MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has been exclusively retained to market for sale a portfolio of
Courtyard by Marriott hotels in San José (bottom right photo) , Costa Rica; Santo Domingo, Dominican Republic; and Port of Spain, Trinidad.
HFF senior managing directors
Dan Carlo (top right photo) and
Dan Peek (top left photo) , along with senior hospitality analyst
Max Comess will market the properties on behalf of the ownership group.
HFF’s Hotel Group is planning to launch a global marketing campaign in conjunction with the NYU International Hospitality Industry Investment Conference in New York City the week of June 7th.
The portfolio represents a unique opportunity to acquire three well-established hotels in key international markets.
Purpose-built as Courtyard Hotels from 2002-2004, the properties have been institutionally maintained and recently renovated.
All have seen significant capital enhancements in such areas as room renovations and lobby conversions to the new Courtyard prototype. In two of the three markets, the respective Courtyard hotel functions as the “de facto” Marriott hotel, meaning it is the only property in the region wearing the Marriott marquee. Marriott International operates all three hotels.
“The operating performance of these hotels is impressive, as evidenced by their collective RevPAR performance that is 50 percent higher than the brand-wide average for the over 850 Courtyard Hotels,” said Carlo.
“Moreover, they offer a new owner tangible upside from such future initiatives as the expansion of guest rooms and function space.”
“This portfolio presents investors with a unique opportunity to enter or further establish their presence in high-growth Latin American and Caribbean markets through the acquisition of a high quality, strong performing collection of Marriott branded hotels,” added Peek.
Contacts:
Daniel Carlo, HFF Senior Managing Director, (305)
448-1333dcarlo@hfflp.com
Daniel C. Peek, HFF Senior Managing Director, (305)
448-1333dpeek@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
krmurphy@hfflp.com
HFF secures $40M refinancing for Solana Beach Towne Centre in California
SAN DIEGO, CA – The San Diego office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a $40 million refinancing for
Solana Beach Towne Centre (mioddle right photo) , an approximate 250,000-square-foot, Class “A” retail community shopping center in Solana Beach, California.
Working exclusively on behalf of American Assets, Inc., HFF senior managing director
Tim Wright (lower left photo) associate directors
Zack Holderman and
Rob Hinckley placed the 10-year, sub 6% fixed-rate loan with Deutsche Bank Mortgage Capital, LLC. Loan proceeds are retiring an existing CMBS loan.
Solana Beach Towne Centre is located at the southwest corner of Lomas Santa Fe Drive and Interstate 5 in the coastal North County San Diego city of Solana Beach. Renovated in 2006, the property has 12 Mediterranean-style buildings situated on a 23-acre multi-district site.
The property is 97% leased to tenants including Henry’s Marketplace, CVS Pharmacy, Marshalls, Staples, Panera Bread and Starbucks.
“Solana Beach Towne Center is located in a preeminent retail market with high barriers to entry, proximity to high-end housing and exposure to an average traffic count of 233,600 cars per day,” said Wright.
American Assets, Inc. (AAI) is a full-service real estate company specializing in the investment, development and management of retail, office and multi-family real estate throughout the United States.
Since its founding in 1967, AAI has been steadfast in its approach to acquiring and developing premiere assets in some of the nation's most desirable markets including San Diego, San Francisco, Monterey and Waikiki.
Contacts:
Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690,
twright@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com
HFF closes $40.5M sale of Class A office asset in Malden, MA
BOSTON, MA – The Boston office of HFF (Holliday Fenoglio Fowler, L.P.) today announced that it has closed the sale of
75 Pleasant Street, a 125,521-square-foot, Class A office building leased in its entirety to Massachusetts Department of Education on a long-term basis in Malden, Massachusetts.
HFF’s
Coleman Benedict (lower left photo) exclusively represented the seller, a joint venture of Kennedy Associates and Corcoran Jennison, and procured the buyer in the $40.5 million transaction.
The property was completed in 2008 and is located at 75 Pleasant Street in Malden Center, north of Boston’s Financial District.
The asset was built with energy efficient systems and is a smart growth development that is within walking distance of a major public transportation station.
“In today’s environment, investors are very focused on stability of cash flow and quality of product and 75 Pleasant Street satisfies both of those qualifiers,” said Benedict.
“This is a great execution for Kennedy, who invested in the development of the asset on behalf of one of the firm’s corporate pension fund clients.”
Contacts:
Coleman J. Benedict, HFF Managing Director, (617) 338-0990,
cbenedict@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com
HFF Miami hires Paul Hsu as associate director for the firm’s hotel group
MIAMI, FL – HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has hired
Paul Hsu as an associate director for the hotel group in its Miami office.
Mr. Hsu will focus on the solicitation and execution of hotel transactions across the United States, with a particular focus on the southeastern region. He has more than six years of experience in the hospitality and commercial real estate industry and most recently served as a principal at Champ-East Hospitality Advisors, Inc.
In this role, Mr. Hsu served as a consultant for owners and lenders on hotel and resort assets. Prior to forming Champ-East, he was a senior associate at The Plasencia Group, Inc, working on hotel transactions from the firm’s headquarters in Tampa, Florida.
Contacts:
Daniel C. Peek, HFF Senior Managing Director, (305) 448-1333,
dpeek@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
krmurphy@hfflp.com
This extremely desirable entry point is likely to allow investors to enjoy tremendous returns through sound property management and further market improvement going forward. 
Major exterior and common area improvements were also made, including: new roofs on all buildings; new exterior paint; new signage; new pool pavers and pool furniture; the addition of a state of the art Wi-Fi business center; two fully renovated clubhouses; new architectural lattice work on the stairway windows; and an impressive game room with flat-screen TVs, video game stations, air hockey, foosball, and a pool table. 
