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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick-Goldman Company Closes Largest
New York Hotel Deal in 2005
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Thursday, September 08, 2005
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New York, NY
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Sonnenblick-Goldman Company, serving as the exclusive advisor to Strategic Hotel Capital LLC, announced that it has arranged the sale of the landmark Essex House Hotel in New York City to Dubai Investment Group, which closes today.
The Essex House was built in 1931 and is recognized as one of the finest hotels in New York. Located directly on Central Park South, the hotel is an integral component of the NYC skyline and contains 605 rooms, two restaurants, a lobby lounge, over 11,000 square feet of meeting and function space and a spa/health club facility. The property also includes a residential component that was not included in the sale.
“The unique fundamentals of the New York City hotel investment market have resulted in a very interesting investment opportunity. The Midtown North submarket in particular has experienced a significant reduction of hotel rooms with virtually no new supply under development at this time. This is resulting in dramatic annual RevPAR increases, which translates into the significant enhancement of hotel values,” says Mark J. Gordon, managing director and principal of Sonnenblick-Goldman.
Says managing director David S. Schaiman, “We were fortunate to conclude a transaction with an investor who intends to invest the capital necessary to ensure that the Essex House remains as one of New York City’s elegant hotels.”
“As a result of the irreplaceable location, stature in the market place and repositioning potential of the Essex House, we were able to generate tremendous interest from the international investment community,” says Svetlin Ganchev, vice president of Sonnenblick-Goldman.
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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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