Tishman Hotels completes $600M in transactions.At a time when the national hotel real estate market is moving at warp speed warp speed n. Informal An extremely rapid speed or state of activity: "A young pronghorn antelope teased a yearling wolf, shifting into warp speed and leaving the wolf in the dust when it tried to pursue" , Tishman Hotel Corporation is among the pace-setters, completing 12 major transactions totaling in excess of $600 million coast to coast and offshore within the last several months. Most notable among these transactions were the $115 million sale of a note secured by the Westin Peachtree Plaza, the 1,068-room landmark hotel Hotels called the Landmark Hotel, or something similar, include:
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 Branch, in the sale of the note to Westin Hotels & Resort. Tishman also handled the $265 million refinancing of the Wait Disney World Dolphin & Swan Hotels in Orlando, Florida with Merrill Lynch Mortgage Capital. This is one of the largest hotel financings completed in recent years. Tishman also represented the seller, Skopbank, in arranging the sale of the Great Cruz Bay Resort and Virgin Grand Villas in St. John, Virgin Islands (formerly the Hyatt Regency St. John) for $40.5 million to Westin Hotels & Resorts and Signature Resorts, Inc. Locally, Tishman represented Dream Team Associates LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control in the $49.7 million construction and term financing of E Walk, a 200,000 square-foot 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. urban entertainment/retail development anchored by 13 Sony/Loews theaters. The loan was provided by Westdeutsche Landesbank and Kredietbank. Additionally, Tishman arranged the equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. provided by Equitable Real Estate Investment Management's Compass Retail Group, in conjunction with The Margolick Financial Group. E Walk is the first phase of a $320 million hotel/retail/entertainment development on 42nd Street in Times Square. "As indicative of these high-profile transactions, four-star, world-class hotels are generating significant interest from investors and lenders, with high-quality hotel assets trading quickly at top dollar prices," said Timothy Haskin, senior vice president and managing director of Tishman Hotel Corporation. "However, there is certainly an equal amount of transaction activity among other segments." In that regard, Tishman has played roles in these following transactions: Represented Wolff DiNapoli LLC (seller) exclusively in the $19.3 million sale of the 289-room Holiday Inn La Mirada, California La Mirada is a city in Los Angeles County, California, United States. The population was 46,783 at the 2000 census. It is best known as the home of Biola University (formerly the Bible Institute of Los Angeles), an evangelical Christian institution of higher education. , to Sunstone sun·stone n. See aventurine. Noun 1. sunstone - a translucent quartz spangled with bits of mica or other minerals aventurine Hotel Investors, L.P.; Exclusively represented Bucks County Hospitality, Inc. (the seller), in arranging the sale of the 215-room Holiday Inn Select Bucks County in Trevose, PA, to American General Hospitality Corporation; Exclusively represented the buyer, managing partner and borrower in arranging the $24 million acquisition of the 189-room Quality Hotel in New York. The transaction included arranging joint-venture equity financing from institutional partners and LIBOR-based first mortgage interim financing Interim financing A short-term loan made to a company on the condition that a takeout will follow with long-term or intermediate financing. interim financing The financing that supports a transaction until permanent financing can be arranged. from CS First Boston Mortgage Capital LLC; Exclusively represented Fountain Park Partners in arranging the acquisition financing provided by CS First Boston Mortgage Capital LLC for the purchase of the 400-room Fountain Park Hotel in Kissimmee, FL; Exclusively represented Pleasantwood Limited Partnership (seller), a joint-venture of Westonlake Corporation and a European investment bank European Investment Bank, nonprofit bank created in 1958 by the six founding countries of the European Economic Community (now part of the European Union [EU]). , in the sale of the 170-room DoubleTree Club Hotel in Lakewood, Colorado, to Friden Hotel Company for conversion to a Four Points Hotel; Represented Miami Bay Hospitality Partners, L.P., in obtaining LIBOR-based first mortgage financing for the acquisition and renovation of the Occidental Plaza Hotel in downtown Miami, FL; Represented Northern Springs, L.P., a joint-venture of Altamonte Investments, Inc. and Northern Springs Portfolio, Inc. in arranging the refinancing of The Courts at Lakeside in Altamonte Springs, FL for conversion to an extended stay hotel; Represented Baldwin Hospitality, LLC in acquiring the Marriott San Gabriel Valley The San Gabriel Valley is one of the principal valleys of southern California. It lies to the east of the city of Los Angeles, to the north of the Puente Hills, to the south of the San Gabriel Mountains, and to the west of the Inland Empire. Hotel in Baldwin Park, CA and arranged LIBOR-based interim financing for the acquisition from a major Wall Street firm. |
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