JLL closes sale of 114-room Ames Boston Hotel

Ames Boston Hotel, 1 Court Street, Financial District, Boston, MA

BOSTON, MA – JLL announced  it has closed the sale of the Ames Boston Hotel, a 114-room historic hotel located in the heart of Boston’s Financial District.

JLL marketed the property on behalf of the seller, Invesco Real Estate, a global real estate investment manager, and procured the buyer, Suffolk University.

Denny Meikleham

The Ames Boston Hotel is centrally located at 1 Court Street in Boston’s thriving Financial District along Boston’s renowned Freedom Trail and steps from the Old State House and Faneuil Hall/Quincy Market.  

Originally built in 1893, the Ames Boston Hotel is listed on the National Register of Historic Places and was redeveloped into a luxury hotel in 2009.    

The JLL Capital Markets team representing the seller was led by Managing Director Denny Meikleham, Senior Director Alan Suzuki and Director Matthew Enright. Ted Wheatley and Robert Webster of JLL represented the buyer in the transaction.

Alan Suzuki 

“This was an extremely rare opportunity for a buyer to acquire a historically significant asset in this prime location,” Suzuki said.  “Interest level was very strong from both international and domestic hotel and non-hotel investors. 

"We are happy that one of Boston’s premier luxury hotels will now be incorporated into the long-term strategic plans and initiatives of both Suffolk University and the City of Boston for providing more on-campus student housing opportunities for the thousands of students who live in Boston.”

Marisa Kelly

"The 1 Court Street building expands our core downtown campus and will give our students unparalleled access to exciting living and learning experiences in the center of Boston,” said Suffolk University President Marisa Kelly. 

Matthew Enright

“This is a great opportunity for Suffolk and an important investment in our future, and we look forward to working closely with the city and our neighbors as we move through the community process.”

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 advisory, debt placement, equity placement or a recapitalization. 

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

Ted Wheatley

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019.  Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

About Invesco Real Estate

Invesco Real Estate is a global leader in the real estate investment management business with $80.3 billion in real estate assets under management, 519 employees and 21 regional offices across the U.S., Europe and Asia (as of 06/30/19). 

Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992.

 Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. 

Robert Webster

NYSE: IVZ; www.invesco.com.

About JLL

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

Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions.

 In doing so, we will build a better tomorrow for our clients, our people and our communities. 

JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. 

JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, please visit jll.com.

Contact:

 Kristen Murphy

 JLL Director, Public Relations

Phone: +1 617 848 1572

Email: Kristen.Murphy@am.jll.com

Thomas. E. Tether Joins Morrison & Foerster in New York

Thomas E. Tether

NEW YORK, NY – Morrison & Foerster, a leading global law firm, is pleased to announce that Thomas E. Tether has joined the firm in New York in its Global Real Estate Group.

He comes to the firm from Lendlease Group, an international property development, construction, and infrastructure company. Mr. Tether served in various leadership roles during his more than 16 years with Lendlease, most recently as general counsel for Lendlease Americas.

 Mark Edelstein

At Morrison & Foerster, Mr. Tether will, among other things, counsel clients on real property acquisitions and dispositions, joint ventures and partnerships, and the financing and development of all real estate asset classes.

During his last nine years as GC for the Americas region at Lendlease, Mr. Tether was a member of the regional executive leadership team and oversaw all legal services throughout the Americas, including in the United States, Canada, and Latin America.

Jeffrey Temple

He led a team of 18 in-house lawyers that provided legal services relating to the company’s real estate operations, including oversight of region-wide compliance and litigation.

He regularly negotiated and closed complex, multiparty corporate real estate transactions, and secured project financing through various governmental and private-sector debt and equity sources. Mr. Tether also served on the company’s regional investment and risk and compliance committees.

Alice Connaughton

“I am delighted to welcome Tom to the firm. He is a seasoned lawyer and his strong background in a wide variety of sophisticated commercial real estate matters both complements and enhances our group’s existing strengths,” said Mark Edelstein, chair of the firm’s Global Real Estate Group.

Heath Linsky

“Tom’s almost 30 years of experience in the real estate industry will immediately benefit our clients.”

Mr. Tether also brings experience in construction as it relates to large-scale project construction management, subcontracting, and procurement, including government contracting, as well as dispute management.

Additionally, he is highly qualified in public-private partnerships, having spent significant time on Military Housing Privatization Initiative projects while at Lendlease.

Oliver s’Jacob

“Tom’s in-depth understanding of issues pertaining to construction law and disputes and public-private partnerships further strengthens our group’s offerings,” said Jeffrey Temple, co-chair of the firm’s U.S. Real Estate Group.

“Tom has a long track record of success in the real estate space, and we are confident that he will be a great asset to our clients.”

Mr. Tether’s addition underscores Morrison & Foerster’s continued strategic expansion of its global real estate capabilities.

Luke Mines

He is the fifth senior real estate industry lawyer to join the firm in the past year, following REIT partners Alice Connaughton and Heath Linsky in Washington, D.C. and Atlanta, respectively; Equity and Finance Real Estate partners Oliver s’Jacob and Luke Mines in London; and Real Estate of counsel John Davie in New York.

“MoFo has one of the most highly-regarded and well-respected real estate groups,” said Mr. Tether. “I’ve had the pleasure of previously working with several of the firm’s real estate lawyers.

 "I look forward to closely collaborating with them and other attorneys at MoFo to further build on the firm’s real estate capabilities.”

John Davie

CONTACTS:

John Garger jgarger@rippmedia.com 212-262-7484
Allan Ripp aripp@rippmedia.com 212-262-7477

Heather McCrory Named Inaugural Castell Award Winner

Heather McCrory

ATLANTA, Oct. 3, 2019—Officials of Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, today named Heather McCrory, Accor chief executive officer of North & Central America, as the winner of its inaugural Castell Award honoring a woman leader in the hospitality investment arena. 

The award was presented to McCrory at the 2019 Lodging Conference held in Phoenix, Ariz., where she received a unique, handcrafted award designed by artist Brad McCollum representing the glass ceilings women rise through as they succeed. 

A seasoned professional with an extensive hospitality background spanning more than 30 years, McCrory joined Accor’s executive committee upon her appointment to CEO, North & Central America, in April 2019.

Patty Berg

In this position, she is responsible for the strategic direction of the global hospitality group in the region, with oversight of more than 115 hotels, 11 brands in 10 countries, 28,000 employees and more than $3 billion in revenue. 

She also serves as the executive sponsor for North & Central America for RiiSE, Accor’s international network to promote diversity that launched in October 2018.

“The work that the Castell Project is doing to assist women in securing one in every three leadership seats in the hospitality industry is encouraging, but we all still have a long way to go,” McCrory said.

"Gender inclusivity is a personal and passionate goal of mine, both for Accor and the hospitality industry at large.  While women make up more than 50 percent of the hospitality workforce, we need to have more females in the board room. 

"With organizations like the Castell Project in place, I am confident we will one day meet our diversity goals.  As numerous studies have proven, this benefits the industry and drives our collective performance.”

Accor’s Heather McCrory (left)  Receives 
the Inaugural Castell Award from Kirk Kinsell,
 board member and Peggy Berg, president, 
Castell Project, Inc.”

McCrory leads numerous initiatives as part of the RiiSE program, including a research project to understand why women are opting out of leadership roles and a formal mentorship program for women within the organization who have the potential and desire to be a GM within the next three to five years.

“The Castell Project received a wonderful roster of nominations describing deserving leaders and the impact they are having on coworkers – female and male – and how they are shifting the culture within their organizations,” said Peggy Berg, Castell Project president.

“Heather stood out as a powerful female making a difference in the industry. She understands wholeheartedly that as part of an international hospitality company, a more diverse team is a better performing team. Heather is an inspiration to other women as they find their own paths to success.”

 CONTACT:

CHRIS DALY

PRESIDENT

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-864-5553

 chris@dalygray.com | www.dalygray.com

www.CastellProject.org

AEG Facilities and SMG Complete Transaction to Create ASM Global

Bob Newman

Los Angeles, CA and  West Conshohocken, PA –-- AEG Facilities, LLC (“AEG Facilities”), the venue management affiliate of Anschutz Entertainment Group, Inc. (“AEG”), and SMG, a portfolio company of Onex (TSX: ONEX) and its affiliated funds, announced they completed their business combination to create a new, standalone global facility management and venue services company, ASM Global (“ASM”).

 ASM is headquartered in Los Angeles, CA, with key operations based in West Conshohocken, PA, a suburb of Philadelphia.

The company also has corporate offices in London, England; Manchester, England; Brisbane, Australia; and Sao Paulo, Brazil.

ASM operates a diversified portfolio of arenas, stadiums, convention and exhibition centers, performing arts centers, theaters and other venues with more than 300 facilities across five continents.

Wes Westley

 Bob Newman, former President of AEG Facilities, has been named President and CEO of ASM, effective immediately. Prior to joining AEG Facilities, Mr. Newman spent more than 20 years at SMG, last serving as a regional Vice President for the company.

Wes Westley, former CEO and President of SMG, will focus his efforts on key strategic growth initiatives and ensuring a seamless integration.

  “This marks the beginning of an exciting new chapter in our industry and one that will establish a new standard of excellence in managing live experiences," Newman said.

"Bringing together the combined global expertise of each company with the best content and cutting-edge technologies, we will be able to realize the full potential of the world’s greatest spaces, places and events, create amazing experiences for guests, offer exciting new opportunities to employees and deliver the highest value for all stakeholders.

"Equally important, our deep bench of talent and shared resources will enable ASM to accelerate innovation and capitalize on the growing market opportunities.”

Mark Gatley 

 Westley added, "I am very proud to have had the opportunity to lead such an incredible organization as SMG. We have a long history of working closely with our public and private partners and are confident in our ability to continue to meet and exceed their expectations.

"ASM’s focus moving forward will be on providing added value and best-in-class services to its customers. We are well-prepared for a seamless integration process.”

 Onex, AEG and their respective affiliates are contributing their entire equity investments in SMG and AEG Facilities, respectively, into the combined business and are now equal co-owners of ASM.

 “Initially, this will have no effect on our current operations or the expansion process,” said General Manager Mark Gatley of the SMG-managed Greater Fort Lauderdale / Broward County Convention Center, which is slated for a 525,000-sq.-ft. expansion and the addition of a 29-story, 800-room headquarters hotel.

“The merger will only enhance our ability to assist the leadership of Broward County in achieving the very best result.”

Contacts:

Michael Roth

VP, Communications

mroth@aegworldwide.com

+1 213.742.7155 (office)

+1 310.308.7684 (mobile)

 www.asmglobal.com

Julia Sznewajs

Res Publica Group

js@respublicagroup.com

+1 312.755.3574 (office)

The Preiss Company Completes Sale of Three Student Housing Communities in Raleigh, NC

Donna Preiss

RALEIGH, NC, Oct. 2, 2019—Officials at The Preiss Company (TPCO), one of the nation’s largest, privately-held, student housing owner-operators, today announced the completed sale of the 288-bed University Village at 2505, 162-bed Campus West at Tryon and 440-bed The College Inn in a portfolio transaction. 

“With the completed sale of these three assets, the company has exceeded $1 billion in transactions during 2019,” said Susan Folckemer, chief acquisitions & development officer, TPCO. 
 “We remain very bullish on the Raleigh market, as evidenced by our recent acquisition of Signature 1505, a 525-bed student housing project located along Hillsborough Street and continue to look for growth opportunities in this market.”

Susan Folckemer

University Village at 2505

            Developed by Preiss in 2012, the student housing complex is located at 2505 Red Lodge Place and is proximate to downtown Raleigh, NC State University and Crossroads in Cary.  
         The upscale, gated community offers four-bedroom, fully furnished, all-inclusive, pet-friendly apartments.  Amenities include an upscale clubhouse with 24/7 fitness center, resort-style pool, grilling area, full-service computer lab, free Starbucks coffee bar, study room and beach volleyball court.

Campus West at Tryon

Developed by Preiss in 2014, Campus West at Tryon is located at 5521 Avent Ferry Road on more than 5 and a half acres, approximately 1.5 miles from the North Carolina State University Centennial Campus.  Rooms feature state-of-the-art finishes, including granite countertops, stainless steel appliances and private bedrooms and bathrooms. 

North Carolina State University campus

The College Inn

            Constructed in 2004, The College Inn is located across from NC State’s campus at 2717 Western Blvd.  The student housing community provides roommate matching in fully furnished apartments with all utilities included.  The fully gated community offer upgraded units and resident programs including Waffle Wednesday every Wednesday.  

Amenities include a fitness center, pool with sundeck, community grill and patio, media and game room, tanning bed and internet cafe.  Two-, three- and four-bedroom apartments are available with the option of a private bathroom.

The College Inn Apartments, Raleigh, NC

            “We plan to reinvest the proceeds from this sale back into our student housing portfolio almost immediately, focusing on additional acquisitions at UNC and Georgia Tech,” said Donna Preiss, founder and CEO, TPCO.  

           “We maintain a deep bench of various housing options for discerning students in the local North Carolina State market.  
            "The recent transaction refocuses our goal of expanding our portfolio of affordable, luxury student housing facilities across the country through data-driven market research and in-depth analysis of current and future students’ needs.”

CONTACTS:

PATRICK DALY

OFFICE MANAGER

DALY GRAY PUBLIC RELATIONS, INC.

620 Herndon Parkway, Suite 115 | Herndon, VA 20170

Main: 703-435-6293

Mobile: 703-300-8289

patrick@dalygray.com | www.dalygray.com

Amy Barger, 
Vice President of Public Relations

The Preiss Company

(919) 532-1114

amy.barger@tpco.com

 www.tpco.com

                                      

HPM Bolsters Preconstruction Team in Birmingham, AL With Trio of New Hires

Del Buck

BIRMINGHAM, AL (Oct. 2, 2019) – Hoar Program Management (HPM) today announced a series of new hires in the company’s Program Development Group that increases expertise in preconstruction and enhances its capabilities as one of the industry’s only third-party program management providers.

Leading the charge will be industry veteran Del Buck, who joins HPM as the company’s Vice President of Preconstruction.

 In his new role, Buck will be responsible for overseeing project estimates and budget development for all of HPM’s program management assignments, and will also help streamline HPM’s processes for preconstruction services as the firm and other industry players continue to adapt to rising construction costs being fueled by the ongoing labor shortage.

With over 30 years of general contracting and executive experience across six continents, Buck brings proven leadership, creative problem-solving skills and valuable hands-on field experience that will allow HPM to provide competitive cost certainty as the firm continues its push into major program management markets.

Mike Lanier

Buck’s track record includes overseeing an annual project bid volume of more than $3 billion for preconstruction assignments in a variety of real estate sectors, including retail, industrial, multifamily, higher education, K-12, medical and government. 

He also provided administrative and technical oversight for multiple contracts with the U.S. Department of State for the construction of several new embassy compounds in Africa.

Buck most recently served as Vice President of Preconstruction and Estimating at Caddell Construction, and is leveraging his past experience in detention for a new program management assignment HPM recently landed with the Alabama Department of Corrections.

Michael Eskew 

“Del is making an instant impact at our company, and has the ideal background to help lead us into the next chapter of our growth story,” said Mike Lanier, President of HPM. 

“We all know how difficult of an environment we’re in right now due to the labor shortage and rising costs of materials, but we believe Del’s ability to see through the GC lens combined with the advanced estimating technology and pricing databases at HPM will give us a competitive edge that cannot be replicated elsewhere. 

"He will help us fill a distinct market void for construction professionals who can guide owners through the entire building process and add value through cost certainty and a more predictable schedule.”

“I am honored and excited to join the incredible group of professionals at HPM,” said Buck.

“The duties of my position match up remarkably well with the experience I gained throughout my career as a general contractor, and the ability to leverage that with HPM’s vast database of pricing technology will allow us to offer custom-produced services that are tailored for each owner’s budget and scheduling requirements.

Kyle Talley 

"Together, we will add desirable clients and projects to HPM’s already impressive portfolio.”

Buck will have full responsibility for monitoring schedule progress, budget adherence and owner relations for assignments across the firm’s portfolio. 

His construction experience ranges across the United States and internationally, including many African, South American, European and Middle Eastern states, as well as Nepal, China, South Korea and New Zealand. 

An Alabama native, Buck is also a graduate of both the American Institute of Estimating and the FMI Leadership Program.

HPM also announced the hirings of Michael Eskew as Mechanical Preconstruction Manager and Kyle Talley as Electrical Preconstruction Manager. 

The additions of Eskew and Talley further increase the level of in-house expertise provided by HPM, and allow the firm to provide a more cohesive and extensive menu of preconstruction service offerings.

Eskew is an Auburn University graduate, and has over 25 years of experience in mechanical engineering, project management, sales and preconstruction services in the construction industry. His move to the program management arena provides a new opportunity to apply his knowledge and practical experience.

Ryan Austin

Talley previously worked for a large electrical subcontractor for 18 years, working in the field on various construction projects. He has extensive experience as a chief electrical estimator, and has developed a reputation for balancing thoroughness, organization, and accuracy with the flexibility and time management required to meet client deadlines.

“Being able to land two specialists who have the level of experience and expertise that Michael and Kyle possess presented a rare opportunity, and we’re thrilled they’ve agreed to join our team,” said Ryan Austin, Chief Operations Officer at HPM.

 “Now more than ever, it’s imperative to find leaders who have a keen understanding of where to find cost savings and creative workarounds with subcontractors so we can present competitive solutions for owners and developers who are getting squeezed by construction price hikes. Preconstruction services will continue to be a top priority for HPM moving forward.”

 CONTACT:

Sophie Coffman · Fellow

1718 Peachtree St., Suite 1048 

Atlanta, GA. 30309

M: 404.824.5899

www.thewilbertgroup.com

www.hpmleadership.com