gant brings more than 12 years of B2B and B2C product and user experience to RealtyTrac. He has held senior management positions in a diverse group of companies, including Ancestry.com, Omniture and Buy.com. He most recently was director of product management and user experience at Teradata, a data warehousing and enterprise analytics company.
Contact: Tammy Chan, Atomic PR, Direct: 212-699-3646, http://www.atomicpr.com/

Thomas D. Wood & Co. Arranges $1.55M Loan for Corporate Center of Middleburg in Ohio

MIAMI, FL, May 18, 2010— Thomas D. Wood and Company, a Strategic Alliance Mortgage LLC member, secured financing in the amount of $1,550,000 for the Corporate Center of Middleburg in Middleburg Heights, Ohio.

Steve Wood, Company Chief Operating Officer, along with Matthew Fuller of Biscayne Asset Management, secured financing for the Corporate Center of Middleburg through Thomas D. Wood and Company’s correspondent relationship with The Standard Life Insurance Company.

The fixed-rate loan has a term of seven years, with rate resets every seven years, based on a 25-year amortization and an interest rate of 6.90%. The loan-to-value is 50%. The 31,404 square-foot office was built in 1976 and renovated in 1988, and is home to tenant Sanford Brown College. The Corporate Center of Middleburg is located at 17535 Rosbough Drive, Middleburg Heights, Ohio.

For further information, please contact:

Steve Wood (305) 447-7836 swood@tdwood.com
Jessica Kinnee (407) 937-0470 jkinnee@tdwood.com