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New York

Economic conditions spur Balazs to create new position

In an effort to position itself for the economic downturn, André Balazs Properties has hired Glyn Aeppel to fill the newly-created position of chief investment officer, the company announced today.

“We think that there are a number of very unique opportunities right now in our business … both on the development and on the operations side” as a result of the economic downturn, said hotelier and company head André Balazs. “We wanted to take advantage of these opportunities, and felt that she would help us do that.”

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Balazs said the company is now particularly interested in potential projects overseas, but said it was “premature” to discuss any specifics.

Aeppel, who joined André Balazs Properties last Wednesday and who was previously executive vice president for acquisitions and development at Loews Hotels, will focus on acquisitions, fund management, and management contract negotiations, Balazs said. Aeppel has worked at other hotel companies Fairmont Hotels & Resorts, Le Meridien, Marriott Corporation, and other companies.

André Balazs Properties has a few local developments in progress. Residents are slated to move into William Beaver House in late November, and the Standard Hotel in New York, should be completed in spring 2009.