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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Sonnenblick Goldman Arranges $69 Million
Sale of Marriott LaGuardia Airport
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Friday, January 26, 2007
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New York, NY
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Sonnenblick Goldman, serving as the exclusive advisor to LaSalle Hotel Properties (NYSE: LHO) has arranged the $69 million sale of the LaGuardia Airport Marriott Hotel to RLJ Development.
The 438-room hotel, which is managed by Marriott International, offers first-class amenities including 15,000 square feet of meeting space, a concierge floor, two food-and-beverage outlets, a fitness center with indoor pool, a business center, a gift shop and 24-hour shuttle service to LaGuardia Airport.
Located across the street from LaGuardia Airport, the hotel is the only full-service Marriott hotel to serve passengers of both LaGuardia and JFK International Airports. Less than 11 miles from JFK International Airport and only seven miles from Midtown Manhattan, the hotel benefits from substantial demand from the Manhattan, Queens and Long Island markets.
“The acquisition of the Marriott LaGuardia Airport provides RLJ with an opportunity to have a strong position in the NYC airport markets and also participate in the extremely vibrant Manhattan hotel marketplace. Given this dual market position, we received strong interest from the hotel investment community.” said Mark Gordon, managing director, principal and head of the Sonnenblick Goldman’s International Lodging & Leisure Group.
“The hotels affiliation with Marriott International added to the overall excitement and interest for the asset,” said Mark Owens, vice president of Sonnenblick Goldman.
Sonnenblick Goldman’s International Lodging & Leisure Group has completed more than $3 billion of hotel industry sale and finance transactions in the past twelve months including the sales of 485 Fifth Avenue in New York, the sale of the Aruba Marriott Resort & Casino, the sale of the Pan Pacific Hotel in San Francisco, the sale of the Conrad Hotel in Chicago and the sales of the Beekman Tower and Eastgate hotels in New York. The firm has also arranged numerous hotel financings including the Hay-Adams Hotel in Washington, D.C., the Four Seasons Houston, the Wyland Waikiki in Honolulu, the Beverly Hilton in Beverly Hills, the Westin Dallas, and twelve upscale hotels in New York.
LaSalle Hotel Properties is a leading multi-operator real estate investment trust, owning 31 upscale and luxury full-service hotels, totaling approximately 8,500 guest rooms in 15 markets in 11 states and the District of Columbia. The Company focuses on owning, redeveloping and repositioning upscale and luxury full-service hotels located in urban, resort and convention markets. LaSalle Hotel Properties seeks to grow through strategic relationships with premier lodging companies, including Westin Hotels and Resorts, Sheraton Hotels & Resorts Worldwide, Inc., Hilton Hotels Corporation, Crestline Hotels and Resorts, Inc., Outrigger Lodging Services, Noble House Hotels & Resorts, Hyatt Hotels Corporation, Benchmark Hospitality, White Lodging Services Corporation, Gemstone Resorts International, LLC, Thompson Hotels, Sandcastle Resorts & Hotels, Davidson Hotel Company, and the Kimpton Hotel & Restaurant Group, LLC.
Privately held RLJ Development was launched in December 2000 in Bethesda, Maryland, and currently is America’s largest African-American hotel investment company. RLJ actively acquires repositions, renovates, and re-brands institutional-quality hotel properties throughout North America and the Caribbean, and asset manages these properties throughout their intended investment cycle.
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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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