The Real Deal New York

Posts Tagged ‘intercontinental hotels group’

  • From left: Renderings of Intercontinental's hotel at 300 Schermerhorn Street in Brooklyn and Toll Brothers and Starwood's hotel at Pier 1 in Brooklyn

    From left: Renderings of Intercontinental’s hotel at 300 Schermerhorn Street and Toll Brothers and Starwood’s hotel at Pier 1 in Brooklyn

    Builders are pursuing more hotel projects in Brooklyn this year than in 2012, in spite of a lackluster hotel market in the borough, according to figures by hotel data-crunching firm Smith Travel Research. [more]

  • Rendering of 36-18 Main Street in Flushing

    Rendering of 36-18 Main Street in Flushing

    Community Board 7 has given the green light for a variance to allow a combination hotel and office tower to rise in downtown Flushing, Queens.

    The development required 344 parking spots initially, because of the property’s 148-room size. But because of the site’s high water table, Attorney Richard Lobel asked that a reduced number be permitted — a move approved by a council vote of 28 to 2. The site will now hold 305 spots instead. [more]

  • InterContinental Hotels Group has acquired a Downtown Brooklyn site where it will build an 83,000-square-foot, 204-room hotel, the hotelier said Tuesday.

    The 13-floor hotel will offer amenities such as public workspaces, a bar and gym facilities, and will be developed under InterContinental’s Even Hotels brand. [more]

  • crowne-plaza-1

    320 West 36th Street garage and Crowne Plaza Times Square

    Three New York City real estate players are in talks with U.K.-based InterContinental Hotels Group to develop a 25-story, 250-room hotel in Midtown West as a Crowne Plaza, the developers told The Real Deal.

    Lance Steinberg and Frank Chan, the respective president and managing member of property management firm Raber Enterprises, own an 8,145-square-foot lot at 320 West 36th Street that currently holds a two-story parking garage. [more]

  • A rendering of 219 East 44th Street and Ben & Jack’s Steak House

    Normally when a developer buys and decides to demolish a building, its tenants are out of luck once their leases ends. But one restaurant near Grand Central has worked a deal to return to its original location once the new hotel taking over the site is completed in 2015, Crain’s reported. Ben & Jack’s Steak House, at 219 East 44th Street , will close at the end of the month, only to return once InterContinental Hotels Group’s new health conscious hotel brand, EVEN, is opened. The restaurant will even provide guests with room service. … [more]

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  • From left: Morris Moinian of Fortuna Realty Group and a rendering of the Soho hotel at 525 Greenwich Street

    Developer Morris Moinian of Fortuna Realty Group is partnering with his 28-year-old nephew and son of developer Joseph Moinain, Matthew Moinian, to transform a vacant lot at 525 Greenwich Street in Soho into a $60 million hotel, he told The Real Deal today. Construction will begin on the project before the end of the year, he said.

    Matthew, who recently graduated from law school, has not joined the family business but is rather investing in the project as an individual.

    Fortuna, which bought the former parking garage site for $12.75 million at auction earlier this year, is in negotiations with various management systems to operate the hotel, Morris said, including the InterContinental brand, which operates Fortuna’s Hotel Indigo in Chelsea.  … [more]

  • Brack Capital Real Estate, the developer behind the James New York, the Olcott and 15 Union Square West, has just acquired the development site for its latest Manhattan project: a 290-room Hotel Indigo at 180 Orchard Street. The Lower East Side project, a joint venture with InterContinental Hotels Group, will also include retail and parking when it opens in 2013. BCRE and IHG paid $46 million for the site in an all-equity transaction, the partners announced today. Among the property’s planned features: a restaurant, bar, fitness center and outdoor pool. TRD[more]

  • InterContinental to sell Barclay NY hotel

    February 08, 2011 05:13PM

    InterContinental hotel group is set to sell its Barclay New York hotel at 111 East 48th Street between Park and Lexington avenues, according to the McClatchy-Tribune. The Midtown hotel has an asking price of roughly $321.14 million. Although there is no word yet on which specific buyers are eyeing the 685-room, 14-floor hotel, sources say that it’s attracted interest from international bidders in Qatar, Abu Dhabi and China. But while InterContinental is looking to shed this property, the company isn’t downsizing across the board in Manhattan — last summer the hotelier unveiled the new 607-room InterContinental Hotel Times Square, with Shake Shack taking the ground-floor retail space. [McClatchy-Tribune via Hotel Online]

  • Brooklyn Diner to debut in Dubai

    February 03, 2011 12:55PM

    The Brooklyn Diner, operated by Shelly Fireman, is opening an all-Halal outpost in a Dubai hotel Feb. 15 with a menu that will include the oven roasted Dodger pot roast, according to the Insatiable Critic. Local Dubai cuisine will be featured as well, including Shish tawouk (marinated chicken kebabs), chelo kebab koobideh (charbroiled beef or lamb strips on rice) and a mild Thai green chicken coconut curry, which, “strangely enough… is extremely popular in Dubai,” Fireman said. The Brooklyn Diner currently has two New York City locations; one is at 212 West 57th Street, between Broadway and Seventh Avenue, and the other is at 155 West 43rd Street, between Broadway and Sixth Avenue. … [more]

  • InformationWeek has released its annual list of the top 500 businesses nationwide for their innovative use of information technology, and a number of prominent real estate and hospitality firms have made the list. Among the top-ranked businesses was InterContinental Hotels Group, which was ranked No. 2 and owns a number of New York City hotels under the Holiday Inn, Staybridge Suites, Candlewood Suites, Crowne Plaza, Hotel Indigo and InterContinental brands. Marriott International was ranked 53rd; Hyatt Hotels was 128th. Also listed were Newmark Knight Frank and CB Richard Ellis. It was CBRE’s fourth year in a row being listed. For InformationWeek’s full list of businesses, click here. TRD


  • As the U.S. hotel industry recovers, some of the country’s largest hotel companies — including Marriott International, Starwood Hotels & Resorts Worldwide, Hilton Hotels Worldwide and Hyatt Hotels Corp. — are beginning to divest their properties in an effort to reduce their holdings. With occupancies rising and revenue per room expected to post strong gains, now is the time to restart such divestitures, according to the Wall Street Journal. A reduction in new hotels means stronger cash flows for existing hotels, potentially resulting in rising property values. “It’s maybe the beginning of some opportunities, because there is a fair amount of capital on the sidelines interested in investing in this space,” said Jim Anhut, chief development officer in the Americas division of InterContinental Hotels Group, owner of brands including Holiday Inn and InterContinental. “We’re a cyclical business, and people are seeing the bottom of the cycle.” [WSJ]


  • Dan Tishman

    With proceeds from the $245 million sale of Tishman Construction last month, Dan Tishman has plans to push further into the hotel business, the Post reported. His family’s real estate business, Tishman Hotel & Realty, is a separate entity that includes the Westin New York at Times Square and the nearby InterContinental Hotel at 300 West 44th Street at 8th Avenue, which opened last month. “I think you will see more activity in that area,” Tishman said. “We’re heavily invested in hotels… We are extremely bullish on that sector and believe there will be a lot of opportunity.” He expects that hotel occupancy rates will improve next year. Despite his roots in construction, Tishman thinks it is smarter in this economy to buy existing hotels, specifically financially distressed properties, rather than build new ones. Tishman is eyeing the Times Square area from Eighth Avenue west, near the Javits Convention Center, where construction is underway to expand and renovate the complex. Large corporations, including the New York Times, Bank of America and law firm Proskauer Rose have moved into the area.


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    Midtown and Downtown Manhattan, two of the largest central business
    districts in the nation, topped this year’s Colliers International 10th
    annual parking rate su … [more]

  • At the desk of: Dan Tishman

    June 21, 2010 10:30AM

    Dan Tishman

    Dan Tishman is the fourth generation of his family to sit at the helm of Tishman Construction. In the last century, the firm has built some of the most high-profile projects in New York and around the globe. It’s currently building the iconic One World Trade Center. And while the firm mostly handles construction for others, it does some of its own developing too (it’s invested in two Times Square properties, the Westin Hotel and the InterContinental, the latter of which is to open within weeks). From his office at 666 Fifth Avenue (which, incidentally, his firm built), Dan, chairman and CEO, can gaze upon a skyline his family helped define. Click here to take a peek at Tishman’s desk.

  • InterContinental plans NYC expansion

    June 15, 2010 02:00PM

    While the InterContinental Hotels Group raised eyebrows this year when it announced its plans to open a 600-room hotel in Times Square this July, the company is poised to deposit even more rooms on New York City in the coming years, according to the Wall Street Journal. The U.K.-based company already operates 22 hotels in the city and plans to develop another 15 in the near future. Among the possible new hotels is a boutique operation in Midtown, a Crown Plaza outpost in Long Island City and a Holiday Inn in the Bronx. Jim Anhut, chief development officer with InterContinental, said that a confidence in the New York City market led his company to make the expansion plans. “You have to love the future prospects for the city because of historically how well it has done and its resilience to the whipsaws of the economy,” Anhut said. [WSJ]


  • 310-room Times Square hotel to open

    March 18, 2010 06:00PM

    InterContinental Hotel Group will open a 310-room hotel in Times Square early next month, the company announced today. Units at the Staybridge Suites, located at 340 West 40th Street between Eighth and Ninth avenues, are decorated “like studio apartments,” according to IHG. The opening of the 32-floor Staybridge marks the final brand in the company’s repetoire to have a Manhattan location. TRD


  • From left: James Dimon, whose firm JPMorgan Chase owes $300,000; Crowne Plaza JFK, which owes $944,491; the Holiday Inn JFK, which owes $852,239; Gordon DuGan, whose firm W. P. Carey & Co. owes $464,000 (Dimon photo source: Public Intelligence)

    Tax debtors beware: New York State is calling you out.

    Last Friday, the New York State Department of Taxation and Finance went live on its Web site with lists of the top 250 individual and corporate tax debtors in the state.

    The individual debtors range from Onandaga County resident Bradley Cooke, who owes $381,509, to Irving Bilzinsky, the former Scores strip clubs owner from Brooklyn who topped out the list with more than $15 million outstanding taxes from between 2007 and 2009. Among businesses, Gui Hong Chen, of Queens, took the top spot with more than $19 million in unpaid corporate taxes.

    This week, The Real Deal combed through the newly-public documents to find the worst offenders in New York City real estate.

    They include luxury broker Agnes Nolan and her late husband, who owe more than $850,000 in personal income taxes, a subsidiary of real estate investment firm W.P. Carey, which has a warrant out for roughly $464,000, and JPMorgan Chase Bank, which owes upwards of $300,000 (see the full list after the jump).

    Perhaps the highest-profile individuals listed were Ponzi-schemer Bernard Madoff (No. 69, with $984,281 in sales taxes) and celebrity fashion photographer Annie Leibovitz (No. 83, with $503,740 in personal income taxes outstanding). Earlier this week, Leibovitz narrowly avoided emergency sales of her four New York homes — three Greenwich Village brownstones and part of the Astor family’s estate in Rhinebeck, N.Y. — when a Los Angeles private equity firm specializing in distressed real estate agreed to take on her millions of dollars in debt. … [more]


  • Morris Moinian at The Real Deal’s offices

    Hotel Indigo, the colorful 122-room newcomer to the Chelsea scene, may soon get a trio of siblings to the north, south and east.

    Hotel owner Morris Moinian, 48 — not to be confused with his older real estate developer brother, Joseph, 55 — unveiled the newly-constructed 127 West 28th Street hotel, part of the InterContinental brand, in October, and is now plotting three more Indigo-franchised hotels in Manhattan over the next three to four years, he told The Real Deal yesterday in an in-office interview.

    Moinian is president and founder of Fortuna Realty Group, the private real estate company that developed the Dylan Hotel (sold to the HOTUSA Group and Losan Hotels World for $78 million in 2007) and has holdings in New York City, Florida, California and the Caribbean. The Iranian developer said he’s eyeing Tribeca-Soho, the Upper East Side, and Midtown, near Grand Central Terminal, for Indigo’s next landing spots. Ideally, the hotels will be built from the ground up, with 100 to 150 units apiece, he said. … [more]