The Real Deal New York

Posts Tagged ‘ron burkle’

  • From left:

    From left: Jason Taubman Kalisman and Ron Burkle

    An end to hostilities has reportedly been called in the long-running battle for control of the Morgans Hotel Group.

    Jason Taubman Kalisman, who took over as interim CEO of the Morgans Hotel Group following Michael Gross’ resignation last year, has reached an agreement with Ron Burkle, who currently owns Morgans’ debt and preferred shares. [more]

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  • morgans-hotel

    From left: Jason Taubman Kalisman and Ron Burkle

    The Ian Schrager-founded Morgans Hotel Group borrowed $450 million against two of its properties in a deal that will help pay off the majority of the $220 million debt held by billionaire shareholder Ron Burkle. The refinancing is seen as a rebuff of Burkle, who has been pushing for Chairman Jason Taubman Kalisman to hand off the company.

    Citigroup values the Hudson Hotel at 356 West 58th Street and the Delano in South Beach at roughly $620 million. After the debt deal, Kalisman might look to sell either of those properties, the New York Post reported, citing an undisclosed source. [more]

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  • Ron Burkle and an interior shot of the Hudson Hotel

    Ron Burkle and an interior shot of the Hudson Hotel

    Shareholders in publicly traded hotel companies are putting on the pressure to churn out higher returns as property values continue to rise. [more]

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  • Morgans rejects $870M Burkle bid

    November 02, 2013 06:00PM
    HudsonHotelRonBurkle

    From left: Ron Burkle, an interior shot of the Hudson Hotel, and Jason Taubman Kalisman

    Billionaire Ron Burkle, who owns the debt and preferred shares of the Ian Schrager-founded Morgans Hotel Group, is battling it out with interim Morgans CEO Jason Taubman Kalisman after having an $870 million offer for his stake in the company rejected. [more]

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  • Ron Burkle and an interior shot of the Hudson Hotel

    Ron Burkle and an interior shot of the Hudson Hotel

    The interim CEO of the Morgans Hotel Group is looking to quietly refinance the Hudson Hotel in the Columbus Circle area and push Ron Burkle, who currently owns Morgans debt and preferred shares, out of the group. [more]

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  • Kerrisdale Capital, a major shareholder for Morgans Hotel Group, wants new directors in charge, just days after CEO Michael Gross stepped down. [more]

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  • From left: Yucaipa's Ronald Burkle and former Morgans CEO Michael Gross

    From left: Yucaipa’s Ronald Burkle and former Morgans CEO Michael Gross

    Ron Burkle, whose Yucaipa Companies holds $230 million in shares of the Morgans Hotel Group, demanded Tuesday that the company find a buyer after its CEO Michael Gross resigned. [more]

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  • From left: Michael Gross, Ian Schrager and the Delano Hotel

    From left: Michael Gross, Ian Schrager and the Delano Hotel in Miami

    From the South Florida site: The New York-based hotelier that owns the Mondrian Soho in Manhattan and the Delano South Beach in Miami scored a small victory in a battle for control of its board when a proxy-advisory firm recommended that its shareholders not vote for the nominees put up by its biggest shareholder, Bloomberg News reported. [more]

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  • From left: the Delano South Beach in Miami and Ian Schrager

    UPDATED, 6:31 p.m., May 29: The Morgans Hotel Group, founded by developer Ian Schrager and Studio 54’s Steve Rubell, is spending tens of millions of dollars on lawyers and bankers to undo a transaction that landed it $72 million in late 2009 from Ron Burkle’s Yucaipa Companies, the New York Times reported. [more]

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  • Ronald Burkle

    Ronald Burkle

    Billionaire Ron Burkle, one of the largest creditors of Morgans Hotel Group, is off to a rough start in his legal fight with shareholders of the debt-burdened hospitality chain, the New York Post reported.

    Delaware Chancery Court Judge Travis Laster has rejected a deal between Burkle and the company, which would have granted Burkle control over Morgans’ Delano South Beach hotel in Miami, among other assets, in exchange for his Yucaipa Companies waiving $113 million of debt and forfeiting millions in warrants and preferred stock. [more]

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  • Morgans Hotel Group, the once wildly successful owner and manager of trendy hotels across the nation, including the Soho Mondrian at 9 Crosby Street, is now at the center of a heated conflict between the company’s largest creditor — billionaire Ron Burkle — and its largest shareholder, the Wall Street Journal reported. [more]

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  • From left: 428 West 14th Street, Joe Sitt and Ron Burkle

    A year-end deal for billionaire grocery magnate and newbie real estate investor Ron Burkle’s Scoop building has closed for $96.44 million, according to public records filed with the city yesterday.

    The deal represents a $30 million mark up over what the California-based tycoon paid for the five-story, 61,000-square-foot building at 428 West 14th Street one year previously. Sources told The Real Deal that Burkle, who has an ownership interest in tenant Scoop, made the deal more attractive to Thor by modifying the terms of the retailer’s lease. Scoop extended its lease in one portion of the building and shortened it in another, the source said. [more]

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  • From left: 430 West 14th Street, Joe Sitt of Thor Equities and Ron Burkle

    Grocery/real estate/private equity tycoon Ron Burkle has flipped his Meatpacking District property — he owns a majority  interest in the building, which houses such retailers as Scoop boutique — for close to $100 million to Joe Sitt of Thor Equities, the New York Post reported.

    Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner brokered the deal for the brick loft building at 430 West 14th Street, the Post said. Burkle bought it for $65 million last year, as previously reported. [more]

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  • Ronald Burkle

    Ronald Burkle

    From the May issue: Ronald Burkle is known for many things: the billions he made in the grocery business, his now-sour relationship with former President Bill Clinton, even being the godfather to rapper P. Diddy’s children. But until recently, New York City real estate was not on that list. Indeed, Burkle — head of Los Angeles–based private equity firm Yucaipa — was focused more on investing in companies like Whole Foods and Barnes & Noble than on the Manhattan property market. [more]

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  • From left: Midtown Equities' Joseph Cayre, billionaire Ron Burkle and Soho House in New York

    [Updated at 10:40 a.m. with broker information] [Updated at 9:00 a.m. with comment from Burkle, Cayre] Billionaire Ron Burkle’s Yucaipa Companies and Joseph Cayre’s Midtown Equities have closed on their purchase of the Soho House, a hotel and social club at 29-35 Ninth Avenue which also houses popular restaurant Spice Market, Cayre said this evening while on a panel at a Young Jewish Professionals summit held at 7 World Trade Center and co-sponsored by The Real Deal. [more]

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  • Hotel demand spurs conversions

    March 26, 2012 06:30PM

    NoMad Hotel 

    Older office buildings are often finding new lives as hotels, the Wall Street Journal reported.

    For instance, a dingy office building at 1170 Broadway, at 28th Street, will re-open next week as the NoMad Hotel, a 168-room lodge developed by Sydell Group, Ron Burkle and Square Mile Capital. The $100 million conversion includes a restaurant by Daniel Humm and Will Guidara of 11 Madison Park fame. [more]

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  • From left: Nathaniel Christian, Ron Burkle and the Soho House

    Real estate broker Nathaniel Christian sued Ron Burkle’s Yucaipa Companies seeking $22.8 million in New York state court yesterday, Law360 reported, alleging that he acted as the broker for Yucaipa’s purchase of a stake in Soho House but was never compensated.

    Christian, principal of NCG Real Estate, claims he introduced Burkle to owners of the Soho House Group in 2006.   [more]

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  • From left: Ron Burkle and 430 West 14th Street

    Forty-eight days after closing on his $65 million purchase of 430 West 14th Street, billionaire investor Ron Burkle is looking to unload it for more than $100 million, according to the New York Post.

    He chose Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner to market the 61,321-square-foot office building with 50 feet of frontage each on West 13th and West 14th streets, and 206 feet along Washington Street. [more]

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  • Ron Burkle buys stake in NoMad Hotel

    June 03, 2011 09:56AM

    Billionaire investor Ronald Burkle is making his first official foray into the New York City boutique hotel scene with a stake in the upcoming NoMad Hotel. The 168-room project, on the corner of Broadway and 28th Street, is scheduled to open during the first quarter of 2012 after several years of delays, with room rates starting at around $400 per night. According to the Wall Street Journal, Burkle, whose Yucaipa Cos. already owns a 30 percent stake in Morgans Hotel Group, made his investment through a new venture with Sydell Group, the hotel developer and operator that owns the 124-year ground lease for the site and that is also a part-owner of the Ace Hotel one block away. … [more]

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  • A&P files for bankruptcy

    December 13, 2010 08:50AM

    The Great Atlantic & Pacific Tea Company, the Montvale, N.J.-based grocery giant with nearly 400 supermarkets in its portfolio, has filed for Chapter 11 bankruptcy protection in White Plains, N.Y. with $3.2 billion in debt, Bloomberg News reported. The A&P’s $2.5 billion in assets include stores under the Food Emporium, Waldbaum’s and Pathmark brands, which have suffered as wholesale clubs and drugstores have gained in popularity. According to the Post, the bankruptcy filing could open the doors for a
    takeover by billionaire Ron Burkle, who recently picked up a significant
    portion of the company’s more than $250 million in secured debt
    obligations…. [more]

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