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STARHOTELS OF ITALY PURCHASES PARC 51 HOTEL FOR $42 MILLION; THE MICHELANGELO MAKES NEW YORK DEBUT

 STARHOTELS OF ITALY PURCHASES PARC 51 HOTEL FOR $42 MILLION;
 THE MICHELANGELO MAKES NEW YORK DEBUT
 NEW YORK, June 25 /PRNewswire/ -- Starhotels, a family-run group of 14 hotels in Italy, today announced it has purchased for $42 million the 178-room Parc Fifty-One hotel at 51st Street and Seventh Avenue here and renamed it The Michelangelo.
 Starhotels, based in Florence, is Italy's only "true hotel group," dedicated to the ownership and operation of fine properties and to excellence in the hospitality industry, according to Elisabetta Fabri, president of Starhotels International. Starhotels is the only Italian hotel group independent of real estate, industrial and insurance concerns. The Michelangelo is named after its namesake in Florence -- "for good luck," said Fabri -- which 13 years ago was the company's first hotel venture. The Michelangelo in New York becomes the company's flagship and the springboard for a U.S. and international presence.
 Gerrit Quambusch, for the last four years manager of New York's Rihga Royal, has been named general manager. The youthful, energetic executive -- German by nationality -- brings a uniquely European style to the position, combined with a wealth of experience that includes his association with The Waldorf-Astoria and Loews Anatole Hotel in Dallas. The multilingual hotelier holds an M.B.A. and a B.S., having studied marketing, management, economics and international business at Texas Christian University, New York University and the University of San Francisco.
 In announcing the purchase, Fabri said, "Hoteliers around the world dream of opening in New York; my family is no exception." The Fabris researched the New York hotel market for nearly two years, seeking the best opportunity to bring European and Italian touches to a deluxe, four-star product in a prime location. "We feel this is a smart business transaction," Fabri said.
 "Italians are wonderful hosts," she added, "and our style, our hospitality, our design and creativity, our food and wine, are loved all over the world. We'll bring that to The Michelangelo."
 The Starhotels group, having acquired 15 hotels since 1980, is a reassuring example of rapid but responsible growth. Profits from the hotels are put toward acquisitions. However, the company is about to embark on a new phase with its most ambitious undertaking to date: a 500-room destination hotel, resort and conference center under construction in Florence, set to open in 1994. Today, Starhotels' 14 Italian properties are all located in the country's most attractive historical or commercial centers: four in Milan, two in Florence (with the company's aforementioned first new construction project to be the third), Rome, Venice, Genoa, Turino, Trieste, Bergamo and two in Bologna. The company is looking for additional hotels in the United States and key European cities, beginning with Paris and London.
 The Michelangelo is located in the heart of New York's business, cultural and theatre district. Building on Starhotels' tradition of excellence in service and unique Italian flair, The Michelangelo will feature many visible Italian touches -- from original artwork in the public spaces to complementary espresso and cappuccino in the lobby bar.
 Accommodations are the most spacious in the city, exquisitely furnished and richly detailed with marbled foyers, oversized bathtubs, decorated ceilings and crown moldings. The Michelangelo's 52 suites are individually interior designed in a variety of color schemes and styles.
 On the mezzanine level, three conference rooms are available with complete audio-visual capabilities. For dining, the hotel features Bellini by Cipriani, the elegant lobby lounge for cocktails and entertainment and 24-hour room service. A carefully selected and well- trained staff provides the services one expects of the world's finest hotels.
 For more information and reservations, contact The Michelangelo, 152 West 51st St., New York, NY 10019. Call 212-765-1900 or toll-free 1-800-237-0990 outside of New York.
 -0- 6/25/92
 /CONTACT: Virginia M. Sheridan or Maryellen Nugent of M. Silver Associates, 212-704-2020, for Starhotels/ CO: Starhotels International ST: New York IN: LEI SU: TNM


GK -- NY009 -- 3607 06/25/92 08:30 EDT
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Date:Jun 25, 1992
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