HFF closes $5.6 million sale of Stonecreek Apartments in southeast Portland, OR

Stonecreek Apartments, 11612 SE Division Street, Portland, OR

Nick Klein

PORTLAND, OR – HFF announced today that it has closed the sale of Stonecreek Apartments, a 90-unit multi-housing community in southeast Portland, Oregon.

                HFF represented both the seller, CIC Stonecreek LLC, and the buyer, Norton Company-III LLC, in the transaction.

Tyler Linn

                Located at 11612 SE Division Street, Stonecreek Apartments is close to Interstate 205 and has easy access to downtown via the number 4 Tri-met line, which stops in front of the property. 

  The community has one- and two-bedroom units and offers residents a pool, laundry center, recreation room, sun deck, sports courts and nightly security patrol. 

Tom Wilson

                 The HFF investment sales team representing both the buyer and seller was led by associate directors Nick Klein and Tyler Linn.  HFF’s Tom Wilson arranged original financing on the property in 2008 and assisted on this transaction with the loan assumption for the new buyer.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel (main) 617-338-0990 | (direct) 617-338-1572 | cel 617.543.4873 | www.hfflp.com

krmurphy@hfflp.com

New Acquisition by MCA Realty Demonstrates Changing Multi-Tenant Market in Orange County, CA

Brookhollow Freeway Showroom Center, Santa Ana, CA

Joe Winkelmann

Orange County, CA (Dec. 2, 2013) – Orange County-based investment and management firm MCA Realty has completed a new industrial acquisition in Santa Ana, Calif. that reflects a growing trend in the Orange County market, according to Tyler Mattox, Principal at MCA Realty. 

The firm, which specializes in office and industrial properties throughout the Western U.S., acquired the Brookhollow Freeway Showroom Center, an 87,609 square-foot multi-tenant industrial/retail property, for a total consideration of $9.5 million.

 “Southern California’s multi-tenant industrial market is progressing in a unique way,” explains Mattox. “Selected high visibility industrial properties are being renovated into contemporary showroom projects. Owners and investors are creating spaces that deliver a distinctive experience to consumers.”

Michael Hartel

“Today’s investors have new opportunities to transform older multi-tenant properties into hubs for shopping, dining and more,” says Mattox, who notes that the SoCo center in Costa Mesa, Calif. - a unique destination for interior design trade, boutique shopping, and dining - is an example of this new evolution. 

The Brookhollow Freeway Showroom Center, which consists of four separate buildings that are visible from the 55 freeway, will be positioned as a retail destination center.

“By repositioning multi-tenant industrial properties and creating destination centers, owners will be better able to attract and retain strong tenants, which will ultimately have a positive impact on an investor’s bottom line,” explains Mattox. 

MCA Realty acquired the Brookhollow Freeway Showroom Center as an off-market transaction, and plans to implement improvements and complete the leasing of the center. 

Kevin Turner

  The property, which was 63 percent occupied at the time of purchase, is currently occupied by Bestwinesonline.com, Kid’s Room Furniture, Sit n’ Sleep and AGR. One of the property’s four buildings is vacant, and is divided into two suites of 15,894 square feet and 16,006 square feet.  MCA Realty plans to market both of these suites for lease.

“This property presents enormous potential to tenants looking to attract new customers based on its location, freeway visibility and size,” notes Mattox.

Mattox also notes that MCA Realty was able to open escrow at a favorable basis on this property as a result of the firm’s relationship with the local brokerage team that handles the leasing for the project.

“The MCA Realty team is made up of former brokerage professionals, and we pride ourselves on building strong partnerships with brokers, working with them from acquisition to disposition to ensure that they can benefit over the lifecycle of each investment.”

Tyler Mattox

MCA Realty was represented by Joe Winkelmann of Voit Real Estate Services in the acquisition.

 The seller, a Seattle-based investment manager, was represented by Mike Hartel and Kevin Turner also of Voit Real Estate Services. The three professionals from Voit will handle the leasing of the property on behalf of MCA Realty.

acquisition of the Brookhollow Freeway Showroom Center is consistent with MCA Realty’s strategy of acquiring functional, multi-tenant industrial properties at pricing levels significantly below replacement cost with strong income characteristics, according to Mattox.

Jared Gordon

With its newest Orange County acquisition, MCA Realty’s portfolio now encompasses 679,970 square feet of multi-tenant industrial product. The firm has added a total of over $33.2 million to its portfolio in the last 12 months.

In addition to Southern California, MCA Realty is actively acquiring properties throughout Las Vegas, Texas, and Arizona.

MCA Realty is a full service real estate investment and management company specializing in office and industrial properties throughout the Western U.S.  The goal of the company is to identify commercial real estate investment opportunities and execute value creation strategies that maximize returns to its investors. 

Peter Cheng

MCA Realty's principals, including Tyler Mattox, Jared Gordon, and Peter Cheng, have successfully navigated a full spectrum of market conditions, and pride themselves on building and maintaining strong relationships with industry partners.

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

Jenn Quader / Amanda Alenick

Brower, Miller & Cole

(949) 955-7940

Aalenick@browermillercole.com

www.mca-realty.com.

Lincoln-Cushman Team Brokers Connecture’s Lease of 28,299 Square Feet at 55 Allen Plaza in Downtown Atlanta

  

55 Allen Plaza, Downtown Atlanta, GA

Tony Bartlett

ATLANTA, GA (Dec. 2, 2013) – Lincoln Property Company Southeast (Lincoln), in conjunction with the Atlanta office of Cushman Wakefield, has brokered Connecture Inc.’s new lease of 28,299 square feet of office space at 55 Allen Plaza, a Class-A, 350,000-square-foot office tower in downtown Atlanta that Lincoln manages and leases.

Tony Bartlett, senior vice president at Lincoln, and Andy Sumlin, leasing director at Cushman & Wakefield, represented the landlord in the transaction, while Cushman & Wakefield brokers Carla Williams and Jeff Samaras represented the tenant.

Andy Sumlin

Cushman & Wakefield is a longtime tenant of 55 Allen Plaza, and the Atlanta office of the firm co-markets and leases the building with Lincoln.

Connecture, which provides Web-based information systems used to create health insurance exchanges, will occupy the entire fourth floor of the building. The firm’s 11-year lease will bring the occupancy rate of 55 Allen Plaza’s office space to 93 percent.

Connecture’s lease marks another significant moment in the improvement of 55 Allen Plaza that began when Lincoln purchased the building on behalf of a pension fund client in 2011.

Carla Williams

New building amenities and increased operational efficiencies have resulted in several industry awards.

Also, leasing efforts in 2013 have successfully resulted in more than 53,000 square feet of leases. In addition to Connecture, Lincoln executed leases to top-notch tenants like Doner Partners, Fogle Law Firm and Ernst & Young.

Lincoln has recently completed the construction of three spec suites totaling 8,000 square feet, which allow 55 Allen Plaza to offer small suites to tenants for the first time. The spaces offer high-end finishes, open ceilings, polished concrete floors and designer lighting.

Jeff Samaras

The Bread Box, a café that serves breakfast, lunch and Starbucks coffee and also features fresh-baked bread, has opened in the building. Carlyle’s Catering, a well-known Atlanta-based firm, operates the café.

Furthermore, 55 Allen Plaza achieved LEED Gold Certification last year and was recognized in July of this year by the Atlanta Better Buildings Challenge for achieving a 20 percent reduction in energy and water consumption.

The building also has been designated a BOMA 360 Performance Building by the Building Owners and Managers Association (BOMA) International.

The BOMA 360 Performance Program recognizes commercial properties that demonstrate best practices in building operations and management. Fewer than 50 buildings in Georgia have earned the designation.

Centennial Olympic Park

“I could not be prouder of the effort our team has put into 55 Allen Plaza and of the results we have achieved,” Bartlett said. “The advances have been remarkable, and 55 Allen is undoubtedly a best-in-class asset within the Downtown and Midtown office market.”

Overlooking the Downtown Connector on downtown Atlanta’s northern edge, 55 Allen Plaza provides tenants with access to all of Atlanta’s sub-markets.

As part of the Allen Plaza mixed-use development, the building is surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, retail and Centennial Olympic Park. Prominent tenants in the building, which opened in 2007, also include Ernst & Young, Skanska and the design firm ASD.

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

Stephen Ursery

The Wilbert Group

404-405-2354

sursery@thewilbertgroup.com

NAI Realvest Negotiates Two Industrial Property Sales on Clark Street in Apopka, FL Totaling $975,000

2500 Clark Street Warehouse, Apopka, FL

Michael Heidrich

ORLANDO, FL --- NAI Realvest recently negotiated the sales of two industrial properties totaling 10,480 square feet and $975,000 on Clark St. in Apopka.   

Michael Heidrich, a principal at NAI Realvest, represented the buyer HCME, LLC of Longwood in negotiating the purchase of the 7,200 square foot industrial building on 4.3 acres at 2325 Clark St. from seller RJP Properties, LLC for $725,000.    The seller was represented by Robby Robinson of Florida Site Selectors.

 At 2500 Clark St. Heidrich represented seller Huntington Storage, LLC of Altamonte Springs in the sale of a 3,280 square foot industrial facility on 1.17 acres for $250,000.  The buyer is Southern Aggregates, Inc. of Ocala.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com  

Cuhaci & Peterson Architects completed design of new Starbucks in Brandon, FL

Regency Square Center, Brandon, FL

 ORLANDO, FL-- Cuhaci & Peterson Architects, Engineers, Planners based in Orlando’s Baldwin Park completed design work on a new Starbucks in Brandon at the Regency Square Center across from the mall.

 

Lonnie Peterson, chairman at Cuhaci & Peterson Architects, said the new facility is 2,000 square feet.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com  

NAI Realvest Negotiates Leases at The Citadel in East Orlando, FL Totaling 7,165 Square Feet of Office Space

  

Citadel III, 5950 Hazeltine National Drive, southeast Orlando, FL

Matt Cichocki

ORLANDO, FL – NAI Realvest recently negotiated renewal and expansion lease agreements with two tenants in The Citadel III office building at 5950 Hazeltine National Drive in southeast Orlando.

 Senior Associate Mary Frances West, CCIM, Principals Matt Cichocki and Kevin O’Connor represented Landlord Citadel Partners LTD of Groveland, Fla.  in both lease transactions.

Kevin O'Connor

 Tenant Salt Lake City-based Sorenson Communications, already occupying Suites 270 and 275, renewed that lease of 4,495 square feet and leased another 1,909 square feet to expand into Suite 260.

 Cottingham & Butler Limited renewed their lease of Suite 635 with 760 square feet at The Citadel III.

 NAI Realvest is exclusive management and leasing representative for the property and West leads the leasing team at The Citadel.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com  

NAI Realvest Negotiates Two Lease Renewals at Primera Court II in Lake Mary, FL

Mary Frances West

ORLANDO, FL --- NAI Realvest recently negotiated two lease renewals totaling 2,502 square feet of Class A office space at Primera Court II, 735 Primera Blvd. in Lake Mary. 

 NAI Realvest Senior Broker Associate Mary Frances West, CCIM negotiated the transactions representing the landlord RREF Interchange-FL, Primera II, LLC, based in Daytona Beach. 

Vishay Americas Inc., a Connecticut based manufacturer and supplier of electronic components in the U.S. renewed its lease of Suite 155 with 1,380 square feet. 

 Small Business Accounting, P.A. renewed its lease of Suite 150 with 1,122 square feet.

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

Beth Payan or Larry Vershel, Larry Vershel Communications, 407-644-4142 or 407-461-3780 Lvershelco@aol.com  

Five-Property Manufactured Home Community Portfolio in New York and Ohio Purchased by UMH Properties Inc. for $11.8 Million

Melrose Portfolio of manufactured homes in New York and Ohio

Kyle Baskin

CLEVELAND, OH, Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of the Melrose Portfolio, a five-property manufactured housing portfolio. Four communities are located in Ohio and one is in New York State. The $11.8 million sales price equates to approximately $22,736 per site.

Jonathan McClellan

            Kyle Baskin and Jonathon McClellan, senior associates in Marcus & Millichap’s Cleveland office, represented the seller, Melrose MHP LLC. The buyer is public equity real estate investment trust UMH Properties Inc.

            J.D. Parker, first vice president and regional manager of the firm’s Manhattan office, is Marcus & Millichap’s broker of record in the state of New York.

JD Parker

            “Demand for manufactured housing is strong in metros that lack affordable housing and in areas near shale deposits, such as eastern Ohio, where sizeable job growth can overwhelm the existing housing supply,” says McClellan. “The Melrose Portfolio is well positioned to benefit from growing demand and UMH’s sales and rental programs.”

            The Melrose Portfolio communities contain 519 developed home sites situated on approximately 200 acres. Average occupancy at the time of sale was approximately 82 percent

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

 Gina Relva

Public Relations Manager

(925) 953-1716

New York City Development Site Sells for $11.25 Million

  

86,500-SF Development Site on Avery Avenue
between College Point Boulevard and 131st Street
in Flushing neighborhood of Queeens in New York City

Steven Siegel

NEW YORK, NY, Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of an 86,560-square-foot development site in the Flushing neighborhood of Queens in New York City. The $11,250,000 sales price equates to $130 per buildable square foot.

            Steven Siegel, Michael Kook and Michael Helpern, all in Marcus & Millichap’s Manhattan office, represented the seller, a private investor, and the buyer, a local partnership. The team exclusively marketed the opportunity to regional and national developers and generated numerous competing offers.

            “The entire block where the site is located just had its zoning changed to C2-6A with an FAR of 4,” says Siegel.

Michael Kook

“This allows for various commercial and residential uses and increased the potential development size of the lot to 86,560 square feet, doubling the buildable square footage from its previous zoning. The seller spent six years working to get the block re-zoned,” adds Siegel.

            “The downtown Flushing area is one of the heaviest trafficked sections in all of Queens,” notes Kook.

“The site benefits from its proximity to the intersection of Main Street and Roosevelt Avenue, an area that features significant retail activity and convenient access to numerous modes of public transportation.”

Michael Halpern

            The property is located on Avery Avenue in Flushing between College Point Boulevard and 131st St. It is across from a Home Depot and steps from Flushing Meadows Corona Park.

The site features 339 feet of frontage on Avery Avenue. It is composed of four lots currently occupied by one-story retail stores.

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

 Gina Relva

Public Relations Manager

(925) 953-1716

Marcus & Millichap Brokers $316,000 Sale of San Christopher Apartments in Dunedia, FL

  

San Christopher Apartments, 784 San Christopher Drive, Dunedin, FL

Michael Donaldson

DUNEDIN, FL, Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of San Christopher Apartments, a five-unit apartment property located in Dunedin, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $316,000.

James Vestal, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor based in Wisconsin.

 The buyer, a local private investor, was secured and represented by Michael Donaldson and Nicholas Meoli, senior associates in the firm’s Tampa office, and Earle Hyman, senior vice president investments in Marcus & Millichap’s Encino office. 

Nicholas Meoli

San Christopher Apartments is located at 784 San Christopher Drive in Dunedin, Fla.  This five-unit apartment community was built in 1973 and consists of one, two-story building. 

T he building is comprised of four one-bedroom/one-bathroom units with 680 rentable square feet and one two-bedroom/two-bathroom townhome unit with 1,350 rentable square feet. 

Amenities of the property include; condo-grade finishes such as, glass top ranges with microwaves, stainless steel dishwashers and refrigerators, wood floors and stone tiling in the bathrooms.  There is ample parking and large rear porch areas. 

Earle Hyman

“San Christopher mirrored the continuing strength that the Dunedin sub-market has been seeing since the beginning of the year,” says Vestal.  “This property showed the continuing demand for turnkey properties with strong rents in good areas.”

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

 Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of 10-Unit Apartment Community in Pinellas Park, FL for $515,000

  

76th Avenue Apartments, 4089 76th Avenue North, Pinellas Park, FL

James Vestal

PINELLAS PARK, FL,  Nov. 27, 2013 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of 76th Avenue Apartments, a 10-unit apartment community located in Pinellas Park, Fla., according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $515,000.

James Vestal, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor from Texas.  Vestal also procured and represented the buyer of the property, a Florida-based partnership.

76th Avenue Apartments was built in 1986 and is located at 4089 76th Avenue North in Pinellas Park, Fla.  The property sits on approximately .71 acres of land and consists of four, two-story buildings. 

There are six, two-bedroom/one and a half-bathroom townhome units with 960 rentable square feet and four two-bedroom/one and a half-bathroom townhome units with 1,202 rentable square feet.

Property amenities include full-size washer and dryer hook-ups in each unit and ample parking. 

“The 76th Avenue Apartments reflects how small sub-markets in Pinellas are rebounding around impressive rent growth and lower vacancy,” says Vestal.   “Investors are continuing to show demand for assets in good areas.”

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

 Richard D. Matricaria

Regional Manager

 Tampa, FL

(813) 387-4700

Colliers International South Florida Presents Third-Quarter Overview on Tri-County Market

 

MIAMI-DADE, FL -- In much the same way the second quarter tends to be a high volume period, the third quarter tends to cool off in comparison.

While we’re still well above the level of activity seen during 2009 / 2010, 2013 is shaping out to be the plateau we’ve been hesitant to acknowledge.

By this time last year we had seen much stronger transaction volume across the tri county area. Quarterly and annual price growth has also slowed.

 While by no means a sign of a downturn, the market is starting to hit its stride, like transitioning from sprinting to running. This trend is characteristic of South Florida’s boom and bust cycles. The question is how much longer will the market continue to hum along at this moderate pace.

There are several factors fighting for headline space which attempt to answer this question.

 First, commercial CMBS maturities are scheduled to ramp up significantly over the next few years until they peak in 2017. These maturities may face headwinds at the prospect of rising interest rates which create more problems for maturities.

Janet Yellen

 If Federal Reserve nominee Janet Yellen is confirmed many believe she won’t live up to her dove-ish reputation and we could see rates rise slowly, potentially pushing the tri-county area’s historically low cap rates (6 – 7%) higher.

We believe she will balance employment growth and rate increases to keep the market content.

On the other hand, international investors have little concern for interest rates increasing a few points when home-country currency exchange fluctuations could erase entire fortunes overnight.

This will keep cap rates low (relatively), making South Florida a more obvious example of recovery and performance.

For a complete copy of the company’s report, please contact:

Crystal Proenza

Vice President of Marketing

Colliers International South Florida

Commercial Real Estate Services

Tel: 305 476 7138

Email: crystal.proenza@colliers.com

www.colliers.com  

Minor Hotel Group Adds New Properties in Cambodia and Koh Samui

 Luxury Hotel Brand Per AQUUM Resort in Maldives
an island nation in the Indian Ocean in Asia

SINGAPORE, Nov. 27, 2013 -- We are pleased to share with you that we are now representing Minor Hotel Group in Asia. 

 Minor Hotel Group (MHG) is a hotel owner, operator and investor, currently with a portfolio of 95 hotels and suites in operation under the Anantara, AVANI, Per AQUUM, Oaks, Elewana, Marriott, Four Seasons, St. Regis and Minor International brands in Thailand, Indonesia, Vietnam, Malaysia, China, Cambodia, the Maldives, Sri Lanka, Tanzania, Kenya, Mozambique, the UAE, Australia and New Zealand. 

Anantara Vacation Club, Bali

AVANI was created to complement MHG’s five star Anantara brand which currently offers enriching destination experiences in 23 locations with a target of 50 properties in operation and under development by 2015. 

The latest news for the group include the addition of new properties in Cambodia and Koh Samui, acquisition of 50% Stake In Luxury Hotel Brand Per AQUUM as well as the launch of new e-gift service by Anantara Hotels, Resorts & Spas 

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

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

MVP REIT Completes the Final of Six Office Building Acquisitions in Las Vegas Office Park

             

LAS VEGAS. MV – MVP REIT, Inc. announced it has completed the final of six commercial office building acquisitions located within a Las Vegas office park. The 22,000-square-foot office building was purchased for $6.1 million and closed on Nov. 20. The six buildings were purchased in total for $55.1 million.

Mike Shustek

Built in 2008, the two-story building is located at 8945 W. Post Road, and is situated directly off Interstate 215, in close proximity to McCarran International Airport and the Las Vegas Strip.

The property is 89 percent leased to a mix of professional tenants, all subject to triple net leases under which the tenant is responsible for the majority of the costs associated with maintaining the building.

“We are pleased to complete this final acquisition and add six high-quality office buildings to our portfolio,” said Mike Shustek, chairman and chief executive officer of MVP REIT.

“The addition of these properties adds greater diversification to our growing portfolio with well-located, multi-story commercial office buildings that enjoy a mix of tenants primarily under triple net leases.”

MVP REIT financed the acquisition through the assumption of approximately $3.2 million in existing debt and the transfer of approximately 323,024 shares of the company’s common stock at $8.775 per share of which approximately 11,400 shares were held back until such time as certain additional conditions are met.

Las Vegas Strip

In total, the six acquired properties include both two- and three-story steel/concrete office buildings, all constructed over the past 10 years as part of a planned 16-acre office park.

Each multi-tenant building was acquired with an occupancy rate of at least 89 percent, and contains a mixture of professional tenants under triple net leases.

 The buildings are located directly off Interstate 215 in the southwest region of Las Vegas, Nev.

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

  Jill Swartz                                      

Spotlight Marketing Communications

(949) 427-5172, ext. 701

Jill@spotlightmarcom.com

PCCP, LLC and 1754 Properties LLC Form Joint Venture to Acquire the Historic La Posada Hotel in Santa Fe, NM

  

 La Posada de Santa Fe Resort and Spa, Downtown Santa Fe, NM

John Randall

New York, NY - PCCP, LLC announced it has formed a joint venture with 1754 Properties LLC to acquire La Posada de Santa Fe Resort and Spa in downtown Santa Fe, New Mexico. The 158-room La Posada hotel was an REO acquisition from Ektornet.

“This acquisition was a strong fit for PCCP’s joint venture equity program because it provided us with the opportunity to buy an irreplaceable asset located in a high barrier to entry market,” said John Randall, senior vice president with PCCP, LLC.

“1754 Properties is a knowledgeable hotel owner and operator that understands the Santa Fe market. We will work in conjunction with the firm to renovate and rebrand the asset as La Posada de Santa Fe Resort & Spa, a Luxury Collection Resort.” 

Kevin Chin, vice president with PCCP, added that 1754 Properties has an intimate knowledge of La Posada, having owned the property through a prior partnership for almost three years before selling it to the prior owner in 2007.

Joe Smith

“PCCP’s decisive actions, ability to move quickly, and favorable institutional reputation were key components in this acquisition. 

"We look forward to consummating many more deals with them in the future as our firm seeks other institutional hotel assets across the country,” said Joe Smith, CEO of 1754 Properties LLC.

The new ownership plans to implement $5 million of property improvements to rebrand the full service resort hotel under Starwood Hotels & Resorts’ The Luxury Collection brand.

La Posada Hotel originally opened in 1940. Since 2008, the hotel has undergone more than $7.6 million in renovations including the refurbishment of all guestrooms and most of the public spaces.

 La Posada is comprised of 26 buildings spread across 5.13 acres and features a AAA Four‐Diamond restaurant, 7,800 square feet of event space and amenities that include a 4,500-square-foot spa and salon, outdoor pool and whirlpool, rooftop terrace, business center, and fitness center.

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

Darcie Giacchetto

Spaulding Thompson & Associates

949.278.6224

www.1754properties.com

www.pccpllc.com