From left: Ace Hotel owner Allen Gross and
Chartres Lodging Group partner Bruce Blum

Ace Hotel owner and GFI Capital Resources Group President Allen Gross and Chartres Lodging Group partner Bruce Blum have formed a Manhattan-based private equity hotel investment firm which will “specialize in value enhancement activities through executing redevelopment, repositioning and/or asset management strategies,” in New York City, they announced in a statement today.

“GB Lodging will be a nimble, hotel value enhancement vehicle that will leverage its boutique and branded DNA to capitalize on special situations as this next cycle evolves,” Blum said. “No doubt Allen’s impressive real estate investment and development track record coupled with his extensive capital markets’ relationships will provide an invaluable backbone to our growth.” – Katherine Clarke [more]

Lev Leviev is going head-first against Bowlmor Lanes in Times Square

Africa Israel plans to throw a counterpunch after a $32 million lawsuit from its biggest retail tenant, Bowlmor Lanes, which accused the struggling real estate conglomerate of dragging its feet on the buildout of a 70,000-square-foot space at the old New York Times building. Lawyers for the Israeli-based developer, led by billionaire Lev Leviev, said they will file suit in New York State Supreme Court alleging the Manhattan-based bowling alley chain is using some space it is not entitled to, and argues that it provided all the construction funds it was required to in a timely manner. [more]

From left: Pret A Manger is moving in on the corner of 29th Street and Seventh Avenue and Fresh & Co. is a recent addition to the neighborhood on the corner of 30th Street and Seventh Avenue

Once thought of as a transit hub for travelers moving in and out of Penn Station, a strip of Seventh Avenue is slowly gaining retailer clout. Brokers say the stretch of retail from 29th to 34th streets is improving because of shifting real estate values, large development projects on the horizon and the influence of one property owner: Vornado Realty Trust. In the last few months, the quality of retailers in the area appears to have shifted. Fresh & Co., an upscale — primarily lunch — eatery, opened several months ago at the corner of 30th Street and Seventh Avenue. Pret A Manger, meanwhile, has plywood up on the corner of West 29th Street. And, within a couple of months after Supermac macaroni and cheese joint’s closing last November, a new vegan sit-down restaurant opened in the location on Seventh Avenue between 29th and 30th streets. And, as these high-end eateries crop up, some retail experts say that the neighborhood is turning a corner. [more]