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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 HYATT SAVANNAH FOR $50 MILLION |
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Monday, February 02, 2004
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Savannah, GA
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Sonnenblick-Goldman Company, on behalf of Apollo Real Estate Advisors, has arranged the sale of the Hyatt Savannah in Savannah, GA to Highland Hospitality Corp. for $50 million.
The 347-room Hyatt Regency Savannah is one of the city’s finest full-service hotels. Located on the riverfront in Historic Savannah and adjacent to the landmark gold-domed City Hall, the hotel is convenient to all of the city’s leisure and business attractions.
Most of the large, well-appointed guestrooms offer spectacular views of the Savannah River and the Historic District. With over 36,000 square feet of flexible meeting space, the Hyatt features the greatest amount of meeting space in the Savannah lodging market. The popular Windows Restaurant and MD’s Lounge provide excellent waterfront and harbor views.
The hotel’s amenities include an indoor heated pool, fully equipped exercise room, business center, heliport and access to a 366-foot private floating dock which is capable of mooring full-size ocean-going yachts. The property holds an AAA Four-Diamond rating.
Commenting on the transaction, Sonnenblick-Goldman managing director and principal, Mark Gordon, states, "This offering presented the unique opportunity to acquire Savannah’s premiere hotel, with attributes including its exceptional visibility, irreplaceable location and stable performance. The Savannah market is a ‘drive-to’ market and has performed in an extremely consistent fashion during the past three years. It is an interesting example of the benefits of owning a geographically diverse portfolio of hotels in challenging economic times."
Sonnenblick-Goldman’s transaction team for the assignment included Mark J. Gordon, managing director and principal; Lorena Heredia, associate director; and Svetlin Ganchev, associate.
Apollo Real Estate Advisors (Apollo) is an opportunistic real estate investor that over the past 10 years has overseen the investment of over $4.6 billion of equity in over 220 transactions with an aggregate value in excess of $16 billion. Apollo targets a broad range of direct equity and debt investments throughout the U.S., Europe and Japan. Recent investments include the development of the $1.7 billion Time Warner Center at Columbus Circle, the redevelopment of 1.4 million square foot former defense plant in Long Island and acquisition of a 350,000 square foot retail center in Beverly Hills.
Highland Hospitality Corp. is a newly formed, self-advised lodging real estate investment trust, focused on hotel investments, primarily in the United States. The company currently owns five hotels representing 1,329 rooms in three states. |
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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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