Troubled South Beach Project Gets New Name, Floor Plans and Prices

MIAMI, FL -- Some 10 months after seizing control of the luxury South Of Fifth condo project through foreclosure, the new owner of the Miami Beach development has changed the name, retrofitted the floor plans, and introduced a revised pricing schedule starting below $1,400 per square foot, according to a new report from CondoVultures.com.

As the winter tourism season nears, the newly renamed Ocean House is preparing to launch condo sales on 26 residential units in the multibuilding complex on the beach side of Ocean Drive in the trendy South Beach neighborhood, according to the report based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

Developed in 2009, the Ocean House condo project is located steps from the popular Nikki Beach Miami lounge, Prime One Twelve steak house (bottom left photo), and the Hilton Bentley South Beach Hotel.

CondoVultures.com is scheduled to profile new unit sales by project in the third quarter of 2011 in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.  

Since the week of Oct. 20, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island. 

Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.

Alexan Town Brookhaven, Atlanta, GA - Engler Financial Group Exclusive Offering

 ATLANTA, GA -- Engler Financial Group is pleased to offer for sale Alexan Town Brookhaven (top left photo),  a "Best in Class" Core investment opportunity located in Atlanta’s newest and most desirable mixed-use community - Town Brookhaven.

This 287 unit Class "AA" asset is being offered for sale "free and clear" of existing financing, allowing buyers the opportunity to take advantage of historically low interest rates. 

The high quality construction of the units at Alexan Town Brookhaven is similar to an upscale single-family home or condominium.  All buildings are controlled-access entry with elevators and air-conditioned interior hallways.

For complete details and a copy of the company’s news release, please contact:

 

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

Vice President

(678) 992-2000, ext. 4

kmikkelsen@efgus.com

 

Marcus & Millichap Sells Brookside Square in Coral Springs, FL

CORAL SPRINGS, FL, Oct.  27, 2011 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Brookside Square (top left photo), a 21,200-square foot Publix-shadow anchored shopping center located in Coral Springs, FL, according to Gregory Matus, Regional Manager / Vice President of the firm’s Ft. Lauderdale office. The asset commanded a sales price of $2,425,000.

Barry M. Wolfe (lower right photo), a Vice President Investments in Marcus & Millichap’s Ft. Lauderdale office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  The buyer, a limited liability company, was also secured and represented by Wolfe.

“The property is located along a heavily traveled corridor and is in the heart of one of South Florida's best neighborhood communities. As a result, the buyer should be able to achieve success leasing the vacant units in a reasonable time frame thereby achieving significant sweat equity and subsequently achieving a double digit return,” says Wolfe.

Brookside Square is located at 10611 Wiles Road.  The property is beautifully maintained and situated in a strong demographic area that is shadow anchored by two of the nation's most well respected and successful retailers - Publix and CVS.

Press Contact: Gregory Matus, Regional Manager / Vice President, Ft. Lauderdale, (954) 245-3400

Beech Street Capital Closes $19.85 Million Fannie Mae Loan for Athens, GA Apartments

BETHESDA, MD, Oct. 27, 2011 – Beech Street Capital, LLC announced today that it has provided a $19.85 million Fannie Mae conventional loan to refinance Legacy Mill Apartments (top left photo), a Class A multifamily rental community in Athens, Georgia. The transaction closed in less than 45 days from application to close.

A gated community, Legacy Mill features such amenities as a resort-style swimming pool with expansive sundeck, tennis courts, 24-hour fitness center, business center, clothes care center, and car care center. Its 352 units are distributed among 10, three-story buildings.

 The property is located just minutes from restaurants, shopping, entertainment in downtown Athens and the University of Georgia. “This is a very attractive property,” comments Chad Thomas Hagwood (lower right photo), executive vice president based out of Beech Street’s Birmingham, Alabama office and originator of the transaction. “At Beech Street, we welcome opportunities in areas outside major tier cities.”

The fixed-rate conventional loan has a 10-year term and a 30-year amortization schedule.

For additional information, contact:

Courtney Lewis

240-507-1948

clewis@beechstcap.com

Lincoln Secures Three Leases at 215 Celebration in Orlando, FL

ORLANDO, FL (Oct. 27, 2011) – In the last 30 days, Lincoln Property Company Southeast has secured three new leases totaling 13,408 square feet at 215 Celebration Place (top left photo). Lincoln’s Jay Dixon (middle right photo) and Scott Gregory (lower left photo) represented the landlord in all three transactions.

 JD Teck, a company dedicated to providing solutions for cellular reception problems, signed a five-year lease for 6,415 square feet. Bob Guidice with Golf Park Properties represented the tenant.

A five-year, 4,837-square-foot lease was signed by Hunt Engineering Services, Inc., a software company that develops databases for security and investigative use. Nate Cutchin with Equity Investments represented the tenant.

 American Institute, an education company focused on healthcare career training, signed a three-year lease for 2,156 square feet. There was no outside broker.

 “This Class A building is designed to accommodate ‘high tech’ users,” said Dixon. “At Lincoln, we are pleased to secure ideal tenants for our client in such a challenging economic climate.”

 Located southwest of Orlando in Celebration, Fla., 215 Celebration is near I-4 and the Central Florida Greenway. Lincoln leases and manages the building. 

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wnspr.com

HFF secures $15 million financing for Spokane, WA multi-housing community

IRVINE, CA – HFF announced today that it has secured $15 million in financing for Pine Valley Ranch (top left photo), a 256-unit, recently-completed multi-housing community in Spokane, Washington.

Working on behalf of Wolff Company, HFF placed the 15-year, fixed-rate loan with a major institutional client represented by AEGON USA Realty Advisors, LLC.  Loan proceeds paid off the construction loan and recapitalized a portion of the borrower’s equity.

Completed in 2011, Pine Valley Ranch has 11 residential buildings with one-, two- and three-bedroom units averaging 990 square feet each.  Community amenities include an outdoor pool, clubhouse with full kitchen, fitness center and theatre room.  The property is situated on 24 acres at Highway 27 and East Belle Terre Avenue in southeast Spokane.

The HFF team representing Wolff Company was led by managing director David Bleiweiss (lower right photo) and associate director Greg Brown. 

“Through our correspondent lender relationships, we were able to secure an attractive forward fixed-rate loan approximately six months prior to completion and final certificate of occupancy for a partially constructed asset in a secondary market.  Also, because of our long-term relationship and history with the borrower, along with the due diligence we provided, the lender was able to get comfortable with the real estate and our loan request,” said Bleiweiss.

Wolff Company is a private real estate investment company that acquires, develops and operates income properties with an emphasis on multifamily assets.

Contacts:  

David A. Bleiweiss, HFF Managing Director, (949) 253-8800 dbleiweiss@hfflp.com      

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

krmurphy@hfflp.com

Colliers International Closes Two Multifamily Deals Totaling $25.985 Million in Los Angeles

  

LOS ANGELES, CA –Colliers International, the third largest global real estate services organization, just closed two apartment deals in Los Angeles totaling $25,950,000.

 Kitty Wallace (top right photo), Executive Vice President, based in Colliers International’s West Los Angeles office, closed both deals.

The first property is a 149-unit property, Pebble Grove (middle left photo), located at 1790 W. Arrow Route in Upland, Calif. The transaction is valued at $17.135 million. Wallace represented both the Seller, The Watt Companies, and the Buyer, Temecula Village Retail Dev LP.

Pebble Grove is well situated in a good pocket of Upland that is surrounded by affluent neighborhoods such as Rancho Cucamonga and Claremont. It is also conveniently located within 1.5 miles of the 10 freeway, Montclair Plaza, the Montclair Hospital, and the Claremont Colleges.

“There was a bidding war for Pebble Grove with seven potential buyers offering at list price or higher,” said Wallace. “The property ended up closing at a 3.16% CAP Rate on actuals. People were attracted to the property’s size, condition, location, and its value-add potential. We were able to show investors that this 1986 property had significant rental upside that could be achieved through strategic renovations aimed at improving occupancy, increasing rents and the N.O.I.”

The second property, a 32-unit, Montana Avenue Apartments (middle right photo), is located at 11965 and 11973 Montana Ave., Brentwood, Calif. It was sold for $8.85 million. Wallace represented the Seller, American Alliance Capital Group. The Buyer, Kian Investment LLC, was represented by Faraj Kerendian.

The Montana Avenue Apartments are located just one block from upscale shopping on San Vicente Avenue in Brentwood, Calif. Each apartment features original hardwood flooring, high ceilings, amenitized kitchens, and oversized bay windows. Common area amenities include professional landscaping, a courtyard, fountain, on-site laundry, and 23 parking spaces.

Follow us at www.twitter.com/colliersgla.

Contact:

Angela S. Hwang

Regional Marketing Coordinator | Greater Los Angeles

Dir +1 213 532 3258 | Mob +1 310 867 4105

Main +1 213 627 1214 | Fax +1 213 327 3258

angela.hwang@colliers.com

Colliers International

865 S Figueroa St., Suite 3500 | Los Angeles, CA 90017 | USA

www.colliers.com

Atlanta Office Market Slowly Turning the Corner

ATLANTA, GA – Cassidy Turley Commercial Real Estate Services  reports the Metro Atlanta offi ce market posted positive net absorption of 198,508 square feet in the third quarter, bringing the overall vacancy rate down from a record high 21.5% the previous quarter to 21.3%.

 During this time period, average asking rates continued their decline, from $18.76 per square foot to $18.60 per square foot.

While the Class A market has been outperforming the Class B market in recent years, with Class B tenants taking advantage of discounted rates and upgrading to Class A space in a fl ight to quality, this quarter saw both classes with net occupancy gains and decreasing vacancy rates, indicating a recovery that is gradually expanding beyond core assets.

Total leasing activity for the third quarter, while down from this period last year, is up from the previous two quarters.

For a complete copy of the report, along with statistics, please contact

Tony Wilbert, Media,  twilbert@wnspr.com

cassidyturley.com

Jonathan Gerrard

Research Analyst

171 17th Street NW

Suite 1400

Atlanta, GA 30363

Tel: 404.682.3412

Fax: 404.888.4962

Email: jonathan.gerrard@cassidyturley.com

HFF arranges $26 million refinancing for Rosewood Park Apartments in Reno, NV

  

IRVINE, CA – HFF announced today that it has arranged a $26 million refinancing for Rosewood Park Apartments, a 900-unit multi-housing community in Reno, Nevada.

HFF worked on behalf of the borrower, Buff Management, to secure the five-year, fixed-rate loan through AIG Asset Management.  Loan proceeds replaced an existing financing that matured in September.  HFF will also service the loan.

Rosewood Park Apartments is situated on 38.13 acres at 4500 Mira Loma Drive near the Reno/Tahoe International Airport in southeast Reno.  The property has 112 buildings with one-, two- and three-bedroom units averaging 833 square feet each.  Community amenities include four pools, four lighted tennis courts, four basketball courts, two spas, a fitness center, volleyball court and on-site laundry.  Rosewood Park Apartments is 86 percent leased.

The HFF team representing Buff Management was led by managing director David Bleiweiss (middle right photo) and associate director Greg Brown. 

 “With our life company correspondent relationships, we were able to secure an attractive fixed-rate loan on the largest apartment project in the Reno market, on an asset that had only recently stabilized and in a market that has been doing the same,” said Bleiwess.

Buff Management manages a portfolio of approximately 3,500 units in Southern California, Reno, Las Vegas and San Antonio.

Contacts:

David A. Bleiweiss, HFF Managing Director, (949) 253-8800,

dbleiweiss@hfflp.com                                                                                                                                              

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

krmurphy@hfflp.com

                               

                                       

HFF arranges $23.5 million financing for Plantation Colony Apartments in Broward County, FL

MIAMI, FL – HFF announced today that it has arranged $23.5 million in financing for Plantation Colony Apartments (middle left photo), a 256-unit multi-housing community in Plantation, Florida. 

HFF worked exclusively on behalf of the borrower to secure the seven-year, fixed-rate loan through Western National Life Insurance Company.  Loan proceeds were used to recapitalize the property. 

Plantation Colony Apartments, located at 8210 SW 12th Street near Interstate 595 and Pine Island Road, is adjacent to the Cornerstone Corporate Park and Crossroads Business Park about 12 miles west of downtown Fort Lauderdale.  The property, which recently underwent unit renovations and common area upgrades, has one- and two-bedroom units and is 95 percent leased.  Residents have access to two pools, two lighted tennis courts, a computer lab, car care center, fitness center, playground and dog park. 

The HFF team representing the borrower was led by senior managing director Paul Stasaitis (lower right photo).

 “The desirability of the property’s location and the owner’s attention to property improvements contributed greatly to the very long history of high occupancy at the property,” said Stasaitis.  “This only expanded the level of lender interest, and in this case a life company execution was the most compelling choice.”

Contacts:

Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com                                      

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

krmurphy@hfflp.com

Vestar Development Co. Hires Bob Cavanaugh to Spearhead Acquistions Strategy

                       

PHOENIX, AZ,  OCT. 25, 2011 – Vestar Development Company, one of the leading privately held real estate companies in the western United States, has hired Bob Cavanaugh (top right photo) as Chief Investment Officer.

 Based in the firm’s Phoenix headquarters, Cavanaugh will be responsible for overseeing the raising of third-party equity capital, identifying investment opportunities and structuring joint ventures in pursuit of achieving the firm’s overall investment goals.

“Bob’s investment experience, industry relationships and track record in completing commercial real estate transactions will be invaluable to our firm,” said Rick Kuhle (lower left photo) President of Vestar Development.  “We believe that now is a great time to invest in commercial real estate and we are actively looking for value-added opportunities in the Southwest and West.”

 Cavanaugh comes to Vestar with a wealth of experience in commercial real estate investment and finance.  Prior to joining Vestar, he served as managing director for DLJ Real Estate Capital Partners where he was oversaw all aspects of the firm’s real estate private equity business in the Western United States.  Throughout his 25 year career, he has worked as a commercial real estate executive with Deutsche Bank Securities, LaSalle Partners and Goldman, Sachs and Co. 

Cavanaugh earned a Master’s degree in Business Administration with an emphasis in real estate and management from The Harvard Business School and a Bachelor of Science degree in finance and accounting from University of Pennsylvania’s Wharton School of Business.  He is a member of Urban Land Institute, Real Estate Investment Advisory Council and NAREIT.  He also serves on the boards of The Hershey Company, the Hershey Trust Company and the Neighborhood Youth Association.

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

Contact:  David Ebeling, Ebeling Communications, (949) 278-7851

david@ebelingcomm.com

                       

Lake Foy Apartments in Deltona, FL Fetches $520,000 in a Marcus & Millichap Sale

  

  DELTONA, FL,  Oct. 24, 11 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Lake Foy Apartments (top left photo), a 20-unit apartments community located in Deltona, Fla., according to Bryn D. Merrey, vice president and regional manager of the firm’s Tampa office. The sales price of $520,000 represents $29 per square foot.

Michael Donaldson, a multifamily specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a Georgia-based financial institution.  The listing agent also secured the buyer of the property, a private investor from Orlando.  

Lake Foy Apartments was built in 1986 and is located at 100-500 Meyer Court.  This offering consists of five buildings of masonry construction, resting on a total of .85 acres, with frontage to a small retention lake known as Lake Foy.  Units are a mix of two-bedroom and two-bathroom units of approximately 900 square feet, one of the most popular floor plans in the submarket.  Each unit features central HVAC units, refrigerator, dishwasher, range and washer/dryer connections.

“This transaction represented a unique opportunity for a buyer to capitalize on a rare mid 80s-built complex with frontage to a lake, in one of the best locations in the Deltona market.” says Donaldson. “While the property had above-normal vacancy, the units had been extensively renovated and should attain or exceed the market occupancy due to the superior amenities and finishings found in the units.”

 Press Contact:  Bryn D. Merrey, Vice President and Regional Manager, Tampa

(813) 387-4700

www.MarcusMillichap.com

HFF closes $42.5 million loan sale secured by Smith Tower & the Florence Building in Seattle, WA

 SAN FRANCISCO, CA  – HFF announced today that it has closed a loan sale secured by Smith Tower (top left photo) an iconic 42-story, 263,807-square-foot office tower, and the Florence Building, a two-story 7,829-square-foot office building located in Seattle, Washington.

HFF marketed the A and B mortgage notes on behalf of the seller, Münchener Hypothekenbank, one of Germany’s leading co-operative banks.   CBRE Capital Partners purchased the loans.

Smith Tower is located at 506 2nd Avenue in the historic Pioneer Square submarket of downtown Seattle.  Originally built in 1914, the property is listed on the National Register of Historic Places and is a City of Seattle landmark.

 The property underwent an extensive $28.0 million renovation in 2000 that included numerous upgrades and replacement of the building’s systems.  At the time of the note sale, Smith Tower was 20 percent leased to a variety of national and local tenants.

The HFF team representing Munchener Hypothekenbank included senior managing directors Gerry Rohm (middle right photo) and Michael Leggett  (lower left photo). 

“The significant interest in the sale of these non-performing notes demonstrated investor appetite for debt secured by high-quality real estate in a core West Coast market, which continues to experience growth from the technology sector despite the uncertainly of the U.S. economy,” said Rohm.

Münchener Hypothekenbank is one of Germany’s leading co-operative banks based in Munich, Germany with assets under management exceeding approx. $47.0 billion.  The bank was founded as a co-operative bank in 1896. Its two core businesses are private property financing and commercial property financing.  Münchener Hypothekenbank is also an active and internationally renowned issuer in the Pfandbriefe market 

CBRE Capital Partners is the real estate debt investment platform of CB Richard Ellis Investors, a global real estate investment management firm with approximately $63.6 billion in assets under management. CB Richard Ellis Investors sponsors investment programs across the risk/return spectrum for investors worldwide.

Contacts:

Gerry Rohm, HFF Senior Managing Director, (415) 276-6935, grohm@hfflp.com                                                                            

Michael Leggett, HFF Senior Managing Director, (415) 276-6300, mleggett@hfflp.com                                                                         

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

krmurphy@hfflp.com         

Cassidy Turley Brokers Sale of Shopping Center in Scottsboro, AL

ATLANTA, GA, Oct. 24, 2011 -- Cassidy Turley, a leading commercial real estate services provider in the U.S., recently brokered the sale of a 60,000-square-foot shopping center in Scottsboro, Ala.

The center, County Park Plaza (top left photo), is 95 percent leased. Its anchor tenants are Aaron’s Sales & Leasing and Food World, a grocery chain owned by Southern Family Markets, which also owns the Piggly Wiggly chain.

 The shopping center sold for a price close to the asking price of $2.86 million.

Cassidy Turley’s Vice Presidents Drew Fleming (middle right photo) and Mark Joines (lower left photo) represented the seller, RCG Ventures, LLC. The buyer, a private equity group based in Atlanta, did not use a broker.

 “The transaction was driven by the fact the center is anchored by a well-performing grocer and is good fundamental real estate in a growing market,” said Fleming.

 “The shopping center is located near Alabama’s largest recreational lake, Lake Guntersville, and backs up to the Tennessee River, destinations that attract visitors who shop at the center.”

Please visit http://www.cassidyturley.com/ for more information about Cassidy Turley.

Contact:

Laura Dudebout

O: 404.965.5023

C: 678.642.4301

ldudebout@wnspr.com

CalPERS Announces Appointment of Customer Account Services Division Chief

SACRAMENTO, CA – The California Public Employees’ Retirement System (CalPERS) today announced the appointment of Karen DeFrank  as Chief of the pension fund’s Customer Account Services Division (CASD).

CASD serves CalPERS members and employers as the single point of contact for account management for retirement and health programs. DeFrank will ensure that vital member and employer services such as payroll processing, compensation review, health open enrollment and annual member statements are managed as efficiently and effectively as possible.

“A member who is about to retire, or the employer with contract questions both want accurate answers delivered quickly. Karen’s proven experience and leadership in developing excellent customer service procedures will be an invaluable asset to the CASD team and the service they provide,” said Donna Lum (top right photo) CalPERS Deputy Executive Officer for Customer Services and Support.

  

DeFrank will perform long- and short-range planning for division workloads, and develop staffing plans to maintain optimal service delivery. She is responsible for interpreting retirement laws, rules and policies that govern employers. She will also represent CalPERS on matters relating to Retirement and Health Account Management in front of the legislature and in other public forums.

Previously, DeFrank demonstrated her strong leadership and management skills as Project Manager of the Public Employees Readiness Team (PERT) for the my|CalPERS Pension System Resumption (PSR) project, increasing educational methods and opportunities to keep our business partners engaged in the my|CalPERS implementation process. DeFrank also served as the Assistant Division Chief to the Employer Services Division with direct oversight of several units that are included in her new assignment.

DeFrank received her Bachelor of Science Degree in Agricultural Economics and Business Management from the University of California, Davis.

CalPERS is the nation’s largest public pension fund, with approximately $225 billion in assets. It administers retirement benefits for more than 1.6 million active and retired State, public, school and local public employees and their families, and health benefits for more than 1.3 million enrollees.

More information about CalPERS is available online at www.calpers.ca.gov.

Contact:

External Affairs Branch

(916) 795-3991

Robert Udall Glazier, Deputy Executive Officer

Brad Pacheco, Chief, Office of Public Affairs

Contact: Amy Norris, Information Officer

pressroom@calpers.ca.gov

Virgin Hotels Announces Purchase of Chicago Property

 CHICAGO, IL, Oct. 24, 2011—Virgin Hotels, a new four-star lifestyle hotel brand, announced that its property venture has purchased the Old Dearborn Bank Building (top left photo) in downtown Chicago in an all-cash transaction.  Virgin Hotels will convert the former office building and expects to re-open it as Virgin Hotel Chicago in the fall of 2013. 

The 27-story Art Deco building, a Chicago landmark designed by C.W. and George L. Rapp Architects in 1928, has significant historic and architectural features that will be restored and recreated.

Located at 203 N. Wabash Avenue, at the corner of Wabash and Lake, the property is in the heart of Chicago’s Loop. The new hotel will have 250 guest rooms and feature meeting spaces, restaurants, lounges and other public areas that reflect the Virgin brand’s stylish and functional legacy. 

“This transaction is a first step towards our goal of building a portfolio of hotels that anticipate and respond to the needs of today’s travelers and set a new standard for the industry,” said Anthony Marino (top right photo), Managing Partner, Leisure and Hospitality, Virgin Group and head of Virgin Hotels. “The Virgin Hotels team is focused on finding the best locations and strongest partners to bring Virgin’s product vision to life for our 60 million customers around the world."

Virgin Hotels President and COO Raul Lea (middle left photo)l said, “Chicago is a top destination for pleasure and business, with all the qualities we look for in Virgin Hotels locations: it’s economically vibrant, culturally exciting, and a sports and entertainment hub. But it also has a world-renowned architectural heritage, and we are eager to contribute to its continued acclaim.”

Virgin Hotels has selected The John Buck Company to execute the redevelopment of the iconic Dearborn Bank Building. Marino said, "The John Buck Company offers a unique blend of local knowledge, global perspective and strong execution, a combination we're looking for in partners for our other locations.”

“We are thrilled to be able to partner with Virgin Hotels to revitalize this beautiful landmark building and to create an exciting new hotel destination in downtown Chicago,” said Jack Buck (lower right photo), Principal, The John Buck Company.

Virgin Hotels has an active pipeline of properties in gateway cities, including Los Angeles, Miami, New York, San Francisco, Washington DC, and London, locations where Virgin Hotels is pursuing hotel and office conversions, as well as ground-up development.  “As a result of our anticipated development growth, it is highly likely that one or more Virgin Hotels will open before Virgin Hotel Chicago,” said Marino. “We are ready to respond to the growing number of unique real estate and repositioning opportunities generated by the current environment.”

Virgin Hotels was launched in September 2010 with plans to develop and operate gateway city hotels with 150 to 400 guest rooms, restaurants, and public spaces.  The brand is designed to attract the same highly-valued business and leisure traveler whose loyalty Virgin has captured over the last 25 years.

About Virgin Hotels

Virgin Hotels is a new four-star lifestyle hotel brand in its initial development stage of acquiring properties in the U.S.  The group seeks new development and conversions of existing hotels or office properties in major urban markets.  Parties interested in partnering with Virgin Hotels may contact the company at http://www.virginhotels.com/ or (212) 966-2310.

  

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

 Contact:

Jerry Daly or Chris Daly, media,  Daly Gray, Inc, (703) 435 6293 

 jerry@dalygray.com or chris@dalygray.com                        

W. Christine Choi, Virgin Management USA, Inc. (212) 497-9059

Christine.Choi@virginusa.com