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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY RETAINED TO SELL PARADISE GRAND HOTEL, LTD, OWNER OF THE SHERATON GRAND RESORT PARADISE ISLAND |
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Tuesday, January 16, 2001
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New York, NY
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Paradise Grand Hotel, Ltd. has exclusively retained Sonnenblick-Goldman Company to market the company for sale. The company's primary asset is the Sheraton Grand Resort in Paradise Island, Nassau, Bahamas.
The 340-room beach front resort is located directly on the Atlantic Ocean on world-renown Paradise Island, immediately adjacent to the Atlantis Paradise Island resort and within close proximity to the international airport, downtown Nassau, and the port. The resort's many amenities include five restaurants and lounges, 9,400 square feet of function space, a tennis court, and 360 feet of exquisite beach frontage. The resort is in excellent physical condition due to the $10 million renovation that occurred in 1999-2000.
The Sheraton Grand Resort has a strong competitive position in the Nassau/Paradise Island lodging market. The Paradise Island market is performing quite well with sustained high occupancies and gains in average rate well above inflationary levels. These gains, along with significant barriers to competitive entry, bode well for the long-term value creation potential.
"The Sheraton Grand's locational advantages – it is both directly on the pristine beaches of Paradise Island and is accessible to the Island's unique amenities – and its market positioning atop the lodging inventory in greater Nassau will ensure the resort's continued operational success. Furthermore, the opportunities for value creation, including the reconfiguration of underutilized space and the development of additional guest rooms, are compelling for a new owner," commented Dan Carlo, Managing Director of Sonnenblick-Goldman Company.
According to Mark Gordon, Managing Director and Head of Sonnenblick-Goldman Company's International Lodging and Leisure Group, "The offering presents a unique opportunity to acquire a resort that is unencumbered by a management contract in a strong market with high barriers to entry. Accordingly, the Sheraton Grand Resort offers significant value enhancement potential." |
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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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