'Shrine to modernism' sold.On behalf of Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. , Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. Hotels has arranged the disposition of The Roger Williams, a boutique hotel Boutique hotel is a term originating in North America to describe intimate, usually luxurious or quirky hotel environments. Boutique hotels differentiate themselves from larger chain/branded hotels and motels by providing personalized level accommodation and services / facilities. , to JRK JRK Jugendrotkreuz (German: Youth Red Cross) JRK Jerky, Mouse Asset Management, a West-Coast based owner of luxury and boutique hotels, commercial and residential real estate nationwide. The Roger Williams is part of Credit Suisse First Boston's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Boutique Hotel Portfolio, also containing The Mansfield and The Shoreham, which are actively being marketed for sale by Jones Lang LaSalle Hotels. JRK Asset Management simultaneously closed on the purchase of the Franklin, a small hotel on Manhattan's upper east side. Terms of both sales are undisclosed. According to Alan Tantleff, Executive Vice President of Jones Lang LaSalle Hotels, who spearheaded The Roger Williams sale, "The sale reaffirms investors' confidence in the New York market. Manhattan still remains the number one market for hotel investors." The 202-room Roger Williams at Madison Avenue and 31st Street near the Flatiron District, Its minimalist guestrooms are the work of renowned architect Rafael Vinoly. New York Magazine once described the property's glass-walled, double height lobby as "a shrine to modernism." The Roger Williams Hotel was subject to a ground lease with the Madison Avenue Baptist Church. This purchase marks JRK Asset Management's first foray into New York's hotel market. |
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