Whitehall Street Real Estate Funds buys Metropolitan Hotel.An investment partnership whose investors include the Whitehall Street Real Estate Funds, a series of real estate opportunity funds sponsored by Goldman, Sachs & Co., announced on July 16th, that it had purchased New York's Metropolitan Hotel from Loews Hotels Loews Hotels is a luxury hotel brand based in New York City, and a wholly owned subsidiary of Loews Corporation. Loews maintains 18 locations in the United States and Canada:
Other partners are Highgate Holdings and Oxford Capital Partners, Inc./Oxford Lodging Investment and Advisory Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The partners in the joint venture also announced that the 722-room midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town Manhattan Metropolitan Hotel will immediately undergo a dramatic modernizing makeover to reflect "stylish, contemporary themes." The Metropolitan, located at the corner of Lexington Avenue and 51st Street, was designed by architect Morals Lapidus. It has been distinguished by its art deco art deco (ärt dĕkō`; är dākō`, ärt) or art moderne (är môdĕrn`, ärt) , post-modern architectural features, its curving facade and colorful exterior, which contrasts with muted colors of nearby buildings. The hotel encompasses 12,000 SF of space with its guest rooms, meeting halls, private lounge, health club, gift shop, beauty salon, and its Lexington Avenue Grill restaurant and bar. "Our partnership's purchase and renovation plans for the Metropolitan Hotel are based on our underlying belief in the strength of 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. as one of the most popular and important destinations in the world," said David H. Snell, Vice President of Highgate Holdings. "We believe that this transaction provides our partnership the exciting opportunity to re-position the asset and capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the resurgence of the 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 hospitality market." John W. Rutledge of The Oxford Capital Companies said Oxford views the Metropolitan acquisition as an intriguing 'spot market' in an attractive location in midtown Manhattan. "We are strong believers in New York City's fundamental strength as a hotel real estate investment market and have confidence in its long term prospects," he said. "When the hotel opened 42 years ago as the Summit, it was the first new hotel to be built in Manhattan in 30 years. It is of course sad to say good-bye to this property and the wonderful people who work there, but in keeping with Loews Hotels portfolio and growth strategy, we continue to focus on four and five star, one-of-a-kind, luxury hotels," said a spokesperson for Loews Hotels. The Whitehall Street Real Estate Funds are Goldman Sachs' primary investment vehicles for making privately negotiated real estate investments. The current Whitehall fund was formed in early 2001 with total committed capital of $2.5 billion, $550 million of which was committed by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and its employees, with the remainder committed by institutional and individual investors. |
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