Tuesday, February 22, 2011

Jeffrey V. Farina Joins Prism Hotels & Resorts as Senior Vice President of Business Development

DALLAS, TX, Feb. 22, 2011—Officials at Prism Hotels and Resorts today announced that Jeffrey V. Farina (top right photo) has joined the company as senior vice president of business development.

 He will focus on seeking new third-party hotel management contracts, as well as joint-venture acquisitions.  He will be located in Prism’s New York office.

“While Prism is widely recognized as the expert in turning around distressed hotels, approximately 50 percent of our business is long-term hotel management contracts,” said Steve Van (lower left photo), Prism’s president and CEO.

  “We believe over the next three years, there will be great demand for our expertise from owners who want to benefit from our quick turn-around skill and our superior financial performance in all phases of the business cycle.  Jeff will be our primary point of contact for these groups. 

“Because we work so closely with special servicers and bankers with distressed assets, we have an acquisition pipeline that others don’t,” he noted.  “We have assembled a number of investment groups with different criteria who have the cash and flexibility to invest in individual assets and portfolios valued at up to $300 million.   Jeff will play a key role in putting those transactions together.”

Previously Farina was vice president of development for Windsor Capital Group, a privately held hotel management and development firm.

 Additional information about the company may be found at http://www.prismhotels.com/
Kevin Gallagher,  Senior VP, Business Development, Prism Hotels & Resorts,
(219) 257-1039                                                                 
Jerry Daly or Chris Daly (Media), (703) 435-6293

Molinaro Koger Transacts $500 Million in Hotels in Past Three Months

 WASHINGTON, D.C., Feb. 22, 2011—Amid growing signs of a rapidly rebounding hotel real estate market, Molinaro Koger (MK), a global hotel-exclusive real estate brokerage, advisory and capital markets firm, today announced that the firm has represented sellers of $500 million in hotels in nine separate transactions during the past three months. 

“The global hotel real estate market began awakening in the 2010 third quarter and is becoming more active every day,” said Robert T. Koger (top right photo), MK president. 

“Values have come back to where owners are more comfortable transacting and buyers are seeing an upward trend in RevPAR, which is fueling the increase in activity.  Financing is becoming increasingly available, although cash is still king.”

Koger noted that both individual assets and portfolios are coming to market.  “Real estate investment trusts are very active, accounting for nearly half of all institutional-quality transactions because of their lower cost of capital and different investment return requirements,” he said.

 “Europe is just beginning to firm up and we expect transactions there to accelerate over the next 12 to 18 months.”

            Highlights of the transactions include:

·         Grand Hyatt Tampa Bay (Florida)—MK represented Hyatt Hotels & Resorts in the sale of this14-story luxury resort featuring 445 rooms, including 45 waterfront casitas and 23 suites.  Located on approximately 35 acres, the property offers 43,000 square feet of flexible indoor and outdoor function space, two upscale restaurants, a café and lobby lounge, swimming pools, tennis courts, business center and florist. 

·         Radisson BLU Palais Hotels, Vienna, Austria—MK transacted the sale of this five-star hotel for B&C Holdings.  Centrally situated on the Ringstrasse in the historic old town and core of Vienna, the 247-room property faces the Ring and the Stadtpark.  The hotel consists of two connected palaces built in the 19th century.  The hotel provides a restaurant, lighter fare café and bar.

·         Hilton Alexandria Mark Center, Alexandria, Va. (Middle left photo).—MK represented joint-venture owners Amstar and Davidson Hotels in the sale of this 31-story, 496-room hotel located inside the Washington Beltway close to Washington, D.C.  The hotel features 45,000 square feet of meeting space, including more than 7,500 square feet of IACC-certified conference space, plus 10,000 square feet of outdoor lakeside event space.

           Xona Resort Suites, Scottsdale, Ariz.—MK oversaw the sale of this resort for Capmark Bank.  Located in the heart of the exclusive Princess Community in North Scottsdale, the 431 all-suite, highly landscaped property is on approximately 12 acres.  The resort features four outdoor pools with whirlpools, fitness center, gift shop and a free-standing restaurant and lounge, as well as a golf concierge.  The oversized suites include separate living rooms, balconies, dining rooms and full-sized kitchens. 

·         Sheraton Premiere at Tysons Corner, Va.—MK acted on behalf of joint-venture sellers Felcor Lodging Trust and Starwood Hotels & Resorts on this major hotel located in one of the nation’s most desirable suburban markets.  Sitting on approximately nine acres, the 443-room hotel offers 40,000 square feet of meeting space, including a nearly 11,000 square-foot grand ballroom.  The property features a heated indoor and outdoor swimming pool, Jacuzzi and sauna, health club, salon, upscale restaurant and lounge.

  For further information about the company or current hotel property offerings, please call 703.760.9600 or visit the company’s website http://www.mkhotels.com/
Contact:  Jerry Daly, Chris Daly, Media, Daly Gray, Inc., (703) 435-6293

Carter Hires New Member for K-12 Program Management Team

ATLANTA, GA (Feb. 22, 2011) – Carter, one of the country’s leading commercial real estate investors, advisors and services firms, announced today that Wiley Doby (top right photo), Ph.D. has joined Carter to focus on business development in North Carolina for the K-12 program management team.

Recognized as an innovator and achiever within the education field, Wiley has over 12 years of experience as a superintendent and eight years in principal/assistant principal positions.

 In his new role, Wiley will rely on his experience to help clients address instructional and facility issues.  His focus on school district planning stages will include enrollment projections, facility needs assessments, operational planning, master planning and program management in the North Carolina market.

“As a former superintendant of several North Carolina school districts, Wiley brings an important perspective to our team because he understands the issues and challenges of running building programs,” said Danny Jardine (middle left photo), senior vice president with Carter.  “Perhaps even more importantly, Wiley is passionately focused on our clients’ success.”

Wiley holds a doctorate from Wake Forest University, a master's degree from Appalachian State University and a bachelor’s degree from Wake Forest University.

For additional information on Carter, please visit http://www.carterusa.com/.

Contact: Laura Dudebout, (678) 642-4301

OliverMcMillan Plans to Acquire The Streets of Buckhead in Atlanta

ATLANTA, GA (Feb. 22, 2011) - OliverMcMillan, the largest private property owner in downtown San Diego, has reached an agreement to acquire The Streets of Buckhead project (top left photo) in Atlanta and plans to begin construction this year.

Financial closing is expected in the next 60 days on the sixblock,
eight-acre luxury mixed-use project located in the heart of Atlanta’s upscale Buckhead neighborhood.

San Diego-based OliverMcMillan has a 20-year track record of developing urban and mixed-use retail, entertainment, residential, and office projects in multiple urban locations.

OliverMcMillan also has extensive experience with public-private developments. The Streets of Buckhead will be the firm’s first development project in Atlanta.

OliverMcMillan has more than $1 billion worth of projects under development in seven cities across the United States, including San Diego, Honolulu, Houston, and now Atlanta.

“The Streets of Buckhead represents a prime example of our core focus, which is transforming urban properties into highly attractive and special pedestrian-oriented mixed-used developments that complement the neighboring community,” said Dene Oliver, (middle right photo) CEO of OliverMcMillan.

“Where some have seen formidable hurdles, OliverMcMillan sees a tremendous opportunity with The Streets of Buckhead.

:We are working closely with Mayor Kasim Reed, who has pledged his
support for restarting and finishing the stalled development. We look forward to finishing a world-class development with inspiring retail, great restaurants and cafés, two residential towers,and boutique offices.

“We will be adding our own unique touches to create a luxury shopping
district in Buckhead that will be the envy of the South. All of us understand it has been painful for everyone to have this development in the middle of Buckhead stalled for the last two years, and we will do all we can, with the help of the local community, to restart, finish, and open this local gem.”

For more information about OliverMcMillan, visit http://www.olivermcmillan.com/ contact Jeremy orMeredith at (619) 321-1111, jmeredith@olivermcmillan.com.
 Media Contacts: Patrick Hill/Bryan Long, Jackson Spalding, (404) 724-2500

Meridian Capital Group, LLC Arranges $15.75 Million in Financing for the Acquisition of Landmark at Waters Pointe in South Pasadena, FL

NEW YORK, NY, Feb. 22, 2011 – Meridian Capital Group, LLC, a leading national commercial real estate finance and advisory firm, secured $15.75 million in financing for the acquisition of the five-story, 198-unit Landmark at Waters Pointe (top left photo) multifamily property located at 1885 Shore Drive South in Pasadena, FL.

The five-year loan features a favorable fixed-rate of 4.78% and requires interest-only payments for the first two years. Landmark at Waters Pointe is a newly renovated property that recently reached stabilization.

“Our client will benefit from the interest-only feature which is a significant accomplishment in the current market environment for a full-leverage loan such as this,” said Michael Brown, Managing Director of Meridian’s Florida office who negotiated the transaction along with Brad Gladsden.

“We were able to achieve this structure and leverage point based on the strength of the borrower and the high-quality of the collateral property,” Gladsden added.

Jonathan Stern
Meridian Capital Group, LLC


HFF arranges $80 million refinancing for landmark Hawaii open-air shopping and entertainment center

LOS ANGELES, CA – HFF announced today that it has arranged an $80 million refinancing for Whalers Village (top left photo), a 110,836-square-foot, open-air shopping and entertainment center located along Kaanapali Beach (middle right photo) in West Maui, Hawaii.

HFF worked exclusively on behalf of WV Sub, LLC, an entity controlled by General Growth Properties, to secure the 10-year, fixed-rate loan through Goldman Sachs & Co.  The securitized loan will refinance an existing loan on the center.

Whalers Village is located at 2435 Kaanapali Parkway in western Maui within walking distance to approximately 5,000 hotel, timeshare and condominium units along Kaanapali Beach. 

Originally built in 1970, the property has been renovated and expanded over the years and is currently 98 percent leased to 70 tenants. 

 Notable tenants include Louis Vuitton, Tommy Bahama, Coach, Pacific Sunwear, Hula Grill, Leilani’s Restaurant and Cane & Taro Restaurant. 

Whalers Village is also home to the Whalers Village Museum and Theater, and the mall’s center stage that hosts more than 350 performances a year.

According to HFF, Whalers Village ranks first in market share in Maui capturing approximately one of every four retail dollars spent on Maui.  It is a premier asset with a world-class location along one of Maui’s famed beaches.

The HFF team representing the borrower included senior managing director Paul Brindley (lower left photo), director John Crump and executive managing director Mark Gibson.

GGP has been in the shopping center business for more than 50 years. One of the nation's largest real estate investment trusts, GGP owns, operates and manages shopping malls in 43 states.

GGP has ownership and management interests in more than 180 regional shopping malls totaling approximately 200 million square feet of retail space. Headquartered in Chicago, Illinois, GGP has approximately 3,200 employees nationwide. GGP is traded on the New York Stock Exchange under the symbol GGP. 

Paul Brindley, HFF Senior Managing Director, (310) 407-2100,                                        pbrindley@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,

Colliers International Completes $2.5 Million Multifamily Sale

HUNTINGTON BEACH, CA, Feb. 22, 2011. – Colliers International, the second largest global real estate services organization, has completed the sale of 10 Condos sold in bulk, located at 7935 Bay St. in Downtown Huntington Beach, Calif. (top left photo), to Symphony Real Estate Fund, an investor in broken condominium conversions.

The transaction was valued at $2,550,000.

 The property, known as Las Brisas, consisting of 10 turnkey condos, as part of a larger 79 Unit Complex, is located just a quarter mile from the beach. Originally built as condos but run as apartments since 1980, the property was then converted back to condos in 2006.  The Buyer, Symphony Real Estate Fund plans to sell the condos individually for a profit.

“We received more than 30 all-cash offers on the property, with the transaction taking 7 months to close” said Pat Swanson, vice president of multifamily investments in Colliers International’s Irvine office, who represented both the seller and the buyer in the transaction.

 “What made this offering so compelling was the property’s proximity to downtown, the beach and, the new City Project across the street.”

Contact: Angela Hwang, Regional Marketing Coordinator, 213 532 3258

NAI Realvest Negotiates Sale of 12,897-Square-Foot Office/Warehouse Building and 2.8 Acres at Prime Intersection in Orlando

 ORLANDO, FL -- NAI Realvest recently negotiated the sale of the 12,897 square foot industrial facility located at 8120 and 8400 S. Orange Ave. at the corner of Sand Lake Rd. in Orlando.  

 Robert Blackwell (top right photo), SIOR principal at NAI Realvest and associate Sean DuPree (lower left photo), CCIM negotiated the transaction representing the seller, Redmond, Wash.-based Univar USA, Inc.  

PetroLiance Properties, LLC of Apex N.C. paid $875,000 for the property which includes 2,897 square feet of office space.  Clemens Commercial Real Estate represented the buyer.

For more information, contact:

Robert Blackwell, SIOR or Sean Dupree, CCIM at NAI Realvest 407-875-9989; rblackwell@realvest.com or   sdupree@realvest.com
Patrick Mahoney, President, NAI Realvest 407-875-9989 pmahoney@realvest.com
 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142

RealtyTrac Hires Sales Veteran Brian Walby as Vice President of Sales & Strategic Alliances

  IRVINE, CA – RealtyTrac™ (www.realtytrac.com), the leading online marketplace for foreclosure properties, announced the hiring of Brian C. Walby (top right photo) as Vice President of Sales and Strategic Alliances.

 In this role, Walby will focus on member subscription sales, advertising sales, lead generation programs and product sales.

 “We are delighted that Brian has joined RealtyTrac,” said James J. Saccacio, (middle left photo), chief executive officer of RealtyTrac. “Brian brings leadership, sales management experience and the kind of industry expertise that will help us in refining, growing and expanding the RealtyTrac brand and product offerings for our customers.”

 Walby brings more than 15 years of sales experience to RealtyTrac. He has held senior management positions in sales and business development with a diverse group of companies, including Experian, LeadPoint and Local.com. Walby has successfully managed sales organizations in both the private and public sector, with sales revenue responsibilities in excess of $80 million.

 “I am excited to join the RealtyTrac family,” said Walby, who will develop and manage sales and business development plans for real estate professionals, customers and prospects. “I look forward to building new sales and business opportunities for RealtyTrac and finding new ways to strategically leverage our proprietary data and content.”

 A graduate of California Polytechnic State University in San Luis Obispo, Calif., Walby lives in Redondo Beach, Calif.

Contact: Heather Pond, AtomicPR, 735 Market Street 4th Floor, San Francisco, CA 94103  PH: 415. 593.1400 ext. 1677:  SF | LA | NYC | London, http://www.atomicpr.com/