Saturday, February 19, 2011

Mori Hosseini, Founder of ICI Homes to Speak at Entrepreneurs Lecture Series at Halifax Museum Feb. 26

DAYTONA BEACH, FL --- Mori Hosseini,(top right photo) chairman and chief executive officer of Florida based home builder ICI Homes, will present a lecture Saturday, Feb. 26 at the Halifax Historical Museum, 252 S. Beach St. in Daytona Beach.

Hosseini’s presentation is part of the Museum-organized lecture series “Entrepreneurial Dreams That Grew.”

Hosseini founded ICI Homes in 1980 and grew to become the largest residential home builder in Volusia County, expanding in Flagler, Brevard, Osceola, Orange, St. Johns, Nassau and Duval Counties.  More recently, ICI Homes established itself in Georgia, Tennessee and North Carolina.

ICI Homes consistently ranks among Builder magazine’s list of the top 100 builders in the nation.

Hosseini will be speaking at 10 a.m.

For more information about the Entrepreneurs Lecture Series at the Halifax Historical Museum, call Fayn LeVeille, Director 386-255 6976

For more information about this press release, contact:
Lisa A. Egle, Marketing Manager ICI Homes-Daytona Beach, 386-236-4273
Rosemary Messina, Vice President of Sales & Marketing, ICI Homes, 386-236-4231
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 

Chatham Lodging Trust Announces Fourth Quarter Results

 PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on upscale extended-stay hotels and premium-branded select-service hotels, today announced results for the fourth quarter ended December 31, 2010.

Fourth Quarter 2010 Highlights

  • ·            Reported pro forma revenue per available room (RevPAR) for the fourth quarter of $83.19, an increase of 3.5 percent from the comparable period in 2009, assuming the company owned all 13 of its hotels for the entire fourth quarter.

  • Pro forma occupancy rose 2.7 percent to 73.1 percent and pro forma average daily rate (ADR) was up 0.7 percent to $113.76. Pro forma RevPAR reflects the adverse impact of rooms out of service at three hotels due to accelerated renovations
  • ·            Recorded gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) of 40.2 percent for the fourth quarter, increasing 170 basis points over the fourth quarter 2009.
  • ·            Generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $3.4 million, adjusted funds from operations (FFO) of $2.2 million and adjusted FFO per diluted share of $0.24 based on shares outstanding in the fourth quarter.
  • ·            Trailing twelve month adjusted EBITDA yield of 9 percent and capitalization rate of 8 percent on 2010 net operating income for the 13 hotels owned at December 31, 2010.
  • ·            Declared a dividend of $0.175 per share.
  • ·            Invested $53 million to acquire two hotels comprising 269 rooms, bringing Chatham’s current hotel portfolio to 13 hotels and 1,650 rooms.
  • ·            Closed on $85 million secured revolving credit facility that can expand to $110 million.

“We continue to successfully execute our business plan, as evidenced by our acquisition pace and income yields, our conservative capital structure and healthy dividends, putting us well ahead of the expectations we set forth at the time of our IPO,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.

 “We are very pleased with our results in 2010 with revenue and EBITDA exceeding our IPO expectations.  With the recent completion of our $74 million secondary offering, we are well positioned to deliver accretive acquisitions that will in turn drive incremental returns for our shareholders.”

Dennis Craven (Company), Chief Financial Officer, (561) 227-1386,     
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293

New Faces at Grubb & Ellis

Todd Motoyoshi Joins as Senior Vice President, Office Group

 SAN FRANCISCO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Todd Motoyoshi (top right photo) has joined the company as senior vice president, Office Group, and will be a member of the company’s Tenant Advisory Group and Law Firm Practice Group.

 “We have significantly expanded our presence in the Bay Area over the past two years by recruiting highly seasoned professionals with versatile skill sets,” said Mark Geisreiter, executive vice president and regional managing director of Grubb & Ellis’ Bay Area Real Estate Services operations.

“Todd is an excellent addition to our office and I’m confident he will contribute to our growth.  He brings established relationships with many law firms and financial institutions throughout the region,”

 A 23-year veteran of commercial real estate, Motoyoshi joins Grubb & Ellis from Colliers International, where he was a senior vice president in the company’s Corporate Services Group.

James E. Morris, SIOR, and James B. Bohar Welcomed at Company’s New Oakland Office 

OAKLAND, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that James E. Morris (middle  left photo), SIOR, and James B. Bohar (middle right photo)  have joined the company’s new Oakland office as vice presidents, Industrial Group.  They join Grubb & Ellis from Cushman & Wakefield. 

 “As we build our Oakland presence I could not be more pleased to have Jim Morris and Jim Bohar on board,” said Edward F. Del Beccaro, managing director of Grubb & Ellis’ East Bay offices.  “They bring considerable experience and a number of long-term client relationships in the region, which gives us a strong industrial platform from which to grow.”

 With more than 21 years of experience in commercial real estate, Morris joins Grubb & Ellis as a member of the company’s Global Logistics practice group.  He joins from the Oakland office of Cushman & Wakefield, where he was a senior director and managing broker. 

Bohar brings 28 years of commercial real estate and specializes in representing landlords and tenants in sale and lease transactions, as well as users and developers of industrial properties.

Grubb & Ellis Adds Project Management with Addition of Kenneth C. Huber as Senior Vice President

SAN JOSE, CA– Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that it has added Project Management capabilities to its San Jose office with the addition of Kenneth C. Huber (lower left photo) as senior vice president, Project Management.  Huber will help with business development in the Silicon Valley as well as supplement the company’s project management efforts throughout the Bay Area. 

 “Ken has a long history in the construction industry and has developed a well-respected reputation,” said Dick Scott, managing director of Grubb & Ellis’ San Jose office.  “We are excited to be expanding our service capabilities.”

 Huber brings more than 35 years of experience in all phases of commercial and R&D facility projects, including expansions, alterations and projects with unique requirements or hard to meet time schedules.

Most recently, he spent six years as a site project manager with Benjamin R. Harvey Construction Company.

Grubb & Ellis Landauer Valuation Advisory Services Opens in San Diego with Kent J. Carpenter and Team

 SAN DIEGO, CA) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Kent J. Carpenter, MAI, a former principal of San Diego-based Lipman Stevens & Carpenter Inc., and his partners have joined Grubb & Ellis Landauer Valuation Advisory Services’ new San Diego office, effective immediately. 

 Carpenter joins as managing director of the new Grubb & Ellis Landauer office, which is one of 24 that have opened throughout the country over the past three months.  Also joining the company is Hilliard “Bill” Lipman, MAI, CRE, and Walter “Wally” J. Stevens, MAI, who join as executive vice presidents. 

Mike Merk Joins as Senior Vice President, Office Group

PHOENIX, AZ – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mike Merk (lower right photo) has joined the company as senior vice president, Office Group. 

“Mike is a solutions-driven commercial real estate professional with extensive corporate experience who will serve our clients well,” said Pete Bolton, executive vice president and managing director of Grubb & Ellis’ Phoenix office.  “He brings great relationships and an in-depth understanding of the brokerage business.  I am thrilled to welcome him to our Phoenix office.”

 Merk joins Grubb & Ellis from BAX Global Inc., where since 2002 he was the director of real estate responsible for the company’s 4.1 million-square-foot North American office and industrial portfolio.

 John Sechser Rejoins Company as Senior Vice President, Retail Group

WALNUT CREEK, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that John Sechser (lower left photo) has rejoined the company’s Walnut Creek office as senior vice president, Retail Group. 

 “I am very happy to have John join Grubb & Ellis’ growing East Bay team and look forward to leveraging his experience, relationships and in-depth knowledge of the marketplace as we continue to expand and strengthen our presence in the local retail market,” said Edward F. Del Beccaro, managing director, Walnut Creek. 

Sechser is the latest professional to join the company’s growing Bay Area operations.  He returns to Grubb & Ellis after spending nearly 12 years with Colliers International, where he was a senior vice president and co-director of the company’s Walnut Creek Retail division.

William Robertson Joins as Senior Vice President, Project Management

LOS ANGELES, CA – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that William Robertson (lower right photo), LEED AP, has joined the company as senior vice president, Project Management.

 “William has earned an excellent reputation in the commercial real estate industry as a skilled project management professional,” said Larry Ebert, executive vice president, national head of Project Management.  “He has assisted a number of high-profile clients in planning and carrying out their real estate projects and I am very pleased he has joined us in Los Angeles.”

 With 15 years of experience, Robertson joins Grubb & Ellis from Studley Inc., where he spent five years as a director of Project Management, where he represented companies such as 20th Century Fox, Fox Interactive Media, Seyfarth Shaw LLP, AltaMed Health Services Corporation and Catholic Healthcare West.

Contact: Julia McCartney, Phone: 714.975.2230                                     

Beech Street Capital Gains HUD Approval for Map Lending

BETHESDA, MD –Beech Street Capital, LLC, a privately owned mortgage banking company, achieved another important milestone by receiving approval from the U.S. Department of Housing and Urban Development (HUD) as a Multifamily Accelerated Processing (MAP) lender, the company announced.

As a result, Beech Street can now provide its clients additional flexibility by offering financing backed by Federal Housing Administration (FHA) multifamily mortgage insurance. Beech Street is currently a Fannie Mae DUS® lender and a Freddie Mac Program Plus® Seller Servicer. The approval comes after the HUD recently announced more stringent financial requirements for MAP lenders.

 “HUD’s approval of our application as a MAP lender builds on our positive momentum at Beech Street, allowing us to offer our clients a more flexible range of financing options,” said Grace Huebscher (top right photo), president and CEO of Beech Street Capital.  “During our first year, we closed over $1 billion in financing with Freddie Mac and Fannie Mae.  This latest approval will help us reach our goal of more than doubling this volume in 2011.”

 FHA insures mortgages for new construction, substantial rehabilitation, purchase, or refinance of apartment properties among other purposes.  It provides insurance for loans with lower debt service coverage requirements, longer amortization, and lower rates than those available from other conventional funding sources.

 “Our team navigated the application process in record time,” said Jeff Lee, Beech Street’s executive vice president for credit.  “It’s an example of the kind of close collaboration and in-house expertise that enable us to get deals done quickly for our clients.”

Contact:  Jenifer Bernardi,