HFF arranges $56 million refinancing for Honolulu, Hawaii area multi-housing community

IRVINE, CA –HFF announced that it has arranged a $56 million refinancing for Oasis at Waipahu (top left photo), a 406-unit, townhome-style multi-housing community outside of Honolulu, Hawaii.

HFF worked exclusively on behalf of the borrower, a joint venture led by The Bascom Group, to secure the 36-month, floating-rate loan with Prime Finance.  Prime Finance closed on the loan within three weeks from a signed application.  Proceeds were used to refinance the existing debt on the property.

Oasis at Waipahu is located about 16 miles northwest of downtown Honolulu halfway between Kapolei and Honolulu.  Originally built in 1965, the 406 units are comprised of 374 townhomes and 32 flats. 

Community amenities include a clubhouse, pool, kiddie pool, laundry room, fitness center, business center and dog park.  Though certain interior renovations are on-going, Oasis at Waipahu had undergone a significant interior and exterior renovation during 2008 and 2009.  The property, managed by Entrada Partners out of Los Angeles, is currently 97 percent leased.

The HFF team representing the borrowers was led by senior managing director Kevin MacKenzie (middle right photo) and associate director Charles Halladay (bottom left photo).

Bascom (http://www.bascomgroup.com) is a private firm headquartered in Irvine, California, specializing in value-added and distressed multifamily real estate investments. 

Bascom sources value-added apartment properties and repositions them by adding extensive capital improvements and reducing expenses by realizing operational efficiencies through the implementation of institutional-quality property management.  Since 1996, Bascom has completed transactions totaling over $6.3 billion comprising 55,000 units and over 200 properties in California, Colorado, Washington, Hawaii, Nevada, Arizona, Utah, Georgia, and Texas.

Prime Finance is a national balance sheet lender that provides first mortgage bridge loans and sub-debt with offices in San Francisco, Chicago and New York.

Contacts: 

Kevin C. Mackenzie, HFF Senior Managing Director, (949) 253-8800 kmackenzie@hfflp.com                                                                   

Charles W. Halladay, HFF Associate Director, (949) 253-8800 challaday@hfflp.com                                                                                 

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500

krmurphy@hfflp.com                          

Stan Johnson Company Opens New York CITY Office as the 4th new office in National Expansion Plan

 

NEW YORK, NY (SEPT. 23, 2011)—Stan Johnson Company, one of the nation’s leading real estate brokerage and advisory firms specializing in net lease investment sales, announced the opening of a new office in New York located at 41 Madison Avenue (top left photo), 31st Floor, New York, New York 10010.

This is the fourth new office opened since the company announced its national expansion plan in 2009. The other offices include Houston, Chicago and Los Angeles in addition to the corporate headquarters located in Tulsa, Oklahoma.

In connection with the new office opening Stan Johnson Company announced that two established and top performing New York real estate professionals, Jason Maier (middle right photo) and Tom Georges, have joined the company as Associate Directors.

 “We are excited to have these successful and seasoned real estate professionals leading the expansion in New York,” said Harold Briggs, Executive Managing Director at Stan Johnson Company.
 

 “The New York team has a proven track record in commercial real estate and is well-versed in the New York metro market. We are confident this expertise combined with the Stan Johnson Company platform will help clients in the Northeast thrive.”

Native to New York City, Maier formerly served as President and Founder at Zenith Realty Advisors focusing on the sale and acquisition of commercial and investment grade real estate in the New York Tri-State region with a primary emphasis on the net lease segment.  During 2010, Maier closed 11 transactions sales totaling $78 Million of net lease properties.

Prior to joining Stan Johnson Company, Georges was a Senior Account Executive and top regional performer for CoStar Group in the Northern New Jersey/New York City market.

Before CoStar, Georges was Vice President of Sales for Spectrus Real Estate/DSBI Securities where he was a major contributor to the company’s East Coast growth and expansion. Georges closed nearly $20 million in transactions within his first six months with Spectrus and consistently ranked among the top of all sales executives nationally. 

Stan Johnson Company has experienced significant success with the addition of the Houston and Chicago offices. 

Since opening, each office has closed over 100 transactions and has exceeded $500 million in volume. In an effort to leverage these achievements and continue its expansion into key markets, the company opened a new Los Angeles office in the fall of 2010.

The opening of the office in New York City is the next evolution in the company’s expansion plans.  

 “Our expansion has surpassed our goals and we are pleased with the talented net lease professionals representing the company in the new locations. The expansion has enabled us to better serve our national clientele and has opened up new opportunities for future growth” said Stan Johnson (bottom left photo), CEO of Stan Johnson Company.

Stan Johnson Company is aggressively seeking to further develop the New York and Chicago offices. 

For more information regarding job opportunities with Stan Johnson Company, visit http://www.stanjohnsonco.com/careers/job_listings.aspx.

Contact:

David Ebeling

Ebeling Communications

(p) 949.861.8351

(c) 949.278.7851

david@ebelingcomm.com

Lincoln Inks Another Deal at One Eleven

ORLANDO, FL– Seeking a presence in downtown Orlando for its administrative offices, BBVA Compass Bank found its new home at 111 N. Magnolia Ave.

The bank has leased 4,386 square feet of space in One Eleven (top left photo) for five years. Jay Dixon (bottom right photo) from Lincoln Property Company represented the owner and Mark Stratman from Jones Lang LaSalle represented the tenant.

One Eleven is a mixed-use project including retail, office and residential. This lease brings the building’s office portion to 83 percent leased. Lincoln leases and manages the property.

 “In 2011 there has been a lot of interest and activity at One Eleven,” said Dixon. “We still have some ideal space for an office or retail tenant, but space is leasing fast.”

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

SOLD: CBRE Orlando Closes 379 Unit Apartment Deal

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Westlake apartments in the Sanford submarket of Orlando.

Built in 2000, this gated community features 379 units and a full amenity package including two swimming pools, a fitness center, tennis courts, racquetball courts, and a business center.

The property was 94% occupied at closing. Shelton Granade (middle right photo) and Luke Wickham (lower left photo) of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller, and have closed a marketleading $315 million in multi-housing transactions in Central Florida so far this year.

Buyer interest in multi-housing assets in Central Florida has increased significantly.

 For further information, please contact the Central Florida Multi-Housing Group of CB Richard Ellis.

Shelton Granade, Senior Vice President,  T 407.839.3103 shelton.granade@cbre.com

Luke Wickham,  Director of Operations,  T 407.839.3130, luke.wickham@cbre.com

Sperry Van Ness Continues Investment in New Technology

 IRVINE, CA – Sperry Van Ness International, one of the nation’s leading commercial real estate organizations, has completed several key investments in new technology to strengthen its overall business platform.

 Highlights include valuable improvements to its proprietary, cloud-based Online Tracking System (OTS) and the integration of collaborative customer relationship management (CRM) and social media applications.

“Sperry Van Ness has embraced cloud computing for the past decade,”  said Kevin Maggiacomo (top right photo), chief executive officer and president of Sperry Van Ness International.

“ We pioneered OTS, our single-point-of-entry tracking system, years before the technology caught on within the industry.  Today, we are still the only commercial real estate brokerage with a front-to-back-end online tracking solution and we continue to invest in new technology to enhance its value for our advisors and clients,”.

Realcomm recognized Sperry Van Ness’ innovation earlier this year with a 2011 “Digie” award in the category “Best Use of Automation – Brokerage” for its effective use of collaborative Web 2.0 technology to syndicate its inventory and valuable content.

"Sperry Van Ness is unique in that they offer all their advisors free access to a complete suite of technology tools including our CRM system,” said Michael Griffin (lower left photo), chief executive officer at ClientLook.  "This is an incredible benefit that definitely helps differentiate Sperry Van Ness' quality of service."

 For more information visit www.svn.com.

Contact:  Megan Morales, (714) 273-247, megan@meganmorales.com  

Faris Lee Investments Completes Receivership Sale of $3.7 Million Multi-Tenant Retail and Office Property in Aliso Viejo, CA

IRVINE, CA – Faris Lee Investments, the nation’s largest retail-specialized investment sales and advisory firm, has completed the $3.7 million sale of The Shops at Pacific Park (top left photo), a 15,195 square foot multi-tenant retail and office strip center in Aliso Viejo, Calif.

Built in 1999 and situated on 1.18 acres, the property is located at 22912 Pacific Park Drive. The property, which was sold through receivership, is 88 percent occupied and includes a mix of dining, retail, and office tenants.

Dennis Vaccaro and Rich Walter (middle right photo) of Faris Lee Investments represented Overland Park KS-based Key Bank and the receiver for the property. Dennis Vaccaro and Matt Mousavi of Faris Lee Investments represented the buyer, Feldspar LLC from Newport Beach, Calif. who paid all cash.

“Faris Lee’s marketing strategy focused on the strength of the master planned community of Aliso Viejo and the property’s strong historical occupancy,” said Vaccaro. “We generated a total of 10 offers, and despite the lender offering financing, our buyer chose to pay all cash for the asset.”

Vaccaro added that the buyer was attracted to the asset as it presented a rare south Orange County ownership opportunity as well as significant upside potential through rental increases and new tenanting options.

The Shops at Pacific Park has two points of access along Aliso Viejo Parkway and two points of access along Pacific Park Drive, sharing access with the adjacent El Pollo Loco and Chevron.

The master planned community of Aliso Viejo contains approximately 6.9 square miles of land and is located in south Orange County about four miles northeast of the Pacific Ocean.

The community is divided by the San Joaquin Hills Transportation Corridor (SR-73) which extends to the northwest connecting Aliso Viejo to cities such as Costa Mesa, Irvine, and Newport Beach, and to the southeast connecting to San Juan Capistrano and offering access to San Diego County.

The City is bordered on the west by Laguna Beach, on the east by the Cities of Laguna Niguel and Laguna Hills, and on the north by the City of Laguna Woods.

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

Contact: Darcie Giacchetto, 949.278.6224, Spaulding Thompson & Associates
For Faris Lee Investments

Hospitality CPM Launched to Help Hotel Owners Manage Latest Renovation Boom

 FAIRFIELD, NJ—Hospitality CPM (Construction Project Management) announced that is has launched to help hotel owners manage the significant growth in required renovations.  The company already is experiencing significant growth as the hotel industry continues to recover from the worst economic downturn in more than a generation.

The company represents owners’ interests throughout the design, planning, bidding and implementation of hotel renovation projects and new construction.  Hospitality CPM (HCPM) was spun off as a wholly-owned subsidiary from Paramount Hotel Group, an independent hotel management and ownership company.

The company is led by Stephen Siegel (top right photo), president, a 25-year veteran of hotel development, renovation and construction.  Siegel has completed more than $1.5 billion in hotel capital projects over the course of his career, including construction project management for 100 AmeriSuites, 35 Wellesley Inns and the annual capital improvement plan for the 225-hotel portfolio of Prime Hospitality Corp., a former NYSE company. 

“As the hotel industry begins its return to normalcy, we foresee a significant wave of renovations triggered by accelerating hotel sales and franchisors becoming stricter in enforcing brand standards,” he said.  “This surge in Product Improvement Plans (PIPs) is typical in this phase of the hotel real estate cycle.  

“Renovations today are much more complex than they have ever been,” he noted.  “Once, an owner could add new televisions and install rounded shower curtain rods to meet their PIP obligations.

“ Now, they must contend with ADA compliance, environmental, energy, governmental and tax issues, which makes the process much more challenging.  Given our considerable experience and expertise, we saw a long-term opportunity to act as a completely separate operation and become more actively engaged with other hoteliers on renovation and construction projects.” 

The company already is overseeing projects for a number of hotel companies, including RLJ Lodging Trust.  Carl Mayfield, senior vice president for RLJ stated “We have been very impressed with the professionalism and personal attention provided by HCPM.”

For additional information about Hospitality CPM, please visit the company’s website at www.hospitalitycpm.com.

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

The Bainbridge Companies Opens North Carolina Office

Wellington, FL – The Bainbridge Companies, a fully-integrated group of multifamily real estate companies, has expanded into the Raleigh-Durham area of North Carolina. The firm plans to own and develop a number of new luxury apartments in the area; it is also pursuing additional contracts to manage properties owned by other companies.

As part of the expansion, the firm has hired Ron Perera (top right photo) as Senior Development Director for the region. He is now responsible for sourcing and managing new development projects in North Carolina and southern Virginia.

“We will be actively pursuing new development opportunities in the area,” Perera says. “Bainbridge is excited about producing new, high quality luxury apartments here.”

 His previous experience includes managing multifamily and mixed-use development projects for Wood Partners, where he oversaw the successful development of well over 1,000 units in five projects.

The new office, located in Cary, is also home base for the firm’s North Carolina property management services. Bainbridge recently added two more properties to its regional management portfolio: New Haven Apartments and Townhomes in Durham and Bridgeport Apartments in Raleigh.

“Bainbridge is taking an aggressive growth strategy across the Southeast and Mid-Atlantic states, with new development and property management assignments in a number of regions,” said Tom Keady (lower left photo), President of Bainbridge Development. “We believe that the multifamily market in the Triangle region is very strong, and we look forward expanding our presence.”

Contact:

Terri Thornton

404-932-4347 (Cell)

www.TerriThornton.com

Registration Opens for Ninth Annual Downtown Development Day

  

ATLANTA, GA--Central Atlanta Progress (CAP) and Commercial Real Estate Women Atlanta (CREW Atlanta) will host the ninth annual Downtown Development Day on Nov. 3 at Hyatt Regency Atlanta. The Obama Administration’s Federal Environmental Executive Michelle Moore (top right photo) and Atlanta Mayor Kasim Reed (top left photo) will serve as keynote speakers.

 The event, which runs from 7:15 a.m. to noon, is designed to educate attendees on the progress of Downtown Atlanta’s revitalization and showcase plans for the future. The program includes a Downtown Development Expo, breakout sessions and an optional tour of downtown.

Two awards will be presented that morning: the Downtown Atlanta Economic Impact Award and Atlanta Downtown Design Excellence Award. The economic impact award, presented by Central Atlanta Progress President A.J. Robinson (middle right photo), is given to a company or project that stimulates revitalization as an initiative of its own and benefits a surrounding neighborhood.

 With the significant amount of investment in Downtown buildings, CAP intends to showcase the stellar projects that make the community architecturally and spatially unique. The design excellence award, presented by Atlanta Magazine Publisher Sean McGinnis (lower left photo), recognizes achievement in four categories: Community/Residential, Hotel, Office and Restaurant/Bar.

Registration is now open. Tickets are $45 for CAP or CREW members and $400 for a table of 10. Non-member tickets are $55 and $500 for a table of 10. Student tickets are $25.  Visit www.atlantadowntown.com to learn more about the event and purchase tickets.

 Event sponsors include-Gold: Cousins Properties, Georgia Power, Reznick Group and Skanska; Silver: AmericasMart Atlanta, The Coca-Cola Company, Georgia-Pacific, Integral Group, KPMG, Turner Broadcasting and W Atlanta Downtown; Bronze: Atlanta Development Authority, Development Authority of Fulton County, DLA Piper, Greenberg Traurig, Legacy Property Group, Luckie Marietta District, Parkway Realty Services, Richard Bowers & Co., Stites & Harbison, UPS and Wilbert News Strategies.

Central Atlanta Progress, Inc., founded in 1941, is a private nonprofit community development organization providing leadership, programs and services to preserve and strengthen the economic vitality of Downtown Atlanta. With a board of directors of Downtown’s top business leaders, CAP is funded through the investment of businesses and institutions.

 CREW Atlanta, founded in 1982, CREW Atlanta’s mission is to elevate women to positions of power and influence in commercial real estate by providing resources and business opportunities. CREW-Atlanta is a member of CREW Network, a growing organization of over 8,000 members and 66 chapters across the United States and Canada that provides a business development network representing every discipline in commercial real estate.

 The Atlanta Downtown Improvement District, founded in 1995 by Central Atlanta Progress, is a public-private partnership that strives to create a livable environment for Downtown Atlanta. With a board of directors of nine private- and public-sector leaders, ADID is funded through a community improvement district. The District currently contains 220 blocks within an area generally bounded by North Avenue on the north, Memorial Drive on the south, Piedmont Avenue and the Downtown Connector on the east, and the Norfolk-Southern rail line on the west.

  

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

LandMark Retail Group Partners with Accubranch

  

Woodland Hills, CA (Sept. 19, 2011) – LandMark Retail Group (LRG), a subsidiary of NewMark Merrill Companies, has partnered with Accubranch, a premier strategic planning and market research group that specializes in providing expert real estate advice to the regional banking industry.

Accubranch offers banking and financial service clients fully integrated, expert solutions for managing their investment in real estate based on the individual needs of each bank by utilizing demographic and state-of-the-art location research, analytical data, field site analysis, as well as applied research of market areas to identify the best sites for new branches, consolidations, and relocations of existing branches.

“Our partnership with Accubranch expands LandMark Retail Group’s services, providing in depth analytical data and market research utilized by national retailers together with industry specific data to local regional and community banks that may not otherwise have these essential tools” said Jeremy Just (top right photo), Principal, Chief Executive Officer, LandMark Retail Group, LLC.

  "The sophisticated research provided by Accubranch combined with LandMark’s market knowledge and experience acquiring and delivering high traffic sites in densely populated markets allows us to provide complete real estate strategy and growth solutions to our clients."

For more details, visit: www.landmarkretailgroup.com.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

Jones Lang LaSalle Names Josh Wrobel as Managing Director in Los Angeles

 LOS ANGELES, CA,  Sept. 19, 2011 — Jones Lang LaSalle has hired 17-year industry veteran Josh Wrobel (top right photo) as Managing Director in the firm’s Tenant Representation group in Downtown Los Angeles.

“Josh’s experience in working on the principal side of commercial real estate will be invaluable to Jones Lang LaSalle clients,” said Jan Pope (middle left photo), Jones Lang LaSalle’s Southwest Region Market Director.  “Downtown Los Angeles is important for our firm as we continue to expand in this market.”

Wrobel comes to Jones Lang LaSalle with a wealth of experience in commercial real estate leasing.  Prior to joining Jones Lang LaSalle, he was a vice president at one of the largest owners and operators of office properties in Los Angeles where he was responsible for the leasing of a 10-million-square-foot portfolio.

 In the past few years, Wrobel has secured deals with several high profile clients including Southern California Gas Company (375,000 square feet), Latham & Watkins (290,000 square feet), Skadden, Arps, Slate, Meagher & Flom (160,000 square feet), Oaktree Capital Management (155,000 square feet), Bank of the West (95,000 square feet), Reed Smith (81,000 square feet) and Morgan Lewis & Bockius (76,000 square feet).

He has also had a history of completing large scale campus developments transactions including Southern California headquarters campuses for Electronic Arts (195,000 square feet) and Western Asset Management (180,000 square feet).

Wrobel earned a Juris Doctorate degree from University of Michigan Law School and a Bachelor of Arts degree in economics from Claremont McKenna College. He has been actively involved with the Central City Association, Ketchum YMCA on Bunker Hill and the Los Angeles Business Improvement District.

 

For further information, please visit our website, www.joneslanglasalle.com.

Contact: David Ebeling, Ebeling Communications, (p) 949.861.8351

(c) 949.278.7851, david@ebelingcomm.com

Hotel Industry Showing Signs of a Strong Comeback

  

 ATLANTA, GA (Sept. 19, 2011) – After a tough 2008 and a brutal 2009, the hotel industry is in the midst of a solid overall comeback, and the sector once again is providing good purchase opportunities for commercial real estate investors.

 That’s the view of guests of this week’s “Commercial Real Estate Show,” which provides an inside look at the recent performance of the hotel and lodging industry.

For year to date through the end of July, the national hotel occupancy rate was above 60 percent and the average room rate was more than$100, said Steve Hennis (top right photo), director of STR Analytics. At the height of the recession, the occupancy rate was 55 percent and the average room rate around $98, he added.

“You can see that we’re gaining a lot of ground but it’s mostly on the occupancy side and not necessarily all that much on the rate yet,” Hennis said.

 R. Mark Woodworth (top left photo), president of Colliers PKF Hospitality Research, seconded Hennis’ positive assessment. “If there’s anything that’s really surprising about where we are today, quite frankly its how quickly demand has been growing,” he said. “We feel very good about the state of the industry.”

 Both Hennis and Woodworth noted the sector’s recovery hasn’t been distributed evenly. The luxury hotel segment has performed particularly well during the past year, while the budget segment has continued to lag, they noted.

The hotel industry is not producing much in the way of new supply, which is helping occupancy rates, Hennis said. New supply is up just 0.8 percent this year, which is well below the long-term average of 1.9 percent a year, he noted.

 Other guests included Andrew Pace (middle right photo), director of development for Hotel Equities, and commercial real estate attorney Dan Weede (bottom left photo), who is the president of the Atlanta Hospitality Alliance. 

The show is available for download here. The show airs Saturday in Atlanta on Biz 1190 at 10am ET and on Talk 920 Sunday at 9am ET.

The next “Commercial Real Estate Show” airs September 24 and will provide an overview of the pressing legal issues facing the commercialreal estate sector, such as foreclosure and bankruptcy, deed in lieu, loan restructures and note sales.

Contacts:

Christin Clay

Wilbert News Strategies

1720 Peachtree St, Suite 1040

Atlanta, GA 30309

p 404-965-5025 | m 404-405-2354

cclay@wilbertnewsstrategies.com

Twitter: @christinclay10

Tony Wilbert, Wilbert News Strategies, 404.965.5022

twilbert@wilbertnewsstrategies.com

http://www.creshow.com/

Essex Realty Group brokers Sale of 32-Unit, Multi-Family Apartment Building in Chicago

CHICAGO, IL – Sept. 19, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of a 32 unit vintage courtyard apartment building in the Rogers Park neighborhood of Chicago, Illinois. 7381-89 N. Damen (top left photo) is located two blocks south of Chicago’s border with Evanston and two blocks from the  Howard Street CTA station, less than one mile from Lake Michigan.

The property consists of 25 one-bedroom, 4 two-bedroom and 3 three-bedroom units.

Doug Imber and Doug Fisher of Essex were the brokers on the transaction. The price was approximately $1,610,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

Essex Brokers Sale of Vintage Multi-Apartment Property at 3039 N. Lincoln in Chicago

 CHICAGO, IL - Sept. 19, 2011.   Essex Realty Group, Inc. is pleased to announce the sale of a vintage mixed-use building located in Chicago’s Lakeview neighborhood. The apartments at 3039 N. Lincoln (middle right photo) were recently rehabbed with granite countertops and new wood cabinetry in the kitchens, and updated bathrooms.

 Doug Fisher, Jason Fishleder and Matt Welke of Essex were the brokers in the transaction. The price was approximately $650,000.

Retail Building in Evanston, IL Sold for $405,000

CHICAGO, IL,  Sept. 19, 2011. Essex Realty Group, Inc. is pleased to announce the sale 1307-09 Chicago Avenue (bottom right photo), Evanston, Illinois.

The property is situated at the hightraffic intersection of Chicago Avenue and Dempster Street in Evanston. The property consists of a one-story building containing three commercial spaces of 564 SF each, situated on a 9,500 SF lot with approximately 20 parking spaces.

Doug Fisher and Jason Fishleder of Essex were the sole brokers in the transaction. The price was approximately $405,000.

Essex Realty Group, Inc. specializes in the sale of investment real estate throughout the Chicago metropolitan area.

If you would like more information on any of the transactions, please call Doug Imber at 773.305.4902 or e-mail him at dougimber@essexrealtygroup.com.

Essex Realty Group, Inc.

2211 N. Elston Avenue, Suite 302

Chicago, Illinois 60614

773.305.4900

Lincoln Leases 1200 Edgewater Drive in Orlando, FL

ORLANDO, FL (Sept. 19, 2011) – With demand high for quality medical office space, Lincoln Property Company successfully leased an entire building to Vascular Vein Centers of Orlando.

 Vascular Vein Centers of Orlando signed a 10-year lease for the 9,008 square foot building at 1200 Edgewater Drive (top left photo) and will use the space for a clinic and executive offices. 

 Jay Dixon (bottom right photo) from Lincoln represented the landlord Edgewater Drive Properties, LLC. Lou Payas with Payas Commercial Real Estate represented the tenant.

 Vascular Vein Centers of Orlando is a leader in varicose vein diagnosis and treatment. This will be the practice’s sixth location in the greater Orlando area with a seventh planned in Lake Mary, Fla.

“Good medical office space is in high demand in Orlando and around the country,” said Dixon. “The building’s excellent exposure on Edgewater Drive and large parking lot attracted the tenant to the space.”

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wilbertnewsstrategies.com

Interstate Hotels & Resorts Enters JV with Netherlands-based TVHG Budget Group Beheer BV

 ARLINGTON, VA., Sept. 19, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that the company has entered into a joint venture with TVHG Budget Group Beheer BV (“TVHG”), through its subsidiary TVHG Budget Group Netherlands trading under the name Dutch Hotel Partners, to invest in a portfolio of nine hotels located across the Netherlands. 

Of the nine hotels, one was recently opened, the 112-room Holiday Inn Express Schiphol Airport (top left photo) in Amsterdam, and the remaining eight, anticipated to be open by the end of 2012, will be converted from existing buildings to Holiday Inn, Holiday Inn Express or Hampton Inn brands.  All nine hotels, comprising approximately 1,800 rooms, will be managed under long-term contracts by Interstate.

“This joint venture marks our entry into the Netherlands and significantly increases our European presence to more than 25 hotels open or in the pipeline,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer.  “This new alliance illustrates our commitment to aggressive growth in Europe.  We have the infrastructure and an experienced management team in place to oversee our growing portfolio there.”  

 “TVHG is an experienced, highly regarded hotel developer with an impressive record of hotel development and transactions in the Netherlands and elsewhere,” said Jim Abrahamson (lower  left photo), Interstate’s president and COO. 

“For the past few years, they have focused on taking advantage of opportunities in the real estate sector by identifying well located, vacant office buildings that represent attractive hotel conversion opportunities to internationally recognized brands.  Nine of those hotels form the basis of this partnership, and the addition of Interstate’s established management platform to this unique joint venture will help fulfill the promise of that plan.” 

Abrahamson noted the strength of Interstate’s international platform comes from the company’s long and positive relationships with top-quality brands. “This is our first deal with TVHG and we look forward to building on our relationship as we expand in Europe.”

 “Interstate has pioneered the concept of independent hotel management in some of the world’s fastest growing economies and has successfully transplanted that business model to Europe,” said Bart van de Kamp, founder and CEO of TVHG.  “The capabilities they bring, combined with their long, strong track record of superior performance, give us a high degree of confidence in their ability to operate these hotels to their full potential and maximize our returns. With Interstate’s platform and their relationships with top tier brands, we hope to continue our partnership beyond this initial phase in the Netherlands into other markets.”

Several hotels will be located in the Amsterdam area and others in major cities in the Netherlands.  All of the hotels will be situated close to railway stations, airports or along main highways.

 “This transaction marks our renewed emphasis on establishing a major presence in Europe.  We are dedicated to both investment and management in key markets throughout Europe,” said Leslie Ng, Interstate’s chief investment officer.  “With the addition of these nine hotels, we have significantly expanded our footprint in Western Europe and are rapidly moving our international growth strategy forward.  Our global pipeline remains active, and we continue to explore additional opportunities worldwide. We look forward to growing our presence with TVHG as a partner.” 

 For additional information,  contact Interstate’s Senior Vice President, Development-Europe, Aaron Greenman, aaron.greenman@ihrco.com or +32 498127973, or visit the company’s website:  www.ihrco.com.

Contact:

Jerry Daly, Carol McCune, Media, Daly Gray, Inc., (703) 435-6293, jerry@dalygray.com                                                                                      

Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320

carrie.mcintyre@ihrco.com