MCR Hotels and Island Capital Group close $260 million refinancing for the Sheraton New York Times Square

 

Andrew Farkas

 NEW YORK, NY- MCR Hotels (“MCR”), Island Capital Group (“Island”) and JLL’s Hotels & Hospitality group  announced that MCR and Island have closed on a $260 million refinancing of the 1,780-key Sheraton New York Times Square.

 

The four-year, floating-rate loan retires $250 million in outstanding seller-financing that was sourced when MCR Hotels and Island Capital acquired the hotel in April 2022. The new financing was provided by funds managed by affiliates of Fortress Investment Group LLC (“Fortress”).

 Sheraton New York Times Square
Located at 811 7^th Avenue, the 55-story hotel 
 is situated in the heart of Midtown
Manhattan at the northern end
 of the prime Times Square retail corridor.

Andrew Farkas, Managing Member, Chairman and Chief Executive Officer of Island, said, “Successfully refinancing the Sheraton New York Times Square’s loan is a key component of our strategy to help the hotel capture additional market share and ensure it remains a premier destination on a long-term path for continued success. 

"We greatly appreciate both MCR ‘s and JLL’s support and partnership.”

Tyler Morse

“We are pleased to complete the refinancing of the Sheraton New York Times Square,” said Tyler Morse, Chairman and Chief Executive Officer of MCR. 

 

 “The hotel’s performance has rebounded since we acquired the hotel, which we believe is a testament to the strength of New York City’s lodging market. 

 

 "We are looking forward to working with Island and Fortress over the next several years to reinforce the Sheraton’s position as one of Manhattan’s leading hotels.”

Kevin Davis

Located at 811 7^th Ave, the Sheraton New York Times Square is situated in the heart of Midtown Manhattan at the northern end of the prime Times Square retail corridor.

 The hotel is close to numerous NYC tourist attractions, including Radio City Music Hall, The Museum of Modern Art, Central Park, Rockefeller Center and more.

Mark Fisher

The 50-story hotel is one of New York City’s largest by key count and one of the prime event venues in the city. The hotel has 61,800 square feet of meeting space across several floors, and it is one of a few hotels that can accommodate large groups, with a 23,000-square-foot ballroom.

 

 The hotel’s amenities include on-site food and beverage options, including Hudson Market, Starbucks Café and the Library Bar, an expansive fitness center, a dedicated business center that complements meeting venues, on-site parking and a collection of ground floor retailers.

 

Kevin Davis, Americas CEO of JLL’s Hotels and Hospitality group, said, “We are in the midst of a strong recovery across all segments of New York City’s hotel market.

Russell Freed

"This refinancing is indicative of improved debt capital markets sentiment in New York, which we expect will persist as the hotel market continues to benefit from the recovery of group, business transient and foreign travel demand.”

 

The JLL team was led by Kevin Davis, Managing Director Mark Fisher and Analyst Russell Freed. Fried Frank served as legal advisor to MCR and Island.

 

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

The group’s 370-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.

 

About MCR Hotels

 

·        3rd-largest hotel owner-operator in the United States

·        $5.0 billion portfolio of 150 premium-branded hotels

·        MCR operates 9 Marriott brands, 8 Hilton brands and a number of unflagged independent hotels

·        Over 25,000 guestrooms across 37 states and 107 cities

·        Founded in 2006

·        Offices in New York City, Dallas, Chicago and Richmond, Virginia 

·        7,000 team members across the country

·        Three-time recipient of the Marriott Partnership Circle Award, the highest honor Marriott presents to its owner and franchise partners

·        Recipient of the Hilton Legacy Award for Top Performer

·        For the TWA Hotel at New York’s JFK Airport, MCR won the Development of the Year (Full Service) Award at The Americas Lodging Investment Summit (ALIS), the Urban Land Institute New York Excellence in Hotel Development Award and the American Institute of Architects national Architecture Award, the highest honor given by the AIA

·        Named one of Fast Company’s 10 Most Innovative Travel Companies of 2020 

 

Contact:

 Alli Stent (Semans)

PR, Hotels & Hospitality, Capital Markets

JLL
M +1 330 329 6750

 alli.stent@jll.com

 mcrhotels.com.

Tobin Real Estate Expands Residential Sales Division with Kenia Lee Joining Team of Licensed Realtors

 Kenia Lee

 

 Hollywood, FL –– Tobin Real Estate is poised to further deploy its unmatched Owner’s Perspective™ for the benefit of buyers and sellers of residential real estate in South Florida and beyond. Veteran industry professional Kenia Lee joined Tobin’s residential team as a Licensed Realtor. 

 

Lee has served various roles with Tobin over the past 16 years and brings a wide range of experience in business management, construction, property management and real estate. She will now apply her professionalism, communication and customer service skills to real estate sales. Lee is bilingual and has earned multiple promotions

 

Tobin Real Estate, a division of the forward-thinking Tobin firm that is nearing a century of operation, leverages generations of experience and a strategic, data-driven approach to achieve optimal results for clients.  

Louie Granteed

“Kenia is a tremendous addition to our high-powered real estate team,” Tobin Real Estate Senior Vice President Louie Granteed said. “She is accountable, exceptional at customer service and projects a positive image for our company. We look forward to working with her and watching her achieve incredible levels of success.” 

 \

Contact:

Eric Kalis

Vice President,

 BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road

Suite 320 | Fort Lauderdale, FL 33322

Web | Facebook | LinkedIn | Twitter | Instagram

www.tobinsince1926.com. 

Seabolt Real Estate in Savannah, Ga. Represents Buyer in Record $8.4 Million Residential Sale of Former home of Food Network star Paula Deen

  

Elaine Seabolt 

 

SAVANNAH, GA – Seabolt Real Estate, the #1 luxury real estate firm and the #1 independent real estate company in Savannah, Ga. by annual sales volume, is thrilled to announce that President of New Construction and Project Development Taavo Roos represented the buyer in a record $8.4 million residential sale.

Paula Deen

The riverfront estate at 818 Wilmington Island Rd. on Wilmington Island, Ga. sold for $8.4 million on Nov. 16, marking an all-time high for the sale of a residential listing in Savannah, Ga., per Savannah MLS data.

Melissa Hall Rowan 

Listing agent Melissa Hall Rowan of Corcoran Austin Hill Realty represented the seller in this landmark transaction. Seabolt Real Estate Owner and Broker-in-Charge Elaine Seabolt previously sold the 4.5-acre estate for a record $6.818 million in 2020 

Taavo Roos 

"It was truly an honor to represent the buyer in this landmark residential sale,” said Roos. 

“This spectacular home stands apart as one of the most incredible waterfront properties along the Georgia coast, offering unparalleled water views, a private deepwater dock house and luxury appointments. 

"There's no question that Savannah is on the map for buyers interested in luxury real estate."

Michael Groover

The waterfront estate was built by Food Network star Paula Deen and her husband, Michael Groover, in 2009 and features 28,000 square feet of living space, including a main house, two guest cottages and additional buildings on-site.

 

Since 2006, Seabolt Real Estate has raised the standard for luxury real estate in Savannah, Ga., representing buyers and sellers at every price point.

 

 Built on a legacy of integrity and a commitment to exceeding client expectations, Seabolt Real Estate boasts an accomplished team of agents who understand that buying a home is one of the most important decisions a person will make over the course of their lifetime. The firm works to earn client trust, one transaction at a time.

 

Under the leadership of Broker and founder Elaine Seabolt, Seabolt Real Estate has garnered the respect of clients across Georgia and around the world.

Contact;

Allison Hersh

Capricorn Communications

912.441.1285

pr@capricorncomm.com

 

seaboltrealestate.com.

 

Vestar Names Eddie Ollmann New Vice President of Property Management

Eddie Ollmann

 LONG BEACH, CA - Vestar, one of the leading privately held shopping center owners and managers in the western United States, is pleased to announce the appointment of

Eddie Ollmann as Vice President of Property Management for its West Coast region which is comprised of over 30 properties totaling nearly 11 million square feet of space. 

He will be based in Vestar’s regional office located in Long Beach, California.

 Ollmann brings a wealth of experience and expertise to Vestar, having spent 16 years in leadership roles with high profile and long-standing companies such as Irvine Company, Westar Associates, and Westfield Malls.

Patrick McGinley

"Eddie brings a remarkable depth of experience and a proven track record in property management to our organization,” said Patrick McGinley, President of Management Services.

“His leadership, industry knowledge and dedication to excellence aligns perfectly with our company's values, and we are confident that he will play a vital role in advancing our mission and serving our clients."

 Ollmann holds a bachelor's degree in business administration from California State University, Fullerton. He is an active member of the International Council of Shopping Centers (ICSC) and holds their esteemed Certified Retail Real Estate Professional (CRRP) credential and also has earned a California Real Estate license.

 

Contact;

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

www.vestar.com.

                 

Dream Finders Homes Offering Holiday Pricing and a New Product at Their New Hamlin Ridge and Hamlin Pointe Communities in Horizon West, FL

 

Gerry Boeneman

HORIZON WEST, FL – Black Friday specials aren’t just for children’s toys and electronics. Just ask the folks at Dream Finders Homes, who will open up pre-construction sales of beautiful new homes on Friday, Nov. 24 in Hamlin Ridge and Hamlin Pointe in Horizon West.

“We have a brand new product line of single-family homes featuring rear-loading garages that we are premiering in Hamlin Pointe,” said Gerry Boeneman, Orlando division president. 

The homebuilder’s single-family home community of Hamlin Pointe has fewer than 50 homesites from which prospective homebuyers can choose, Boeneman said. 

  Home sizes – some that include bonus rooms – range from three-bedroom, two-bath plans to those with as many as six bedrooms and five bathrooms.  

Hamlin Ridge – with just under 100 homesites – will offer townhomes with three bedrooms and two-and-a-half or three bathrooms. 

The Sage and the Harbor are the two townhome models that will get underway in the new year, and currently they are available for touring at Rivington, Dream Finders Homes’ community located off of U.S. 17-92 in DeBary.

“Homebuyers are sure to appreciate the location of both of these beautiful communities  located off Avalon Rd. in the Hamlin master-planned development with its own town center, parks and green spaces,” Boeneman said. “Any amenity you could ever ask for can be found in this sprawling community.”    

Model home photos above are courtesy of Dream Finders Homes and  representative of the Sage and Harbor townhome plans. 

 CONTACTS:

Gerry Boeneman,

 President,

Dream Finders Homes’ Orlando Division  

888-214-1164 or 

Gerry.Boeneman@dreamfindershomes.com

Beth Payan,

 Larry Vershel Communications, 

407-461-3781 or 

beth@larryvershel.com

www.dreamfindershomes.com.

JLL Capital Markets hires Jacksonville multi-housing professionals Cliff Taylor and Joe Ayers

  

Melissa Quinn

JACKSONVILLE, FL –  JLL Capital Markets announced today that Managing Directors Cliff Taylor and Joe Ayers have joined the firm’s Jacksonville, FL office to lead its multi-housing investment sales advisory efforts across northern Florida and South Georgia.

 

Cliff Taylor 

 Bringing a combined industry experience of 40 years, the duo will be a part of the firm’s unified North-Central Florida Multi-Housing Investment Sales Advisory team.

Joe Ayers

Taylor and Ayers will work alongside their North-Central Florida counterparts in Orlando, Directors Ted Taylor and Kyle Butler, as well as Managing Director Zach Nolan and Director Drew Jennewein in Tampa.

Ted Taylor

They will report to Senior Managing Directors Melissa Quinn and Lee Weaver, who serve as the North-Central Florida leads for JLL Capital Markets.

 

Taylor and Ayers’ primary markets of focus will include the Jacksonville metro, Gainesville and Tallahassee, as well as the Florida Panhandle and Brunswick and Savannah, Georgia.

 

“We are thrilled to announce the addition of Joe, Cliff and their team to our North-Central Florida Multi-Housing group,” said Quinn. “Their extensive knowledge and experience within the region make them invaluable resources in rounding out our presence throughout North-Central Florida.”

 Kyle Butler

Prior to joining JLL, both Taylor and Ayers were Senior Vice Presidents within CBRE’s Jacksonville, FL office, serving as co-leads of the firm’s Jacksonville Multifamily Investment Properties group. 

Since joining CBRE in 2003, Taylor has represented REIT's, hedge funds, private equity firms, private syndicators, developers and individual investors throughout several southeast markets. 

Ayers joined CBRE’s Jacksonville multi-housing team in 2017 and has most recently focused on the execution of disposition strategies for institutional and private clients throughout North Florida, Florida’s Panhandle and southeast Georgia.

Ryan Hixon

“We are honored to be part of an organization of JLL’s caliber and to continue to execute the business needs of our clients.

 JLL is an incredibly collaborative organization with world-class professionals across both the debt and sales platform, and our ability to work alongside them all, for the betterment of our clients, is both exciting for and critical to our business,” said Taylor.

“Our main priority is serving our clients, and we are excited to join a platform like JLL that will enable us to do so at the highest level,” added Ayers.

 

Tucker Brooks 

Alongside Taylor and Ayers, Directors Ryan Hixon and Tucker Brooks have also moved to JLL Capital Markets’ Jacksonville multi-housing team from CBRE. Hixon will also focus on multi-housing investment sales advisory in northern Florida and South Georgia, while Brooks will continue his specialized concentration on land sales within the multi-housing sector throughout North-Central Florida.

“We are very excited to have Cliff, Joe and their team join us to further enhance our North-Central Florida Team and bolster our presence within the largest transaction volume market in the country,” said Executive Managing Director and Investment Sales Advisory Platform Leader Matthew Lawton.

 

Matthew Lawton

Additionally, Associate Mike Scott and Production Associate Elizbeth Pippin have also joined the JLL Capital Markets team in Jacksonville from CBRE.

 JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.

 The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Elizbeth Pippin

For more news, videos and research resources, please visit JLL’s newsroom.

 

Contact:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com