JLL exclusively marketing sale of historic Drake Hotel, offering unparalleled mixed-use redevelopment opportunity along Chicago’s prominent Magnificent Mile retail corridor

  

Drake Hotel is located at the intersection
 of two of Chicago's most prestigious
 shopping and entertainment districts,
North Michigan Avenue and Oak Street

CHICAGO, IL, Aug. 11, 2021 – JLL announced today that it has been retained to market for sale the iconic Drake Hotel in Downtown Chicago, Illinois, which offers a once-in-a-generation opportunity to redevelop one of Chicago’s most recognizable and prestigious landmarks.

 Amy Sands

 

 This is the first time in over 100 years that the controlling fee simple interest in the property has been offered for sale.

 

The property is owned by four separate entities subject to a tenant in common (TIC) ownership agreement.

Adam McGaughy

JLL’s Hotels & Hospitality and Capital Markets groups are representing the two majority TIC members which, combined, own a 90% fee-simple interest in the Hotel. 

The remaining 10% interest is being concurrently marketed by another advisor. 

 

The Drake Hotel is being offered unencumbered of brand and management, offering maximum flexibility to reposition one of Chicago’s most sought after sites into its highest and best use.

 

The historic hotel, which opened in 1920, features unobstructed views of Lake Michigan and is located at the intersection of two of the city’s most prestigious shopping and entertainment districts, North Michigan Avenue and Oak Street. 

 Jeffrey (Jeff) Bramson

The 535-room hotel boasts nearly 220 feet of linear retail frontage along North Michigan Avenue, 36,900 square feet of flexible meeting space and various food and beverage options, including Coq D’Or, Café on Oak, Palm Court and a coffee bar.

 

The renovation and redevelopment of this historic asset would restore the hotel to its former glory, allowing it to, again, compete with the city’s most luxurious hotels while creating or enhancing ancillary uses like the retail space and the potential creation of residential units.

 

The JLL Hotels & Hospitality and Capital Markets team representing the seller is being led by Senior Managing Directors Adam McGaughy, Jeff Bramson and Danny Kaufman; Managing Directors John Nugent, Mark Stern, Amy Sands and Tom Kirschbraun; and Vice President Mark Jindra. 

Daniel (Danny) Kaufman

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide.

The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments.

 Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

John Nugent

 About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.

JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.

JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021.

 JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

Mark Stern

 

 CONTACT:

 

Natalie Passarelli

JLL Public Relations

Phone: +1 224 477 7307

Email:  Natalie.Passarelli@am.jll.com

 

 

 jll.com.

 

KAI Design Hires Project Architect Morgan Robinett

 

Morgan Robinett

 

St. Louis, MO, Aug. 10, 2021 -- KAI Design is excited to announce the hiring of Project Architect Morgan Robinett, AIA, NCARB, at its St. Louis office.  

 

As Project Architect, Robinett is responsible for producing construction documents through collaboration with a multi-discipline team to maximize the use of resources to enhance design and build collaboration, in turn improving the value-added building strategies.

Brad Simmons

“Morgan is a terrific addition to our Architectural team in St. Louis. She brings a diverse portfolio and wonderful enthusiasm for design excellence,” said KAI Managing Partner Brad Simmons, FAIA “Morgan has hit the ground running, and we already see her solid work ethic and collaborative approach with colleagues. 

 

"KAI is excited to add talent like Morgan to our fast-growing design studios.”

 

Robinett has a Bachelor of Science in Interior Design from the University of Missouri in Columbia and a Master of Architecture from the University of Kansas. 

 

During her spare time, Robinett enjoys volunteering for Lead to Read KC, painting, pottery and woodworking.

 

CONTACT:

 

Jennifer Beidle

314-607-9459

jennifer@jbeidlepr.com

Peachtree Hotel Group Acquires More Than $1 Billion of Stressed and Distressed Assets

Greg Friedman

 ATLANTA, GA, Aug. 10, 2021 – Peachtree Hotel Group (“Peachtree”), a real estate private equity investment firm, announced that it had acquired more than $1 billion in stressed and distressed real estate assets since June 2020. 

“We have capitalized on the dislocation created by the pandemic with investments in assets at a lower cost basis than pre-pandemic pricing,” said Greg Friedman, Peachtree’s CEO.

“Our strategy of opportunistically pivoting as the markets change allows us to capitalize on investments during any cycle.”

Peachtree has focused on investing in opportunistic real estate in distressed, under-capitalized or underperforming hospitality assets throughout the U.S. because of the disruption in the economic environment brought on by the pandemic.

The company acquired, operated and disposed of equity interests during this period and invested in preferred equity, debt or debt-like positions in primarily premium-branded, limited- and select-service hotels.

“We have been able to draw on our team’s deep experience, longstanding relationships and ability to navigate changing dynamics to source investment opportunities," Friedman said.

"The current landscape has potentially widened our opportunities for attractive undercapitalized assets and assets within the hospitality sector experiencing increasing demand.”

CONTACT:

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

 

Charles Talbert

678-823-7683

ctalbert@peachtreehotelgroup.com

 

 

www.peachtreehotelgroup.com.

Elise Capital Announces First Hotel Acquisition

Hampton Inn by Hilton Douglas is located at
1604 South Peterson Avenue in Douglas, GA

 Atlanta, GA, Aug. 10, 2021—Elise Capital, a hotel real estate investment firm, announced the recent closing of its first hotel acquisition.  The Hampton Inn by Hilton Douglas is located at 1604 S. Peterson Avenue in Douglas, Georgia.

 The property offers 61 guestrooms and completed a full renovation in 2019.  The comfortable amenities and modern décor are supplemented by a daily complimentary hot breakfast buffet, an outdoor pool, a business center, and a fitness facility.

 "I am delighted to be acquiring the Hampton Inn Douglas and excited to watch this hotel reach its full potential," said Kendra Plummer, founding partner of Elise Capital. 

 "Our focus is to unlock generational wealth for communities of color and others who have been shut out of the process in the past, and this is an extremely important step in the right direction."

 Located in the heart of Douglas-Coffee County, the Hampton Inn Douglas is surrounded by top local employers and one of the largest concentrations of cargo trailer manufacturers in the United States and is home to the largest peanut shelling operation in the world, Premium Peanut.

 

Kendra Plummer

The hotel's 624 square foot event space offers a convenient and attractive location for local social events, family reunions, and company meetings.

 "We are incredibly thrilled to be adding the Hampton Inn Douglas to our managed portfolio," said Daymain Smith, founder and principal partner of Synergy Hospitality Group.  Synergy will serve as third-party manager, leading the hotel's operation. 

 For more information about the Hampton Inn by Hilton Douglas, please visit https://www.hilton.com/en/hotels/dougahx-hampton-douglas/.

Daymain Smith

 About Elise Capital

 Founded by hospitality veteran Kendra Plummer, Elise Capital is a hotel-focused investment and advisory firm purposed to unlock access to hotel investment opportunities for communities of color, women, and other previously underserved groups. 

 Elise Capital contributes to the closing of the economic wealth gap in America by empowering and educating through ownership of hotel real estate, providing opportunities for wealth generation along with financial literacy education. 

Elise Capital is focused on developing a strong network of investors to make hotel ownership more diverse.

 

 

CONTACT:

 

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

Susan Barry

(404) 964-5765

susan.barry@hive-marketing.com

 

 

 

 

Chatham Lodging Enhances Board with Appointment of Two Trustees

Ethel Isaacs Williams

 

 WEST PALM BEACH, FL, Aug. 10, 2021—Chatham Lodging Trust (NYSE: CLDT), a lodging real estate investment trust (REIT) that invests in upscale, extended-stay hotels and premium-branded, select-service hotels and owns 41 hotels, today announced the appointment of Ethel Isaacs Williams and David J. Grissen to the company's board of trustees, effective immediately.

Both Williams and Grissen will serve as independent directors.  These new additions will further strengthen the leadership expertise, skillsets and diversity represented on the company’s board of trustees as the company strives to create value for all stakeholders.

Ms. Williams recently served from 2017-2020 as senior vice president at Kaufman Lynn Construction, one of south Florida’s largest construction companies, where her responsibilities included leading public affairs and community engagement efforts.

Before joining Kaufman Lynn, from 2010-2017, she served as regional manager, external affairs for Florida Power & Light (FPL) and later director, corporate engagement, diversity and inclusion for NextEra Energy, one of the nation’s leading clean energy companies and parent company of FPL, where her responsibilities included managing local external stakeholder relations and developing corporate strategies and initiatives for employee engagement as well as diversity and inclusion initiatives, respectively. 

In 2004, Williams founded the law firm of Isaacs Williams which was focused on real estate, probate, land use and government relations.

Prior to 2004, Williams held roles at other law firms, as well as IBM, Wang Laboratories and AT&T Wireless.

Williams received her bachelor’s degree in business administration from George Washington University and her Juris Doctor from Nova Southeastern University.

“Ethel is a dynamic and accomplished executive with a proven track record in business, law and community involvement for Fortune 500 companies and entrepreneurial enterprises," said Jeffrey H. Fisher, Chatham’s chief executive officer.

"She has demonstrated excellence in leadership abilities, business skills and a commitment to diversity and inclusion, as well as sustainable corporate initiatives.

"We are eager to bring Ethel’s vast corporate experience with respect to stakeholder, environmental, social and governance matters to our Board and know her contributions will make a great impact on Chatham.”

Grissen joins Chatham’s board after having recently retired as group president following a stellar 35-year career at Marriott International, Inc.

 He started at Marriott in 1986 and concluded his esteemed career as Group President where his responsibilities included the financial management and leadership of the America’s lodging operations, comprising more than 5,500 hotels and a work force of approximately 160,000 associates.

This included oversight of owner and franchise relations, sales and marketing, revenue management, human resources, engineering, rooms operations, food and beverage, retail, spa, golf, information resources and development.

In addition to the Americas, Grissen was responsible for Marriott’s Global Operations organization, RitzCarlton and Edition brands.

Prior to his latest position, Grissen served as group president, the Americans; president, Americas; executive vice president of the eastern region; senior vice president of the mid-atlantic region and senior vice president of finance and business development.

David J. (Dave) Grissen

 Grissen currently serves on the board for Regis Corporation, a publicly-traded company and the largest hair salon chain in the world where he is a member of the Audit Committee, Technology Committee and chair of the Nominating and Governance Committees.

He also serves on the board of Greenwood Racing, a casino, on-line betting and thoroughbred racing company based in Pennsylvania.

He holds a bachelor’s degree in business administration from Michigan State University and a master’s degree in finance from Loyola University Chicago.

“As a large Marriott franchisee, I have seen David’s tremendous contributions and leadership firsthand over the past 25 years, and now that he has retired from Marriott, we are thrilled to bring to our board his substantial lodging expertise amassed over three decades,” Fisher commented. “David brings incredible industry and operational perspective, and that experience will be instrumental as we strive to maximize our operating results and grow our investment portfolio to enhance our cash flow and generate meaningful returns to our shareholders.”

About Chatham Lodging Trust

Chatham Lodging Trust is a self-advised, publicly-traded real estate investment trust focused primarily on investing in upscale, extended-stay hotels and premium-branded, select-service hotels. The company owns 41 hotels with 6,169 rooms/suites in 15 states and the District of Columbia.

 

CONTACT:

 

CHRIS DALY

PRESIDENT

DG Public Relations, LLC

42806 Oatyer Court

Broadlands, Va. 20148

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

 

chathamlodgingtrust.com.

 

 

Mark Twain's Connecticut Home for Sale at $4.2 Million

'Stormfield,' Twain's home is where he lived until his death in 1910
The house sits on 28 acres adjoining a 161-acre land trust.
 The 6,300-square-foot home is built in the Tuscan villa style, 

 

 HARTFORD, CT -- Samuel Langhorne Clemens was fascinated by thoughts of adventure as a boy, dreams that he later wrote about when he took on the pen name Mark Twain, which translated, was steamboat slang for 12 feet of water. 

 

Later in his life, he moved to Connecticut to be closer to his publisher, and he eventually purchased a stunning estate outside of Redding that he called Stormfield - named after his last published story during his life, Captain Stormfield’s Visit to Heaven.

 

 He was only able to live there for two years before he died in 1910.  It is now on the market, listed at $4.2 million.

 

Mark Twain

Twain was a prolific writer who produced a variety of literary works, magazine and newspaper articles, poetry, short stories and novels. 

 

Many say his most notable are The Gilded Age, written in 1873, and, of course, The Adventures of Tom Sawyer, written in 1876. 

 

Twain was an avid traveler who visited a good portion of the world and wrote about the countries he visited, which he both praised and criticized, according to TopTenRealEstateDeals.com.

 

 His experiences broadened his critical thinking on many subjects, including religion, resulting in his strong opinions on many subjects.

 

At age 72, Clemens purchased Stormfield, where he lived until his death.  Sited on 28 acres adjoining a 161-acre land trust, the 6,300-square-foot home is built in the Tuscan villa style, which Clemens fell in love with during his Mediterranean travels. 

 

 A large house, it has four bedrooms and six baths, Clemens especially admired the beauty of the rural countryside surrounding it. 

 

William Faulkner

 After his death in 1910, the house was badly damaged in a fire but was reconstructed in 1925 incorporating the same look, original gardens, stone walls and pillars. 

 

There are four bedrooms and six baths, three fireplaces, large formal rooms and a big eat-in kitchen with adjoining family room. 

 

The living room has the extra bonus of hand-painted, wood-beamed ceiling and fireplace with a library alcove.  Floors are hardwood and marble. 

 

 Laura Freed Ancona

 The house has a detached pool-carriage house with a heated pool, and there is a three-car garage with a caretaker cottage above that has two bedrooms, bath, living room, kitchen and deck.  There are multiple terraces around the main house for outdoor dining.

 

Although people usually associate Twain, who William Faulkner referred to as "the father of American literature" with Missouri and the Mississippi River, he lived in many places including San Francisco, Nevada, Cincinnati, Philadelphia and New York.

 

 He lived most of his adult life in Connecticut, including Stormfield and his home in Hartford, which is now the Mark Twain House & Museum and is open to the public.

 

The listing agent is Laura Freed Ancona of William Pitt Sotheby’s International, Ridgefield Brokerage, Ridgefield, Connecticut.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  336-459-3728
Twitter:  @toptenrealestat
facebook.com/toptenrealestat  

 

 Photo Credit:  Bernadette Queenan
Aerial Photo Credit:  Aerial 360 Solutions
Sources:  TopTenRealEstateDeals.com and www.williampitt.com
Video:  https://youtu.be/BRfTN15IwNY
Video Credit:  Sean Evans, @evvo1991 backtothemovies.com/

 

Stos Partners Bolsters Southern California Track Record with Restaurant Acquisition in South Orange County

4,058-SF retail/restaurant at 425 North El Camino Real
in San Clemente, CA

 San Clemente, CA, Aug. 9, 2021 – Stos Partners, a privately held commercial real estate investment firm, has recently acquired a 4,058 square-foot retail/restaurant asset in the Orange County submarket of San Clemente, California in an off-market transaction.

 “This acquisition is ideally aligned with our proven strategy to purchase value-add properties located within in-demand Southern California submarkets with strong potential for upside, which we are well positioned to unlock based on our experience and deep expertise in market trends,” says CJ Stos, Principal at Stos Partners.

 CJ Stos

 “We were able to draw upon our strong broker network and proven track record of rapid closings to secure this property off market.”

 During escrow, Stos Partners was successful in securing a long-term lease on the entire building with The Alchemists, a successful restaurant group operated by Leonard Chan, notes Stos.

 “This transaction is a win for us in many ways,” says Jason Richards, Partner at Stos Partners. “The property was a rare find - a vacant retail/restaurant facility in San Clemente’s T-Zone, a prime location in South Orange County.

"We recognized the potential from the beginning and seized the opportunity to acquire the asset as a vacant property. Our instincts were strong, and we were able to lease it prior to our escrow closing.”

 Jason Richards

 While retail has been one of the slower sectors to bounce back from the COVID-19 pandemic, recovery is on the horizon, explains Jay Boyle, Executive Vice President at Stos Partners.

 “Although the retail sector took a hit during the pandemic, we recognize the potential in owning this asset long term as restaurant and travel demand are starting to pick up,” says Boyle.

 “We have experience in successfully transforming properties in order to maximize their true value. 

"We plan to do the same with this property and feel our tenant will be well positioned to capitalize on the retail sector’s recovery with a planned opening in late 2021 or early 2022.”

Jay Boyle

 

The new restaurant concept - called Mura, which means village in Japanese - will be an upcoming dining destination that offers Japanese Grilled Barbeque and Hot Pot, a proper Tiki Bar with Pan-Pacific bites and a Japanese Whiskey speakeasy bar featuring Temaki and hand rolls.

 The group’s previous concepts include Shuck Oyster Bar, The Iron Press, Rolling Boil and The Blind Rabbit.

 Prior to opening, the firm plans to implement a series of capital upgrades in conjunction with Mura that cover extensive interior and exterior renovations as well as long-term capital improvements to the building including new roof, mechanical systems, and grease traps.

Leonard Chan

The property was acquired for $1.9 million and is located at 425 N. El Camino Real in San Clemente, California.

 Nathan Holthouser of Coastal Commercial represented Stos Partners as the buyer in the transaction.

 

CONTACTS:

Katie Haga / Elisabeth Manville

Brower Group

(949) 438-6262

khaga@brower-group.com

 www.stospartners.com