Hot hospitality market tempts Ark to buy its sixth city hotel.Willow Hotels LLC--an expanding New York-based company, and operator of the Shoreham and Mansfield hotels in Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan--has acquired the Franklin Hotel located at 164 East 87th Street. The purchase was made through the firm's parent company, Ark Investment Partners. Peter Hauspurg of Eastern Consolidated represented the seller, the California-based Oceana Hotel Group. "We chose the Franklin for its location, personality, and intimate style, as well as an opportunity to create a unique guest experience on the Upper East Side," said Brad M. Reiss, managing partner of Willow Hotels. "We are looking forward to expanding our vision of the spirit of hospitality with this third New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. hotel." Brad Reiss and John Yoon, partners in real estate investment company Ark Investment Partners LP and its affiliates, made their first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the hotel industry in 2004 with the purchase of the Mansfield on 44th Street and the Shoreham on 55th Street in NYC NYC abbr. New York City NYC New York City . The purchase of the Franklin marks the duo's sixth hotel transaction. The 49-room hotel was sold by the Oceana Hotel Group, which initially purchased the long-term lease for the I Franklin from 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. in 2003 when Manhattan boutique prices were in the $250,000 per room range. While neither party would disclose the recent sale price, Bill Doak "We are doing very well with operations at the hotel but, because of the size of the asset, we decided to see what it could bring in. Fortunately, it was right time," said Doak, adding that Oceana is currently looking to grow through the acquisition of more full service hotels as well as third party management. He said the firm would definitely be looking at the Manhattan market as it pursues its strategy for growth. The Franklin is furnished with European-style antiques and chandeliers and sconces accent cozy, colorful details such as original mosaics of Central Park. The hotel's charm will be accentuated by such Willow signatures as complimentary high-speed wireless Internet access See how to access the Internet. and a highly personalized standard of service. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion