Friday, April 29, 2011
Hendricks & Partners Closes on Four Apartment Communities in the Birmingham area totaling $3.5 million
BIRMINGHAM, Ala. --- Hendricks & Partners, which ranks as one of the nation’s largest multi-family real estate advisory and research firms, closed on four sales of rental apartment communities in the Birmingham area for $3.5 million since the start of the year.
David Oakley, senior investment advisor for Hendricks & Partners in Birmingham, negotiated all four property sales and represented both buyers and sellers in three out of the four transactions.
Oakley negotiated the sale of the 54-unit Wedgewood Apartment property along with Hal Warren, associate partner of Hendricks & Partners in Orlando.
“Wedgewood Apartments sit adjacent to the Highland Bluffs and Highland View apartments that Abbey Residential acquired in November 2010 and they plan to blend these into their Highland Portfolio,” Oakley said.
Highland court (middle left photo) located in Birmingham’s Lakeview Avondale area, sold for $560,000 to Domar Properties II, LLC of Birmingham. The 36 unit property was 50 percent occupied at closing, Oakley said. Bulldog Investments, LLC was the seller.
Hillwood Apartments (lower right photo), 100 Pinson Place in Birmingham, sold for $490,000 to Hillwood Apartments, LLC. The 44 unit property in the Pinson community was 59 percent occupied at the time of closing. Superior Bank was the seller and was represented by Bob Schuler with Schuler Realty Investment, LLC
For more information, contact:
David Oakley, Senior Investment Advisor, Hendricks & Partners, 205-918-0785 email@example.com
Cole Whitaker, Southeast Partner, Hendricks & Partners, 407-218-8880, cwhitaker@HPAPTS.com
Hal Warren, Associate Partner, Hendricks & Partners, 407-218-8881, hwarren@HPAPTS.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 or 407-461-3780, firstname.lastname@example.org.
LONGWOOD, FL — D & A Waterproofing Services Inc., a waterproofing contractor, has secured two new contracts in Orlando, Fla., that total $175,000.
Under contract with BB&B Construction Services of Florida Inc. of Fort Myers, Fla., D & A Waterproofing is providing air and vapor barrier installation using modified bituminous sheet systems for the Domiciliary and Community Living Center project at the new $600 million Orlando VA Medical Center currently under construction in southeast Orlando, Fla.
At the First United Methodist Church in downtown Orlando, D & A Waterproofing is providing the installation of air barrier systems for the First United Methodist Church in downtown Orlando.
PR Contact: Elaine Ingra, (407) 384-1344 email@example.com
Savanna and Monday Properties Launch $30 Million Capital Improvement Plan for 386 Park Avenue South in Manhattan
NEW YORK – APRIL 27, 2011 – Savanna and Monday Properties have launched a $30 million capital improvement plan alongside a new marketing and leasing program for 386 Park Avenue South (top left photo), a 20-story, 260,000-square-foot office building located on the northwest corner of Park Avenue South and 27th Street in the Midtown South district of Manhattan.
The owners of the Art Deco building are undertaking a broad capital improvement plan that includes a revitalized lobby, new windows, new elevator cabs, new common corridors, renovated restrooms and new heating and cooling systems.
These significant upgrades coincide with the unique availability of a 65,000 square foot block of space comprised of five contiguous full floors. Savanna and Monday Properties are also announcing the completion of an 8,600-square-foot prebuilt office space on the southern portion of the 8th floor.
The new prebuilt suite features modern offices with eight-foot wooden doors, new large energy-efficient windows, a new reception, elevator corridor, and a glass-front conference room. The prebuilt space allows immediate occupancy for small to mid-size tenants.
“We are excited to launch this major capital improvement plan and leasing program at 386 Park Avenue South,” said Christopher Schlank (lower left photo) a Managing Partner of Savanna. “The broad improvements and high quality prebuilt space at 386 will further enhance the building’s appeal to its existing and potential tenants. With a 65,000 square foot block of space available, in addition to the 8th floor prebuilt, we expect significant leasing activity over the course of this year and into 2012.”
“The Flatiron and Madison Park tenant community is a dynamic mix of new and established firms that extends across many industries," said Brian Robin, Monday Properties Chief Operating Officer. "We have targeted, high impact renovation work to create a fresh work environment in the city’s most vibrant submarket.”
In January 2011, the owners announced the closing of a $58 million loan from PCCP, LLC to finance this capital improvement plan and leasing program. Chase Bank’s ground floor lease renewal of its 12,000-square-foot retail space at 386 Park Avenue South was also announced in January as the first leasing benchmark.
The building is conveniently located next to a number 6 subway station, offering transportation access directly adjacent to the building’s entrance.
Leasing and marketing for the property is led by Jordan Berger of Monday Properties.
DALLAS, TX – HFF announced that it has arranged $25.87 million in financing for The Suites at Overton Park (top left photo) a 298-unit multi-housing community across from Texas Tech’s campus in Lubbock, Texas.
HFF worked exclusively on behalf of the borrower, McDougal Companies, to secure the five-year fixed-rate loan with Freddie Mac (Federal Home Loan Mortgage Corporation). HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. Loan proceeds retired construction debt that HFF had arranged for the property in December 2007.
The Suites at Overton Park is situated on 5.8 acres at 2300 Glenna Goodacre Boulevard adjacent to Texas Tech and Jones AT&T Stadium in Lubbock. Completed in 2008, the four-story property features a parking garage, resort-style swimming pool, walking track, media room, fitness center, technology center, multi-media room and laundry facilities. The Suites at Overton Park is 99 percent leased.
The HFF team representing McDougal Companies was led by senior managing director Mona Carlton (middle right photo).
McDougal Companies was founded in 1982 and today includes three separate divisions; McDougal Properties, McDougal Realtors and McDougal Construction, which are focused on multifamily housing, real estate and construction in west Texas.
Mona K. Carlton, HFF Senior Managing Director, (214) 265-0880, firstname.lastname@example.org
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,
Completed in 2009, University Park has eight stories of Class A office space that is currently 26 percent occupied. The property represents the first phase of a mixed-use project adjacent to Interstate 35 just north of the University of Texas.
Spear Street Capital is a San Francisco-based, real estate investment company dedicated to pursuing select office investment opportunities nationwide. The firm has a significant presence in Austin having previously acquired projects including Riata Corporate Center, Las Cimas II & III and the former Freescale campus in north Austi
Andrew Levy, HFF Senior Managing Director, (214) 265-0880, email@example.com
Todd Savage, HFF Managing Director, (214) 265-0880, firstname.lastname@example.org
Elizabeth Malone, HFF Associate Director, (214) 265-0880, email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
NEW YORK, NY –HFF announced that it has closed the sale of The Elektra (top left photo), a 32-story, 166-unit luxury multi-housing tower in Manhattan’s Gramercy neighborhood.
HFF marketed the property on behalf of the seller, JP Morgan Investment Management, Inc. Invesco Real Estate purchased The Elektra for an undisclosed amount and assumed existing financing on the property.
The Elektra is located at 290 Third Avenue between East 22nd and 23rd Streets within blocks of Midtown Manhattan and close to numerous mass transit lines as well as Park Avenue South, Madison Square Park, Gramercy Park and Union Square.
Originally completed in 1992, the 95 percent occupied property was fully redeveloped in 2008 and includes studio, one- and two-bedroom units averaging 701 square feet each. Building amenities include a 24-hour attended lobby, rooftop sky deck, health club and laundry facilities. The property also includes 5,341 square feet of ground level retail that is fully leased.
The HFF team representing the seller included senior managing directors Andrew Scandalios (lower right photo) and Jose Cruz, and directors Jeff Julien and Kevin O’Hearn.
Andrew G. Scandalios, HFF Senior Managing Director, (212) 245-2425
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
HFF arranges $59.5 million in construction and mezzanine financing for the first project of the Civita master-plan in San Diego, CA
HFF worked exclusively on behalf of Sudberry Development, Inc. to secure the $47 million, three-year construction loan through Wells Fargo Real Estate Group, Inc. A $12.5 million mezzanine loan was secured through a life insurance company.
Formerly known as Quarry Falls, Civita is a 230-acre urban infill community, which upon build-out may include 4,780 residential units, 480,000 square feet of retail, 420,000 square feet of office, a civic center with amphitheater, a recreation center and public parks/open space. .
The Civita community is west of Interstate 805 at 5723 Mission Center Road in Mission Valley. The community will have access to the San Diego Trolley via a pedestrian bridge and is close to Qualcomm Stadium, Interstates 15 and 8, Highway 163, and multiple dining, hospitality, restaurant and entertainment destinations.
Available for first occupancy in April 2012, the 10.65-acre Circa 37 project will have 11 buildings with 306 one-, two- and three-bedroom units averaging 948 square feet each. Featuring classic architecture with an urban feel, the planned community amenities include a clubhouse with fitness center, game room and roof terrace, a junior Olympic resort-style salt water swimming pool and an outdoor children’s play area.
The HFF team representing the borrower, Sudberry Development, Inc., included director Aldon Cole (middle right photo) and senior managing director Tim Wright (lower left photo).
“Circa 37 is the first project within one of the largest development sites in central San Diego. Sudberry Properties is an ideal developer of the site due to their commitment to the community of San Diego and their prior successes in entitling and developing other Mission Valley sites,” said Cole. “Upon build-out, this will be an outstanding development in an area that has long been identified as a preferred location to live, work and play.”
Sudberry Development is a San Diego-based real estate development and asset management company that specializes in institutional quality projects and mixed-use town center communities.
Aldon L. Cole, HFF Director, (858) 552-7690, firstname.lastname@example.org
Timothy D. Wright, HFF Senior Managing Director, (858) 552-7690 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
Thursday, April 28, 2011
Starwood Capital Group and Bainbridge Companies Acquire Seven Apartment Communities in Maryland and Virginia
.Greenwich, CT and Wellington, FL – April 28, 2011 – Starwood Capital Group Global, a leading private investment firm, Bainbridge Companies, LLC, a fully integrated family of real estate companies, announced today that a joint venture between affiliates of both companies and a major institutional investor have acquired seven apartment communities in the Washington, D.C. metropolitan area.
Terms of the transaction were not disclosed. The acquisition includes a total of 1,626 apartment units in Virginia and Maryland, including:
- Amberton Apartments (190 units) in Manassas, VA
- The Reserve at Regency Park Apartments (252 units) in Centreville, VA
- Westfield Village Apartments (228 units) in Centreville, VA
- Saddle Ridge Apartments (216 units) in Ashburn, VA
- The Reserve at Towne Center Apartments (290 units) in Potomac Falls, VA
- Woodside Apartments (252 units) in Lorton, VA
- Clary’s Crossing Apartments (198 apartments) in Columbia, MD
The units involved in the acquisition, which closed on April 26th, average approximately 950 square feet each.
The properties were completed in between 1987 and 2002. The joint venture has secured seven-year financing for the properties from Freddie Mac at 4.87 percent. The joint venture will begin shortly on an extensive remodeling and upgrade program at the communities, which involves updating amenities, interiors, exteriors, landscaping and signs.
Total capitalization including the remodeling and upgrades will be approximately $300 million. Bainbridge Management will manage the properties.
“This investment presents the opportunity to capitalize on submarkets with favorable growth and household incomes and with very limited new supply,” said Adam Shah, Vice President at Starwood Capital Group. “Additionally, this portfolio will benefit from a capital investment program to reposition the assets and bring rents in-line with similar properties.”
Chris Graham, Managing Director at Starwood Capital Group, added: “We are very excited about this new venture and the opportunity to capitalize on the current and projected strength of the DC Metro apartment market.”
Richard Schechter, (top right photo) CEO of Bainbridge added: "We are extremely excited about the opportunity to acquire and enhance the value of this excellent portfolio of properties in perhaps one of the most vibrant markets in the country. We are also looking forward to partnering with Starwood Capital, one of the most knowledgeable and capable institutional investors in real estate today."
For Starwood Capital Group: Tom Johnson, Abernathy MacGregor Group
For Bainbridge Companies:: Terri Thornton, Thornton Communications
(404) 932-4347, Terri@TerriThornton.com
Uniondale, NY (April 28, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of six loans totaling $21,088,800 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines along both the East and West Coasts:
Reve Apartments, Brooklyn, NY (top left photo) – The 34-unit complex received $8,850,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.
Gordonhurst Apartments, Montclair, NJ (top right photo)– The 65-unit complex received $3,750,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
Berkshire Gardens, Summit, NJ (middle left photo)– The 22-unit complex received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
30 East Elm Street, Linden, NJ (middle right photo)– The 42-unit complex received $1,804,300 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
Meadows Apartments II, Eureka, CA (lower left photo) – The 44-unit complex received $2,684,500 funded under the Fannie Mae DUS® Loan product line. The seven-year and seven-month loan amortizes on a 30-year schedule.
Newport Apartments, Los Angeles, CA (lower right photo) – The 18-unit complex received $1,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
The loans were originated by Stephen York, Director, in Arbor’s full-service New York, NY, lending office.
“The borrowers in all six of these deals took advantage of attractive low interest rates to refinance their respective properties,” York said.
“These transactions demonstrate Arbor’s unique ability to not only finance larger deals, but, in this specific case, smaller deals that deserve equal attention from lenders, even as low as $1 million.”
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets.
Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $7.7 billion,
Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets.
Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States.
For more information about Arbor, visit http://www.arbor.com/
Contact: Christopher Ostrowski, firstname.lastname@example.org
This new space fosters collaboration between the Chemistry, Physics, Engineering and Computational Theory programs in the new 26,000-square-foot building. With 17 labs and additional workspace, this state-of-the-art facility is designed for interdisciplinary partnership on scientific experiments.
The project, which began in March 2010, is the first space of its kind for the university. In addition to the various labs, the floor provides workspaces for further collaboration with various workstations located throughout the space.
This project reflects the continuing partnership between Carter and USF that began in 2004. Carter has worked with the university on developing two buildings in the Research Park in addition to a medical office building development. We look forward to continuing our relationship with USF.
Contact: Tony Wilbert, email@example.com
ATLANTA, GA – Bull Realty said it brokered a deal between Noble Properties and Joshua Realty & Loan for the Golden Corral location in Austell, Ga (top left photo).
The buyer, seller, and broker involved in the net-leased investment sale are all Certified Commercial Investment Members.
Certified Commercial Investment Member Virginia Wright, of Bull Realty, was hired by Edward Zorn, CCIM, of Joshua Realty & Loan to sell the 10,771-square-foot building. The 2.8 acre site is conveniently located at 2845 Austell Road, along one of the most heavily traveled streets in the city.
Within the first month of being on the market, Wright presented an offer from Neil Efron, CCIM, who serves as director of acquisitions for Noble Properties of Greenacres, Fla.
Shortly after negotiations started, Zorn and Efron signed a pooling servicer agreement. The deal closed earlier this month and Noble Properties took over as the owner.
“It’s certainly a good situation to have all three sides in a sale represented by CCIMs,” said Wright, vice president of the Net Lease Investments for Bull. “Working with two other people who know the in’s and out’s of this type of sale helped in moving the deal along quickly and smoothly.”
CCIMs are recognized experts in the disciplines of commercial and investment real estate. The designation is awarded by the CCIM Institute and more than 9,500 professionals around the world hold the title.
For more information on Bull Realty, please go to http://www.bullrealty.com/
Contact: Midd Read
Office: (404) 965-5024
Cell: (404) 901-4433
The Four Points by Sheraton Pune is owned by Duet India Hotels (Pune) Private Limited, a subsidiary of U.K.-based, real estate investment group Duet Hotels, dedicated to hotel investment and development in India.
“The opening of these two properties represents our second and third properties under management since we formed our joint venture with JHM Hotels and launched our third-party management platform in India,” said Thomas F. Hewitt (lower left photo), Interstate’s chairman and chief executive officer.
“Our business model, focused on local contacts and in-country experience, has translated well to India and enabled us to establish a strong operating platform there.
“Working with Duet Hotels, our largest hotel owner and investment partner in India, and JHM Hotels, our JV partner, we have developed a robust pipeline of third-party management opportunities in India.
“ We are also proud to be expanding our management relationships with such highly respected regional developers as Mr. K. Sarat Kumar Reddy, managing director of Vishnupriya. We expect to see continued vigorous growth in 2011 and beyond.”
Additional information about Interstate is available at the company’s website, www.ihrco.com
Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293, firstname.lastname@example.org Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts, (703) 387-3320
STATE COLLEGE, Pa., April 28, 2011—Officials of Shaner Corporation today announced that the company has formed a new division, Shaner Italia, SRL to own and operate hotels in Italy and has formed its first joint-venture acquisition there.
The company has acquired a major ownership position in Il Ciocco Hotel & Resort (top left photo), a 180-room luxury resort in picturesque Barga, Italy, in the Apennine Mountains of the Tuscany region.
The original owners, the Marcucci family, a prominent Italian family, will retain an ownership interest in the property.
The hotel will undertake a multi-million Euro renovation and convert to Marriott’s Renaissance brand late this year or in early 2012 under the name Renaissance Il Ciocco Tuscany Resort & Spa. Shaner Ciocco, a subsidiary of Shaner Italia, will manage the five-star level hotel.
“There is growing worldwide demand for internationally recognized hotel brands,” said Lance Shaner (lower right photo), chairman and CEO of SHG. “Italy is a great hotel market but requires strong local knowledge for long-term success.
“Over the next several years, we intend to partner with local owners/investment groups to develop or acquire up to five hotels. We will focus on Marriott-branded hotels, looking at major cities and resort areas primarily in Tuscany and then eventually expanding to other parts of Italy.
“We will look for opportunities ranging from luxury hotels to upscale focused-service properties.”
Headquartered in State College, Pa., Shaner Hotel Group is part of the Shaner Companies, a diversified, privately held company that owns and operates investments in the lodging, investment, energy and professional service sectors. Shaner Hotel Group is a developer/owner/operator that currently owns and manages more than 30 hotels.
For more information about Shaner, please visit the company’s web site, www.shanercorp.com
Justin Shaner (media), (786) 472-5931, jshaner@thejlsagen
Plato Ghinos (development), (814 234-4460, email@example.com
FORT LAUDERDALE, FL, April 28, 2011 – Berger Commercial Realty Corp., a full service commercial real estate firm based in Fort Lauderdale and serving clients around the state, announced broker Steve Hyatt (top right photo) recently represented BDH&R Investment Company in the $6 million sale of a 7.2-acre automotive dealership site in the Denver, Colo. area to CarMax Auto Superstores.
The property, located 2600 W. 104th Ave. in Federal Heights, Colo., formerly housed a Saturn dealership before the franchise was phased out by General Motors in October 2010.
The owner of the Saturn dealership contacted Hyatt for assistance in finding a buyer for the property because of Hyatt's previous experience at AutoNation, Inc. (NYSE: AN), an $18 billion, Fortune 100 automotive retailer based in Fort Lauderdale where Hyatt served as Vice President of Corporate Development for 12 years.
With knowledge of the area and the automotive industry, Hyatt contacted surrounding new vehicle dealerships to check if any had an interest in expanding, including CarMax.
"I knew CarMax had successfully expanded into former dealerships in the past," said Hyatt. "They were familiar with the site and its desirability in a key automotive market. It was a perfect fit for them."
A deal for the purchase of the property, subject to final site plan approval, was put together within three weeks of Hyatt's initial contact with CarMax.
While at AutoNation, Hyatt was responsible for the acquisition and disposition of more than 175 automobile dealerships in 17 states. At Berger Commercial Realty Corp., he serves as Senior Vice President and Director of Business Development. He is active in investment sales and continues to work with and meet the real estate needs of numerous automotive retailers and original equipment manufacturers (OEMs) across the country.
For more information, visit http://www.bergercommercial.com/
Contact: Marielle Sologuren, Phone: (954) 776-1999, ext. 226
Fax: (954) 776-0290, firstname.lastname@example.org
ORLANDO, FL --Michael Havens, with Golfpark Properties has recently completed three leases for a Class A Office Building in Baldwin Park.
Havens represented the owner, NYTOKEMA, LLC, for the 2,275 total square feet of space at 976 Lake Baldwin Lane Orlando, FL 32814. New tenants include Visionary Vanguard Group, Raftelis Financial Consultants, and Birth Defects Research.
Contact: Michael Havens, 407-566-9482, Golfpark Properties
215 Celebration Place, Suite 170, Celebration, FL 34747
Tuesday, April 26, 2011
The Randall Book team that joins Colliers International also consists of Patrich Jett (middle left photo), LEED AP, who joins Colliers International as assistant vice president, and Suzanne George and Julie Gitary (lower right photo).
Jett most recently worked in Grubb & Ellis' Tenant Advisory Group, representing a variety of local and national tenants and was one of the first commercial real estate brokers in Michigan to achieve the LEED accreditation.
Russ Colchamiro, email@example.com , of The Marino Organization, +1-212-889-0808
Web Site: http://www.colliers.com/
PORT ST. LUCIE, FL, /PRNewswire/ -- Lang Realty, one of the dominant real estate companies in South Florida (www.langrealty.com), proudly announced that it has purchased Villager Realty LLC from The Kolter Group.
The office will operate under the name Lang Realty of St. Lucie County and it plans on an aggressive expansion in the county.
"We want to continue to be the leader in western Port St. Lucie, including PGA Village, but want to quickly increase our agents' presence across the county," said Scott Agran, (top right photo) President of Lang Realty.
"We think very highly of the St. Lucie County market, we love our office location in the heart of Western St. Lucie County, and are eager to start getting involved with the community and bring some new jobs to the area."
The office is located at 9700 Reserve Boulevard, Port St. Lucie, FL 34986.
For more information about Lang Realty and details on current listings, call (561) 989-2100 or visit http://www.langrealty.com/
You can also follow Lang Realty on Facebook, Twitter, LinkedIn and Lang's blog for real estate updates and Lang Realty news.
Media Contact: Glen Calder, TransMedia Group, (561) 750-9800 ext. 216
The asset commanded a sales price of $1,400,000.
98 Palms Strip Center was built in 2003 and is located at 985 Highway 98East. The property is well located in the heart of the Destin retail market and over 50,000 vehicles per day pass by the property location on Highway 98.
Nearby retail attractions include the 420,000-square foot Destin Commons and the 465,000-square foot Silver Sands Factory Outlet Center.
“This added value center should prove to be a good long term investment for the buyer, due to its location in a growing and high income market” says Strauss. “The property was bought in conjunction with an adjacent Walgreens, which will help to provide an income safety net while the retail portion is leased up” adds Jaworski
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
Follow us at http://www.Twitter.com/mmreis
Web site: http://www.marcusmillichap.com/
NORFOLK, NB, April 26, 2011 – Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 105 hotels in 23 states, announced that it had implemented its strategy of employing regional hotel management companies to optimize operating results at its hotels.
Following a comprehensive selection process, Supertel has signed agreements with separate management companies, each of which will operate a regional portion of Supertel’s hotel portfolio.
The companies are Hospitality Management Advisors, Inc., Strand Development Company, LLC, and Kinseth Hotel Corporation. HLC Hotels, Inc. will continue to manage the company’s 10-hotel Masters Inns portfolio.
“Like all real estate, hotels are a local business, and this strategic move from centralized management to a regional approach with operators who have a long-term track record in those markets, is expected to generate higher returns through better knowledge of our markets,” said Kelly A. Walters (top right photo), Supertel’s president and CEO.
“Each of these operators has similar experience and a proven record of success and has been recognized for award-winning performance.
“They also have the development and acquisition experience we seek to assist us when we return to our acquisition strategy.
All of these operators have management portfolios similar to Supertel’s targeted profile of premium select-service brands as the company continues to transition over time to a more upmarket portfolio.”
For more information or to make a hotel reservation, visit http://www.supertelinc.com/
Jerry Daly, Carol McCune, Daly Gray, (Media Contact), 703.435.6293