Tuesday, May 10, 2011
Todd W. Savage, HFF Managing Director, (214) 265-0880, firstname.lastname@example.org
Barry M. Brown, HFF Senior Managing Director, (214) 265-0880 email@example.com
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
San Jacinto, which has 209 units, is located at 3925 Escoba Drive close to the Palm Springs International Airport in Palm Springs. The 75-unit Holloway House is situated between Santa Monica and Sunset Boulevards at 8608 Holloway Drive in West Hollywood.
The HFF team representing 17834 Burbank Investments, LLC was led by managing director Mark Wintner (lower right photo).
Mark Wintner, HFF Managing Director, (310) 407- 2100, firstname.lastname@example.org
Kristen Murphy, HFF Associate Director, Marketing (713) 852-3500 email@example.com
Summit Hotel Properties Closes on Initial Three Acquisitions; Announces 1Q 2011 Earnings Release Set for May 16
Acquiisitions Ahead of Anticipated Schedule
The company has closed on the previously announced acquisitions of the following properties:
- A 121-room Staybridge Suites in Denver (Cherry Creek) (top left photo), CO for $83,000 per key, at a post-renovation NTM capitalization rate of 10.3 percent.
- A 143-room Holiday Inn in Gwinnett/Duluth (Atlanta) (middle right photo), GA for $49,000 a key and a post-renovation NTM capitalization rate of 12.2 percent.
- A 91-suite Homewood Suites by Hilton in Jackson-Ridgeland, MS (middle left photo) for $80,000 per key, and a post-renovation NTM capitalization rate of 12.0 percent.
The company also announced a purchase agreement on the following property:
- A 122-room Hilton Garden Inn in Gwinnett/Duluth (Atlanta), GA for $115,000 a key and a post-renovation NTM capitalization rate of 9.0 percent.
The purchase of these properties is squarely in line with the company’s strategy of acquiring immediately accretive properties at attractive post-renovation capitalization rates,” said Dan Hansen (lower right photo), Summit’s chief executive officer..
“It also aligns with the company’s “clustering” strategy by grouping hotels in close geographic areas to gain efficiencies and management advantages.
“This strategy allows our management team to more effectively and efficiently manage the properties to maximize return for our investors and has worked very well for our company over the past nearly 20 years,”
1Q 2011 Earnings Release and Conference Call
The company also announced that it will release first quarter 2011 financial results on Monday, May 16, 2011, after the market closes. The results will reflect a portion of the earnings of the REIT’s predecessor company, Summit Hotel Properties, LLC. On February 14, 2011, the company completed its initial public offering of common stock, generating proceeds of $253 million.
The company will host a conference call to discuss its financial results at 9 a.m. ET on Tuesday, May 17 with Kerry W. Boekelheide (lower left photo), executive chairman of the board; Dan Hansen, president and chief executive officer; and Stu Becker (bottom right photo), executive vice president and chief financial officer.
Shareholders and other interested parties may listen to a simultaneous webcast of the conference call on the Internet by logging onto Summit’s website, www.shpreit.com or may call, 866-783-2141 reference number 37707705.
A recording of the call will be available by telephone until midnight on May 24, 2011, by dialing 888-286-8010, reference number 82182582. A replay of the conference call will be posted on Summit’s website through May 31, 2011.
Additional information about Summit may be found at the company’s website, http://www.shpreit.com/
Media:, Daly Gray Public Relations, Jerry Daly or Carol McCune, 703-435-6293
Investors: Summit Hotel Properties, Inc., Dan Boyum, 605-782-2015
The Naples real estate market has continued to thrive despite negative public opinion and massive amounts of bad press.
NAPLES, FL --(PR.com)-- Tim Ryan (top right photo) is a Realtor in Naples, FL. The opinions below are are Tim's and all statistics are taken from the NABOR (Naples Board of Realtors) chart.
Tim starts by saying, "Many people are surprised to come to Naples and discover that this is not a ghost town. Interestingly enough, there is some really positive data pointing to a market stabilization and recovery (click here for key statistics for NABOR).
“You can see that inventory is at five year lows and dropping. The average DOM days on market) has come down when comparing to the 1st QTR 2010 (NABOR).
“When comparing the 12 month period that ended 3/31/2011 vs the 12 month period prior to it, there are some fundamental differences. You see that sales increased by over 2%, 7898 vs 7732 (NABOR).
“ It was wonderful to see this kind of growth. When you measure the small increase in sales against the shrinking inventory the statistic becomes more convincing. Note that during these same comparable periods (using that last QTR for comparison) the average inventory dropped from 9411 to 8620, a drop of over 8% (NABOR)."
Tim Ryan with Amerivest Realty says, "So, where is this negative perception coming from? It is true that nationally things are still bad. However, Naples was one of the first regions to have falling prices and it appears that Naples is coming out of it a bit earlier as a result. After all, there is still a clear path of new people moving to SW Florida."
Tim continues, "Remember the old adage of supply vs demand? As we continue to see key statistics trend towards the positive, perceptions will quickly start to change.
"If you are on the fence about buying Naples real estate... you may want to get off," says Tim.
Contact Information: Amerivest Realty, Tim Ryan, 239-963-4070
NAI Realvest negotiates new industrial lease for 16,916 SF at Monroe CommerCenter North in Sanford, FL
For more information, contact:
Michael Heidrich, Principal, NAI Realvest 407-875-9989, firstname.lastname@example.org
Patrick Mahoney, President, NAI Realvest 407-875-9989, email@example.com
Beth Payan, Larry Vershel Communications, 407-644-4142, firstname.lastname@example.org
Marketplace Advisors Negotiates Two New Retail Lease Agreements for 3,540 Square Feet of Space in Lake Buena Vista, FL
ORLANDO, FL--- Marketplace Advisors, Inc. recently negotiated two new long-term lease agreements that total 3,540 square feet of retail space at Blue Heron Beach Resort Shopping Center on Blue Heron Beach Drive off S.R. 535 in Lake Buena Vista.
David Marks (top right photo), president of Marketplace Advisors, Inc. negotiated both lease agreements representing the landlord, ORL Commercial Center, LLC.
Premium Photo Outlet, Inc. leased 1,883 square feet at the retail center. M&O Wireless LLC, leased 1,657 square feet.
The center has only two remaining bays available, with a Letter of Intent out to a prospective tenant for one of them.
For more information, please contact:
David Marks, Marketplace Advisors, Inc., 407-694-7040, email@example.com
Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142
MIAMI, FL – HFF announced today that it will expand its Florida presence by officially opening an office in Tampa with an immediate focus on investment sales.
HFF will look to add associates to the Tampa office who specialize in the firms other capital markets platform service offerings, such as debt placement, structured finance, advisory services, and investment sales specialists among the various property types.
Senior managing director Dan Peek (top right photo), who leads the firm’s hospitality practice and was formerly in HFF’s Miami office, will handle the day-to-day operations of the Tampa office.
“We are excited about this expansion into an important Florida market. We look forward to adding key personnel to our Tampa office to better serve our local, regional and national clients as well as enhance our regional and national platform,” noted de Zárraga and Peek.
“As with the office we recently opened in Austin, Texas, HFF’s goal is to strategically build-out the full platform of services and product specializations in our new Tampa office.
“We are actively seeking to hire and retain associates who have the highest ethical standards and the best reputations in the industry to achieve this objective, and are confident that Manny and Dan will successfully grow our Tampa office,” said John Pelusi (lower right photo), executive managing director and managing member of HFF.
Daniel C. Peek, HFF Senior Managing Director, (813) 870-1001 firstname.lastname@example.org
Manuel A. De Zarraga, HFF Executive Managing Director, (305) 448-1333 email@example.com
John H.Pelusi Jr., HFF Executive Managing Director, (412) 281-8714,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
Lender’s Business Momentum Vaults it Two Spots to #6
Uniondale, NY (May 10, 2011) – Arbor Commercial Funding, LLC (“Arbor”), a wholly owned subsidiary of Arbor Commercial Mortgage, LLC, an industry-leading, direct commercial real estate lender for the nation, today announced that as a result of its rapidly increasing loan origination volume within the multifamily industry, the company has ascended the Top 10 Fannie Mae DUS® Multifamily Lender rankings for the fourth consecutive year, jumping two spots to the number six position for 2010 volume.
Arbor has now managed to climb from number 10 (for 2007), to nine (2008), to eight (2009) and, now, six, reflecting its increasing business momentum and market-leading position.
“We are extremely proud of our business partnership and accomplishments with the Fannie Mae DUS® program,” said Ivan Kaufman (top right photo), Arbor’s Chairman and CEO.
“Our continued and expanding presence among Fannie Mae’s Top DUS® Multifamily lenders reflects our tremendous lending capabilities and products as well as our strong financial infrastructure.
“ I want to congratulate John Caulfield (lower left photo), our Executive Vice President and Director of Operations, his team and Arbor’s many dedicated employees through which we have elevated our market position in the service of our numerous clients.”
Contact: Christopher Ostrowski, firstname.lastname@example.org
Marcus & Millichap Names Pasha Darvishian a Director of National Office and Industrial Properties Group
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
NEW YORK, NY—May 10, 2011—The hospitality/lodging market, which experienced the greatest decline in 2010, has the second-best growth prospects after the multifamily sector, according to Integra Realty Resources’ (Integra) 1Q 2011 Commercial Property Index.
While this quarter’s survey shows that lodging properties (-1 percent) experienced the greatest decline in value over the past 12 months, the sector is expected to increase 2 percent in the coming six months.
This survey uses Integra’s extensive national database and a polling system to determine the rate of change in property values across the country and in all property types, including multifamily, lodging, industrial, retail, and office. Integra is North America’s largest independent commercial real estate consulting firm that specializes in the valuation of commercial real estate.
“Multifamily properties continue to show the greatest strength in virtually all regions, most notably in the East,” said Jeffrey Rogers (top right photo), President and COO of Integra Realty Resources.
“In the past year alone, the multifamily sector has seen a 12 percent increase in property values. The values of other property types have stabilized over the past quarter and are expected to grow at a modest pace over the next six months. When comparing regions across all sectors, the East continues to outpace other parts of the United States.”
After lodging, the remaining sectors increased in value over the past year, with office having the smallest increase (0.25 percent) and multifamily experiencing the largest increase (7 percent).
In the next six months, all commercial property sectors should increase in value, with the exception of Southern office and retail, which will stabilize in value. When comparing the regions’ performances in the first quarter, the East has surpassed last quarter’s Western region as the best performing region.
The East’s multifamily sector increased 5 percent in value; its retail sector experienced a 3 percent gain; its office and lodging sectors saw a 2 percent increase; and its industrial sector increased 1 percent.
Western lodging was the only sector to decrease in value (-1 percent) in the previous quarter. Other sectors were stable throughout Q1, including Central’s retail, industrial, multifamily, and lodging sectors; the South’s office, retail, lodging and industrial sectors; and the West’s industrial sector.
In the next six months, property values are expected to increase or stabilize across the country. In the East, multifamily properties will increase 4 percent; office will increase 3 percent; retail and lodging will increase 2 percent; and industrial will increase 1 percent.
In the Western region of the country, all industry sectors are also increasing in value. Western multifamily is expected to increase 3 percent in value; lodging is expected to increase 2 percent in value; and the office, retail, and industrial sectors are expected to increase 1 percent in value.
The Central region shows multifamily increasing 2 percent in value and the remaining sectors increasing 1 percent in value. Southern multifamily and lodging sectors will increase 2 percent; the industrial sector will increase 1 percent; and the region’s office and retail sectors will stabilize.
The Integra survey also shows that all geographic regions have entered a recovery market cycle. When analyzing Integra’s 1Q assignments, the Eastern (29 percent) and Western (34 percent) regions have the lowest amounts of assignments classified as distressed assets.
The Southern region follows closely behind with 39 percent of assignments classified as distressed assets. The Central region of the country is faring a bit worse, with 52 percent of the assignments comprised of distressed assets.
Other charts and localized data are available upon request.
For more information, please contact Leigh Sperun at Leigh@GregoryFCA.com or at 610-228-2108.
Interstate Hotels & Resorts Opens and is Managing the New Four Points by Sheraton Long Island City/Queensboro Bridge Hotel
ARLINGTON, VA, May 10, 2011—Interstate Hotels & Resorts, the United States’ largest independent hotel management company, today announced that it has opened and is managing the 88-room Four Points by Sheraton Long Island City/Queensboro Bridge (top left photo) in Queens, New York.
The newly built hotel, which was developed and is owned by 39th Ave Holding LLC, is the first property Interstate manages for the ownership group.
“The addition of this management contract continues the upward trend in new contracts we’ve seen this year,” said Thomas F. Hewitt (middle right photo), Interstate’s chairman and chief executive officer. “It is particularly gratifying to be operating this property, our fourth managed Four Points by Sheraton and our ninth hotel in the New York metropolitan region, on behalf of a new ownership group.”
“Interstate has significant experience and an impressive track record in the upscale select-service segment, and we’re confident that their size, proven systems and knowledge of the New York market will have a significant positive impact on the hotel,” said Michael Psarros, majority owner of the development group.
" “This is our first development venture in the hospitality business, and we look forward to exploring other opportunities with Interstate.”
Located at 27-05 39th Avenue, Long Island City, the upscale select-service hotel is within walking distance of major subway lines N & Q on 39th Avenue and the #7 Train at Queensboro Plaza, two stops from Manhattan via the N line.
Additional information about Interstate is available at the company’s website: http://www.ihrco.com/
For further information about the Four Points by Sheraton Long Island City/Queensboro Bridge, or to make a reservation, visit the hotel’s website: http://www.fourpointslongislandcity.com/ or call (718) 786-8500.
Jerry Daly, Carol McCune, Media, Daly Gray, (703) 435-6293, email@example.com
Carrie McIntyre, SVP, Treasurer, Interstate Hotels & Resorts
(703) 387-3320, firstname.lastname@example.org
PALM BEACH, FL—Chatham Lodging Trust (NYSE: CLDT), a hotel real estate investment trust (REIT) focused on investing in upscale extended-stay hotels and premium-branded select-service hotels, announced results for the first quarter ended March 31, 2011.
2011 First Quarter Highlights and Operating Results
- · Reported revenue per available room (RevPAR) of $81.75 for the first quarter, a decrease of 1.8 percent from the comparable period in 2010 and in line with company’s previously issued guidance of a decrease of 1 percent to 3 percent, as 40 percent or 670 of the company’s 1,650 rooms underwent renovations during the quarter.
- · Achieved 1.4 percent increase in average daily rate (ADR) to $114.45 while occupancy declined 3.1 percent to 71.4 percent reflecting the adverse impact of rooms out of service at five hotels under renovation.
- · Posted essentially flat earnings, a net loss of $18,924, or $0.00 per diluted share.
- · Generated adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $2.7 million and EBITDA of $2.2 million.
- · Reported adjusted funds from operations (FFO) of $1.5 million, FFO of $1.4 million, adjusted FFO per diluted share of $0.13 and FFO per diluted share of $0.12 based on weighted average shares outstanding.
- · Recorded gross operating profit (GOP) margins (hotel operating revenue less hotel operating expenses, before property taxes and insurance) of 36.7 percent, down 240 basis points over the first quarter 2010, reflecting the adverse impact of renovations.
- · Declared a $0.175 per share quarterly dividend.
- · Enhanced five hotels with renovations comprising 670 rooms or 40 percent of its portfolio.
“It has been quite a start to 2011, producing solid first quarter operating results in line with our previous guidance and consensus estimates, and completing renovations on 40 percent of our portfolio on time and under budget.
"We expect that these improvements will boost RevPAR in the coming months as extended stay occupancy returns to more normalized levels,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer and president.
“Recent notable developments with respect to our pending acquisition of five outstanding hotels and our joint venture investment with Cerberus will double the size of our asset base. These deals are truly transformative and demonstrate our ability to continue to execute on our original business plan.”
For a complete copy of the company’s news release and financials, please contact:
Dennis Craven (Company), Chief Financial Officer, (561) 227-1386
Jerry Daly or Carol McCune, Daly Gray (Media), (703) 435-6293