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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES SALE OF JFK INTERNATIONAL AIRPORT HOTEL |
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Monday, April 19, 1999
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New York, NY
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Sonnenblick-Goldman Company, acting as the exclusive advisor to Boulevard Hotel Associates, LLC, arranged the sale of the JFK International Airport Hotel to Value Enhancement Fund II, LLC, which is managed by Lend Lease Real Estate Investments. The JFK International Airport Hotel sale was brought to the market in September 1998.
Opened in 1963, the JFK International Airport Hotel is a 184 room, full-service hotel located off North Conduit Avenue, across from JFK International Airport. The hotel was flagged as a Sheraton Four Points and managed by Hampshire Hotels and Resorts, but was converted to a full-service Sheraton under Sheraton management by the buyer. Upon acquisition in 1997, Boulevard Hotel Associates, LLC began a comprehensive $16.5 million renovation and expansion of the property, which resulted in the addition of 42 guestrooms and creation of a restaurant, lounge, courtyard and a ballroom. The JFK International Airport Hotel also contains approximately 4,000 square feet of well-appointed conference space; a restaurant; a lounge; a fitness center; and a full service business center.
Brain Martin, Vice President of Sonnenblick-Goldman Company commented that this transaction "was a situation in which both the buyer and seller recognized an opportunity. The seller uncovered a unique opportunity to fully renovate the hotel and sell it to an opportunistic buyer. The buyer will recognize significant near- and long-term upside by upgrading the Four Points franchise to a full-service Sheraton. By repositioning the asset to a higher-end brand, the buyer will achieve a strong return on its investment." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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