Colliers International Completes $1.375 Sale of Cold Storage Building in Northridge, CA

NORTHBRIDGE, CA, Dec.17, 2010. – Colliers International, the second largest real estate services organization globally, has completed the sale of a cold storage building located at 18425 Parthenia Place, Northridge, Calif., to Jels Parthenia LLC, owner of Ideal Meat & Provisions.

The transaction is valued at $1.375 million.

 Built in 1963, the property offers 11,400 square feet of cold storage, 1,700 square feet of office and 2,000 square feet of warehouse space. It also has four overhead doors with up to 16 feet of clearance. Jels Parthenia will occupy the space to operate their business, Ideal Meat & Provisions.

 “The market is showing signs of a recovery,” said Jeff Albee (top right photo), senior vice president, based in Colliers International’s Encino, Calif. office, who represented the seller in the transaction.

“The tenant had previously occupied the subject property for many years and elected to acquire the property based on favorable market conditions and SBA financing terms. Additionally, there is a limited supply of cold storage space in the San Fernando Valley which heightened the demand for this type of property.”

 Along with Albee, Jeff Gould, senior associate, based in Colliers International’s Encino, Calif. office also represented the seller. The buyer was represented by Bruce Simpson of Delphi Business Properties.

Colliers International Negotiates 13,716-Square-Footage Special Use Building in Woodland Hills, CA

 WOODLAND HILLS, CA, Dec. 17, 2010 – Colliers International, the second largest real estate services organization globally, has negotiated the five-year lease of a 13,715 special use building located at 6140 Variel Ave., Woodland Hills, Calif. to Living Waters of the San Fernando Valley, a Woodland Hills-based church.

The lease is valued at $1.058 million. The property was built in 1972 and offers plenty of space for the new tenant.

 “We found an off-market space and negotiated with the owner of the building as well as a shared parking agreement with the owner across the street to meet the Warner Center Specific Plan (WCSP) requirements,” said Jeff Albee, senior vice president, based in Colliers International’s Encino, Calif. office, who represented the landlord and tenant in the transaction.

 “With this new space, Living Waters of the San Fernando Valley can accommodate more people and double their congregation.” 

 Along with Albee, Jeff Gould, senior associate, Brock Burnett (middle left photo), associate, and Blake Lichtig, associate, all based in Colliers International’s Encino office, represented both the landlord, Image Works Entertainment, and the tenant. 

  

For further information please contact:

Angela Hwang, Regional Marketing Coordinator

Greater Los Angeles, Colliers International

Tel: 213 532 3258

angela.hwang@colliers.com

www.colliers.com

McCarthy Building Companies Completes Construction of LEED-Designed Soka University Performing Arts Center and Academic Building

ALISO VIEJO, CA – McCarthy Building Companies, Inc. (www.mccarthy.com) recently completed construction of Soka University of America’s new Performing Arts Center (top left photo) and Academic Building project, located on 1.9 acres of  the Soka University campus.

The new Performing Arts Center is designated to become a venue in South Orange County for concerts, theater productions, lectures and assemblies, enhancing Soka University’s role as a cultural center and community gathering place.

McCarthy served as general contractor for the $73 million project that began in December 2008.

The project included construction of a three-level, 47,836-square-foot Performing Arts Center housing a reception lobby, various support spaces and a 1,200 seat auditorium (middle  right photo).

 McCarthy also built a 48,974-square-foot Academic Building located next to and providing support for the Performing Arts Center.

The new four-level academic building houses 11 classrooms, 29 faculty offices, a 150-seat black box theater, four dressing rooms, a rehearsal/dance studio, musician warm-up spaces and other support areas.

The project’s design and construction team is pursuing United States Green Building Council’s (USGBC) Leadership in Energy & Environmental Design (LEED) Gold Certification for the buildings.

Because of sloping terrain, both new structures presented design and construction challenges.

 “The Performing Arts Center structure itself was a challenge,” said Nate Ray, McCarthy project manager.  “The structure is cast-in-place concrete with 65-foot tall radius shear walls.

 Also, due to the site logistics involved with building into an existing slope, the sequencing of the pours was very complex,” explained Ray.

 “McCarthy performed all of the structural concrete work for the project, and the team did an excellent job during the formwork, planning and review process to ensure a successful completion on a very challenging structure.”

Contact:

 Laura Mickelson (LM Communications), (949) 453-0851

Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

Grubb & Ellis Appoints Mechelle Shelton to Associate Director, Management Services

TAMPA, FL (Dec. 17, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Mechelle Shelton (top right photo) has joined the company as associate director, Management Services.

 Shelton will assist Tim Rivers (middle left photo), director of Management Services of the Southeast, in the oversight of the company’s management portfolio in Jacksonville.

 “Mechelle’s leadership experience and demonstration of success in bringing value to the assets of her clients makes her a tremendous addition to our team,” said Rivers.

 “We are confident that her experience will provide exceptional oversight of the delivery of services to our clients, as well as act as a resource for all Grubb & Ellis management and transaction personnel in Jacksonville.”

 Over the last 14 years, Shelton has overseen the management of more than five million square feet of office, retail and industrial product for both institutional and private investors.

 Prior to assuming her current role, Shelton was with CB Richard Ellis as associate director and held supervisory responsibilities for all property management operations in Jacksonville.

Contact: Rachel Andreozzi, Phone: 561.893.6296,

Email:  rachel.andreozzi@grubb-ellis.com

Dave Brewer, Inc. Completes $1.5 million luxury Home in Seminole County, FL; starts work on $1 million lakefront home in downtown Orlando

SANFORD, FL - Dave Brewer, Inc., which ranks as one of the region’s largest and most active builders of luxury custom homes valued at $1 million and more, recently completed construction of a $1.5 million,  one-of-a-kind French Country custom home in Seminole County.

Matt Trask, vice president of Dave Brewer, Inc., said the luxury home offers 7,000 square feet of living space with four bedrooms, five baths, custom theatre/gameroom and an oversized four-car garage.

Trask said Dave Brewer, Inc. is also getting started on a $1 million luxury lakefront home in downtown Orlando.

The 5,000 square foot Tuscan-style home will offer four bedrooms, four baths with state of the art energy efficient elements and materials throughout.

Trask said the downtown custom home will be completed next September.

For more information,  contact:  

Matt Trask, Vice President, Dave Brewer, Inc. 407-330-9901; mtrask@davebrewer.com;

Gary Rauch, President, Dave Brewer, Inc. 407-330-9901 grauch@davebrewer.com; 

Larry Vershel, Larry Vershel Communications, 407-644-4142 Lvershelco@aol.com 

    

DeKalb County Apartments Acquired by Cortland Partners; Deal is Firm’s Fifth Since June

ATLANTA, GA – Atlanta-based multifamily real estate firm Cortland Partners has acquired and will renovate a 276-unit apartment community in DeKalb County, Georgia.

The deal to acquire Woodhaven Apartments (top left rendering) closed November 24.

Cortland has now acquired a total of five communities since June.

The gated apartment community includes a mix of one, two, and three bedroom apartments, which Director of Acquisitions Mike Altman describes as an ideal mix for families.

Mutual of Omaha Bank, in conjunction with Grandbridge Real Estate Capital, capitalized the transaction.

 The $7.7 million project includes substantial upgrades including new siding, windows and doors. Interiors will get architectural upgrades, new cabinets, and appliances, as well as heating and air conditioning systems.

“Once renovated, the property will have a low life-cycle cost with high efficiency systems and low maintenance exteriors,” Altman says.

Woodhaven is located at 3800 Brockett Trail Road near Tucker. Being just off Stone Mountain Freeway (U.S. 78), the location provides easy access to the downtown Decatur and the Clifton Corridor job markets.

 The Centers for Disease Control (middle right photo), Emory University (middle left photo), and Children’s Healthcare of Atlanta (bottom right photo) provide about 30,000 jobs, making Woodhaven an excellent place for families to live and access these opportunities.

Having just been through foreclosure, Woodhaven was 73% occupied at closing, with 25% of the units off-line due to a lack of funding for maintenance and unit turnover.

 The renovation is expected to be complete in under nine months.

Altman adds that the firm will continue looking for new opportunities.

 “We are going to continue looking for great buying opportunities available during the market recovery,” he says.

Media Contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com

Cortland Partners Acquires Marietta, GA Apartments; Stimulus Funds to be Used in Renovation

ATLANTA, GA– Cortland Partners, an Atlanta-based multifamily real estate firm, has acquired the 80-unit Harbour Oaks Apartments (top left photo) in Marietta, Georgia.

The project’s financing closed November 23. The total cost of the project, including the planned renovation of the foreclosed community, is $3.3 million.

Self-Help Venture Fund, a North Carolina-based credit union, is financing the project using federal stimulus funds from the Neighborhood Stabilization Program (NSP). Twenty percent of the renovated community will be reserved for affordable housing.

“The architecture is traditional, and doesn’t require extensive exterior modifications,” says Director of Acquisitions Mike Altman. “This allows us to invest more into the interior finishes and energy efficiency.”

Harbour Oaks, located at 1565 Crider Road in Marietta, has 80 one and two-bedroom apartments in a quiet, neighborhood-like setting. The apartments will get new hardwood floors, bathrooms, and kitchens complete with Energy Star appliances.

Cortland will also renovate the clubhouse, swimming pool, and community green. Harbour Oaks’ location near Dobbins Air Reserve Base and South Cobb Drive provides easy access to all of the northwest Atlanta area.

Cortland originally purchased the delinquent note for Harbour Oaks from JP Morgan/Chase in June. Cortland worked with the borrower to negotiate a deed in-lieu of foreclosure in late October.

 Once Cortland owned the fee simple title, it was able to utilize the NSP funds to renovate the property and move forward with the project.

The renovation is expected to be complete in about nine months.

 For more information, visit http://www.cortlandpartners.com/

Media Contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com

HFF arranges $15.6 million refinancing for Seattle, Washington area multi-housing community

PORTLAND, OR – The Portland office of HFF (Holliday Fenoglio Fowler, L.P.) has arranged a $15.6 million refinancing for Rainier Pointe (top left photo), a 241-unit multi-housing community in Fife, Washington. 

Working exclusively on behalf of a joint venture between Security Properties and Equity Resource Investments, HFF managing director Casey Davidson and director Tom Wilson placed the 35-year, fully-amortizing, 3.79% fixed-rate (excluding mortgage insurance premium) 223(f) FHA loan with AmeriSphere Mortgage Finance, LLC. 

The new permanent financing replaced anexisting short term bridge loan.  

“The 223f program offers multi-housing borrowers the highest leverage in the market at attractive long term rates,” said Davidson.  

Rainier Pointe is located at 6643 20th Street with direct frontage on Interstate 5 in Fife about six miles from downtown Tacoma and 30 miles from downtown Seattle. 

The property is currently undergoing renovations to the exterior as well as individual unit renovations.  The one-, two- and three-bedroom units average 751 square feet each and are 88% occupied.

“The borrower, a major institutional owner of multifamily across the nation, repositioned the asset for the long term by taking advantage of this historically low interest rate environment.

“ The FHA process is a long and arduous process versus other traditional financing options; however, for those multifamily borrowers who have patience and are seeking maximum leverage and a long term interest rate solution this is a very compelling loan program,”  added Wilson.

Security Properties Inc. (“SPI”) is a multi-faceted real estate enterprise with ownership responsibilities over a broad geographic portfolio of multifamily real estate properties. 

 Since its inception in 1969, SPI has sponsored the acquisition and/or development of over 420 properties located throughout the United States.  These SPI properties encompassed approximately 60,000 multifamily housing units - at times with associated commercial space - with an aggregate value at cost of approximately $2.9 billion.

Contacts:   

Casey P. Davidson, HFF Managing Director, (503) 224-0444, cdavidson@hfflp.com

Thomas F. Wilson, HFF Director, (503) 224-0444, twilson@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Promotes Marc E. Strauss to First Vice President Investments

FT. LAUDERDALE,  FL  – The board of directors of Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Marc E. Strauss (top right photo) to the position of first vice president investments.

This achievement is one of the highest levels of recognition the firm awards to its investment specialists. It represents excellence in the development and servicing of long-term client relationships, according to Gregory Matus (lower left photo), regional manager of the firm’s Fort Lauderdale office.

Most recently, Strauss held the title of vice president investments.

After joining the firm in February 1997 as an associate, Strauss was promoted to senior associate in February 2000. He was then named a senior investment associate in 2003 and vice president investments in 2008. He has also received 16 sales awards from Marcus & Millichap.

A 27-year veteran of the commercial real estate industry, Strauss specializes in the sale of retail and office properties. He is a senior director of Marcus & Millichap’s National Retail Group

. An active member of ICSC, Strauss has brokered the sale of more than $650 million in 220 transactions in 22 states since joining the company more than 14 years ago.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Marcus & Millichap Brokers Sale of $10.7 Million Walgreens in Los Angeles

LOS ANGELES, CA, Dec.15, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 7,830-square foot Walgreens drugstore in Hollywood (top left rendering).

The sales price of $10,710,000 represents $1,368 per square foot, the highest price per square foot for a single-tenant net-leased drugstore in the United States in 2010, according to CoStar and Real Capital Analytics.

Mark Thiel (middle right photo), a senior associate in the firm’s San Diego office, represented the buyer, a private investor.

 “The property is located on a prime Hollywood corner; the site of a Del Taco that was scrapped,” says Thiel. “We closed the transaction pre-completion. The new Walgreens is due to be completed in the spring of 2011,” adds Thiel.

Located at the highly traveled intersection of Santa Monica Boulevard and Highland Avenue in Hollywood, the property’s address is 1050 North Highland Ave. in Los Angeles.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

Chatham Lodging Announces Dividend, Provides Business Update

PALM BEACH, FL,  Dec. 16, 2010—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 that its board of trustees has declared a common share dividend of $0.175 for the 2010 fourth quarter. 

Based on the company’s common share closing price of $17.19 at the close of business on December 15, the annualized dividend represents a yield of approximately 4.1 percent.

 The common dividend is payable January 14, 2011, to shareholders of record on December 31, 2010.

“Our initial 13 hotels are producing strong unleveraged yields that average approximately 8 percent, so our dividend is well covered by free cash flow from our hotels,” said Jeffrey H. Fisher (top right photo), Chatham’s chief executive officer.

  “We believe we are in the early stages of a lodging cycle recovery and that our unleveraged yields will continue to expand in 2011 as the industry rebound gains traction.  The completion of renovations at six of our 13 hotels in 2011 will position us to gain market share and will drive earnings and dividend growth.”

Year-end Outlook     

Pro forma revenue per available room (RevPAR) at the company’s 13 hotels was up approximately 5 percent for the fourth quarter through November had the company owned all the hotels for the entire period.

 “We are encouraged about the industry’s prospects for 2011 and beyond, due to forecasts for continued economic growth and limited new supply on the horizon,” Fisher commented.  “Our pipeline remains strong and at pricing that is consistent with our expectations.”

            The company accelerated the renovations that were scheduled to be completed on three of its Homewood Suites hotels, located in Billerica, Mass., Brentwood, Tenn. and Farmington, Conn.

“Given the strong forward outlook for the industry, we expedited those renovations where it made sense to accelerate displacement,” remarked Dennis Craven, Chatham’s chief financial officer.

 “While this will have a slight impact on RevPAR in the 2010 fourth quarter, we expect it to translate into even better performance in 2011.”

Contact:  

Jerry Daly, Carol McCune, Daly Gray Public Relations, (Media), (703) 435-6293, jerry@dalygray.com

Dennis Craven, Chief Financial Officer, (Company), (561) 227-1386  

dcraven@cl-trust.com                                                                                                                                                                                                                                                 

Tolaris Homes Starts Construction of “Green” Waterfront Home at Lake Forest off SR 46 in Sanford, FL

 

 LAKE FOREST, FL – Tolaris Homes, a division of Tolaris International, which builds luxury custom homes throughout Central Florida, has started construction of a 5,751 square foot lake front luxury home at Lake Forest (typical community model homes top left and bottom right photos), the luxury gated community located off SR 46 west of Sanford.

 Richard Bavec, president of Tolaris Homes, said the energy efficient four bedroom, three bath home, priced at $1.12 million to be completed in mid 2011 will include the Tolaris Homes spacious interior design and custom-style touches.

 For more information, contact:

Richard Bavec, President Tolaris Homes/Tolaris Realty Group, 407-402-9866 rbavec@Tolarishomes.com;

 Larry Vershel or Beth Payan, Larry Vershel Communications, 407-644-4142 (fax: 4410) Lvershelco@aol.com.

C&W negotiates new lease for Learning Care Group in Maitland, FL

ORLANDO,, FL – Dec. 16, 2010–Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Associate Joe Abascal announced a new lease for Learning Care Group in Southpoint Executive Center (top left photo), Maitland.

Mr. Abascal represented the tenant, in the three-year deal for 2,130 sf.

Micah Strader (middle right photo) of CB Richard Ellis represented the landlord New Boston Fund and Stiles Corporation in the deal.

The office will serve as the MichIgan-based company’s Southeast Accounting & Operations Center. Learning Care Group provides early education and care services to children between the ages of six weeks and 13 years under its umbrella of brands: The Children’s Courtyard, Childtime Learning Centers, La Petite Academy, Montessori Unlimited and Tutor Time.

Contact:

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brook.hines@cushwake.com

www.cushwake.com

Rebman Properties Brokers 23.444-SF Industrial Lease in Orlando, FL

   

WINTER PARK, FL (Dec. 15, 2010) - Central Supply Company sub-leased 23,444 square feet of office/warehouse space at 515 Ferguson Street, Orlando, Florida.

 Gemini Management, Inc. was the Sub-lessor on this transaction.

Lyle Nelsen (top right photo) of Rebman Properties, Inc. represented the Sub-lessor.

Contacts:

Lyle N. Nelsen, 407.875.8001, lyle@rebmanproperties.com or

Lynn G. Bailey, Office Manager, Rebman Properties Inc., 1014 W. Fairbanks Avenue, Winter Park, FL 32789 USA, Tel: 407.875.8001; Fax: 407.875.8004
 lynn@rebmanproperties.com

http://www.rebmanproperties.com/

HFF closes $31 million sale of a portion of a 350,000-square-foot retail community center in Daytona Beach, FL

   

MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) has closed the sale of a portion of Volusia Square (top left photo), a 349,544-square-foot retail community center in Daytona Beach, Florida.

The HFF investment sales team was led by managing director Brad Peterson (top right photo) who represented the seller, Retail Planning Corporation of Atlanta.

 Cole Real Estate Investments purchased the property for $31 million free and clear of debt.  This is HFF’s fourth sale of a property to Cole in 2010.

Volusia Square is shadow-anchored by Home Depot, Toys R’ Us and Babies R’ Us.  Anchor tenants at the 203,909-square-foot portion of the shopping center that was sold include Hobby Lobby, HH Gregg and TJ Maxx. 

The portion of Volusia Square that was sold totals 22.4 acres and is located at 2455 West International Speedway Boulevard (US Route 92) close to Interstate 95, the Daytona International Speedway and the Daytona International Airport (middle left photo).  Renovated in 2010, the property was 97.6% leased at the time of sale.

“Volusia Square has a dominant regional location that attracts shoppers from a 30-mile radius and services the communities of Ormond Beach and Palm Coast to the north, Port Orange and New Smyrna Beach to the south and Deland to the west," stated Peterson.

"As a result, the International Speedway Boulevard retail submarket is a ‘must-have’ location for top-tier national retailers, which is evidenced by the high occupancy in the area and the recent tenancy by strong national tenants such as Hobby Lobby and Dicks Sporting Goods,”

“The interest level in Volusia Square was very strong.  More than 100 investors evaluated the offering and approximately a dozen offers were submitted. 

"This high level of interest is part of a growing trend of investors seeking high-quality, anchored retail without a grocery-anchor in order to get a little more investment yield,” Peterson added.

This is the third, non-grocery anchored community center that HFF has sold in Florida over the past 120 days.  HFF sold Riverplace Shopping Center (lower right photo), a 258,359-square-foot center anchored by Stein Mart, Sears, TJ Maxx, Staples, Books A Million, Michaels and Petco in the Mandarin area of Jacksonville in late August. 

Also, HFF sold Pablo Plaza, a 151,660-square-foot community center anchored by HomeGoods, Marshalls, and Office Depot in Jacksonville Beach in September.

Retail Planning Corporation was established in March of 1989 with the contribution of two grocery-anchored centers owned by its principal. 

 The “hands on” business philosophy, the experienced executive and management personnel, and a recognized reputation for excellence has propelled Retail Planning Corporation to the forefront of the retail leasing, management and development industry in and around the southeast. 

 Presently, Retail Planning Corporation manages over 50 shopping centers totaling over five million square feet.

Founded in 1979, Cole Real Estate Investments is one of the most active investors and owners of core real estate assets, managing one of the country’s largest portfolios of retail properties.

Today, Cole owns or manages 37 million square feet of commercial real estate in 46 states with a combined acquisition cost of approximately $7 billion.

Contacts: 

Brad Peterson, HFF Managing Director, (407) 286 5224, bpeterson@hfflp.com

Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Cambridge Realty Capital Provides $15.3 Million HUD Loan to Finance Construction of Ottawa, IL Skilled Nursing Facility

CHICAGO, IL--Cambridge Realty Capital Companies reports closing on a $15.3 million loan to provide new construction and permanent financing for Ottawa Pavilion (top left photo), a 129-bed skilled care nursing home in Ottawa, Ill.

Cambridge Chairman Jeffrey A. Davis (lower right photo) said the 40-year term loan was arranged for the owner, an Illinois limited liability company, by Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that underwrites FHA-insured HUD loans.

The fully-amortized loan was processed using HUD’s Section 232 funding program. The interest rate was not disclosed.

  

Contact:

Evan Washington

Phone: (312) 521-7604

Fax: (312) 357-1611

E-Mail:  ew@cambridgecap.com

Marcus & Millichap Relocates New Mexico Office

 ALBUQUERQUE, NM – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has moved its Santa Fe office to Albuquerque, according to Gary R. Lucas (top right photo), senior vice president and managing director of the office.

The new address is 4801 Lang Ave., Suite 110, Albuquerque, NM 87109. The phone number is (505) 286-2060. The fax number is (505) 286-5995.

“Our Santa Fe office moved to meet the demands of investors seeking commercial real estate in New Mexico and other parts of the West and Southwest,” explains Lucas.

For information about the firm’s services or to inquire about career opportunities, contact Gary Lucas at (415) 398-2373, or at gary.lucas@marcusmillichap.com.

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716

HEI Hotels & Resorts Sells Le Méridien San Francisco to Chesapeake Lodging Trust

  

SAN FRANCISCO, CA,  Dec. 15, 2010—HEI Hotels & Resorts (HEI), the nation’s fastest growing private owner/operator of hotel real estate, today announced the sale of the 360-room Le Méridien San Francisco (top left photo) for an undisclosed amount to Chesapeake Lodging Trust.

 HEI will continue to operate the hotel on behalf of Chesapeake under the terms of the transaction. 

“The sale of this asset from our second Fund, formed in 2004, marks our fourth hotel sale of the year,” said Steve Mendell, (top right photo) president—acquisitions and development.

 “Le Méridien San Francisco is a highly regarded hotel in one of the nation’s leading markets. We foresee no staff changes at Le Méridien San Francisco and look forward to continuing our management of this stellar property. We also are well positioned to continue purchasing hotels in our latest fund.”

 “HEI prides itself on aligning with top-tier hoteliers and real estate owners,” said Anthony Rutledge (middle left photo), HEI’s chief financial officer.

 “This is our first partnership with Chesapeake, and we look forward to expanding our relationship as we move forward.  With our operating expertise, we are confident that HEI is the best qualified to maximize this property’s full potential in the months and years to come.”

Located at 333 Battery Park, Le Méridien San Francisco is situated in the city’s financial district, near the Federal Reserve Building and convenient to Chinatown and Fisherman’s Wharf. 

The spacious guest rooms offer sweeping views of the bay and city, 300-count Frette sheets and down duvets, high-speed wireless Internet access, contemporary décor, and high end Nakamichi stereo/CD players.

 The hotel features: market-fresh cuisine at Park Grill and Bar 333 & Bistro, more than 13,000 square feet of flexible meeting space, fitness center with cardiovascular and strength-training equipment, and is completely smoke-free.

HEI Hotels & Resorts, headquartered in Norwalk, Conn., is a leading hospitality firm that acquires, develops, owns and operates full-service, upper upscale and luxury hotels and resorts throughout the United States under such well-known brand names as Marriott, Renaissance, W, Westin, Le Meridien, Sheraton, Embassy Suites, and Hilton.

 For more information about HEI, visit the company’s website, http://www.heihotels.com/

Media Contact:

Stephen Chan, Vice President, Acquisitions and Development, (203) 849-8844

Chris Daly, media, (703) 435-6293