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Posts Tagged ‘starwood’

  • From left: Doug Brien and Gary Beasley of Waypoint, Barry Sternlicht of Starwood

    From left: Doug Brien and Gary Beasley of Waypoint, Barry Sternlicht of Starwood

    Barry Sternlicht’s Starwood Waypoint Residential Trust and other Wall Street-backed property-management firms are increasingly snatching up non-performing loans as a source for inexpensive rental properties.

    Housing advocates are concerned that hedge funds and private equity funds will seize the homes instead of providing loan modifications. [more]

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  • Mark Gilbreath of LiquidSpace

    Hotels looking to make a profit are increasingly renting out lobbies, business centers and other “nooks” to office workers looking to hold meetings outside the workplace, the New York Times reported.

    For example, Marriott is offering what it calls Workspace on Demand at about three dozen of its hotels. The workspaces include high-top tables, alcoves in the lobbies and small meeting spaces. Starwood Hotels & Resorts’ Westin chain has introduced a similar concept in two of its hotels in the U.S. [more]

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  • Barry Sternlicht

    LNR Property, the nation’s largest manager of distressed commercial real estate loans, has been sold to Barry Sternlicht’s Starwood Property in a $1.05 billion deal, Bloomberg News reported. Starwood Property, the largest commercial-mortgage REIT, has agreed to pay $856 million for the majority of LNR’s businesses, which include its U.S. special servicing unit — which oversees more than 1,100 delinquent securitized mortgages — and 50 percent of its stake in Auction.com. Sternlicht’s investment firm, Starwood Capital will buy LNR’s U.S. property-development unit and the other half of the Auction.com interest for $197 million. [more]

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  • John Lam

    Developer John Lam has closed on 1227 Broadway for $16 million, Crain’s reported, acquiring the final bit of real estate needed before he embarks on a $300 million hotel project planned for the Fashion District.

    Last year, Lam Group, Lam’s firm, purchased the neighboring buildings at 1205 and 1225 Broadway for $72 million. He now owns the entire block fronting on Broadway, between East 29th and East 30th streets, and plans to build both a Marriott Hotel and an Aloft, which is a boutique brand under the Starwood Hotels & Resorts flag, Crain’s said. [more]

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  • 1414 Avenue of the Americas (creidt: PropertyShark)

    Starwood Capital, led by hospitality icon Barry Sternlicht, is scheduled to face off in court against a boutique Manhattan dental practice amid allegations that the doctors are standing in the way of converting 1414 Avenue of the Americas, at West 58th Street, into a luxury hotel.

    In court papers, filed June 29 in Manhattan Supreme Court, Starwood claims it served Manhattan Endodontic Group, which occupies a penthouse space in the building, with an 18-month eviction notice. That was back in January 2011, when the hospitality firm paid $72 million for the building. The dental practice is the only tenant left in the building above the ground floor. But when the practice refused to vacate their 19th floor penthouse suite overlooking Central Park, Starwood filed suit — claiming that the dentists are digging in for a potential payout. [more]

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  • From left: Robert Toll, Barry Sternlicht and renderings of the development (credit: Mayor's office)

    Recent press speculations and predictions have been confirmed: Mayor Michael Bloomberg’s office today announced the selection of Toll Brothers and Starwood Capital Group to develop a 550,000-square-foot complex at Pier 1 in Brooklyn Bridge Park, which will include a 200-room luxury hotel and 159 residential units. The hotel and residential complex will rise 10 stories, and there will be a separate five-story residential building, a city press release says. [more]

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  • Barry Sternlicht, CEO of Starwood Capital Group

    Starwood Property Trust, the real estate investment trust led by Barry Sternlicht, reported fourth-quarter earnings of almost $40 million in the fourth quarter, about even with year-ago figures, but said it was reviewing about $1 billion in potential deals and expects to close a majority within the next two months.

    The Greenwich, Conn.-based firm said fourth-quarter earnings were $39.8 million, or 42 cents a share, compared with $39.3 million, or 42 cents in the year-ago quarter. Net income, however, tripled to $41 million, or 44 cents a share, compared with year-ago net income of $17.6 million, or 32 cents in the year-ago quarter. [more]

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  • Starwood Capital is raising money for a new investment fund, CEO Barry Sternlicht said yesterday at NYU Schack’s capital markets conference at the Waldorf Astoria Hotel, and may also choose to sell a key portfolio as the government discourages the fund from leveraging its assets (see photos from the day-long event above).

    “We want to leverage the portfolio and the government doesn’t want us to,” he said. “We’re going to have to sell it because it’s stupid to own it unleveraged. Our leverage levels are less than 30 percent. It’s crazy.”

    Starwood previously raised $2.8 billion through two funds in 2010 — the Starwood Global Opportunity Fund VIII, which raised more than $1.8 billion, and the Starwood Capital Global Hospitality Fund II, which raised $965 million, The Real Deal previously reported. … [more]

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  • Developer Steve Cheung purchased a vacant site for $8.3 million where a bankrupt Brooklyn company sought to build a Starwood Aloft Hotel in Long Island City during the real estate boom.

    Cheung, president of Elmhurst-based E Home Real Estate, closed this past Friday on the acquisition of the L-shaped parcel at 29-37 41st Avenue that has 205,032 square feet of development rights, he told The Real Deal. The price comes out to about $40.48 per square foot.

    Cheung has been developing residential projects for about a decade in Queens, he said, in areas such as Flushing and Ridgewood, including the five-story mixed-use project at 311 Saint Nicholas Avenue in Ridgewood. He recently purchased 70-32 Queens Boulevard in Elmhurst for a future project. … [more]

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  • Curbed kicked off the July 4 Hamptons holiday weekend with an opening party last Thursday at the new Banzai Burger at 2095 Montauk Highway on on the Napeague Stretch in Amagansett (see photos above). Hosting were Curbed’s own Lockhart Steele and Nick Leighton. As The Real Deal reported last month, Banzai Burger is the brainchild of well-known hospitality publicist and Hamptons regular Steve Kasuba and restaurateur Alex Duff. The pair signed a 15-year lease for the 3,000-square-foot space, which seats 100 people and is shoes-optional.
    – Richard Lewin
    [more]

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  • The landmark 50th Aloft property at 216 Duffield Street, between Willoughby and Fulton streets, is slated to open today after being delayed since the start of 2011, according to Hotel Chatter.
    A June stay in the 176-room Downtown Brooklyn hotel, originally scheduled to open in May, starts at $174.30 per night for a king room. There’s a fitness center, free wifi, and rooftop bar with views of the Brooklyn Bridge. … [more]

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  • FiDi to get a Four Points hotel

    April 07, 2011 01:46PM

    Starwood Hotels & Resorts said it will open its fourth Four Points
    by Sheraton hotel in the Financial District in 2013 under an existing
    development agreement with the Lam Group.

    The 264-room property, to be located at 6 Platt Street, will be the eighth Starwood
    Property developed by the Lam Group and the fourth New York hotel to
    open under the Four Points brand. John Lam, CEO of the firm, acquired the development site in 2007. The Lam Group has developed more than 20 hotels in New York over the past 10 years and currently owns and operates 10 properties. … [more]

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  • alternate text
    From left: Stuyvesant Town, 300 Broadhollow Road and the Westin Ft. Lauderdale

    Fitch Ratings yesterday downgraded a pool of commercial real estate loans
    led by Stuyvesant Town and Peter Cooper Village, a Florida hotel and a
    Melville, N.Y. office property.
    Fitch said the $2.42 billion loan pool, sold under the name Cobalt 2007-
    C2, has 57 loans of concern, representing 38 percent of the pool, and 15 of
    the loans are in special servicing, representing 17 percent. The current loan
    balance is $2.32 billion.
    The Peter Cooper Village and Stuy Town loan represents the largest
    percentage of the pool, or 10.3 percent, and remains in special servicing
    under CW Capital. The 80-acre site, with more than 11,000 units, is
    currently under new management with Manhattan-based Rose Associates,
    which declined to comment. … [more]

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  • Crexus Investment Group said yesterday evening that it rejected an unsolicited $254 million acquisition offer by Starwood Property Trust. In the late afternoon yesterday, Starwood made the $14-a-share-offer to acquire Crexus, a Manhattan-based real estate investment trust. The Starwood offer was contingent on Crexus suspending its previously announced offer to buy $586 million in real estate assets from Barclays Capital Real Estate Finance. Crexus planned to launch an initial public offering of $50 million shares of common stock, which would be used to finance the acquisition of the Barclays assets…. [more]

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  • Blackstone Group is set to buy the U.S. shopping mall assets of Australian landlord Centro Properties Group for $9.4 billion after beating out bids from a Morgan Stanley-Starwood Capital partnership and a joint venture of NRDC Equity Partners and Area Property Partners, the Wall Street Journal reported. The deal, which includes 588 shopping centers, would be Blackstone’s largest since its acquisition of Hilton Worldwide in October 2007 and indicates an optimistic bet on U.S. retail, according to Bloomberg News. Among the properties Blackstone is slated to take over is Yonkers’ Highbridge Plaza, as well as several malls in Westchester and Long Island. … [more]

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  • Trump, Starwood scope out JFK hotel plan

    February 24, 2011 09:03AM

    Andre Balazs isn’t the only big-name hotelier with his eye on the Port Authority of New York & New Jersey’s boutique hotel project at John F. Kennedy International Airport. The Wall Street Journal dropped a few more hints today as to who might soon be jockeying for the opportunity to build a 150-room hotel adjacent to Eero Saarinen’s Trans World Airlines Flight Center, among them: Donald Trump, Starwood Hotels & Resorts and pod hotel owner-operator Yotel. … [more]

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  • Morgan Stanley’s global real estate fund and Starwood Capital Group are planning a joint bid for the U.S. shopping centers owned by troubled Australian landlord Centro Properties Group, according to Bloomberg News. Centro, whose roughly 600 U.S. properties were 88.3 percent leased as of June 30, put its assets on the block after falling victim to its own overzealous U.S. buying spree during the real estate boom. Among Centro’s properties are several malls in Westchester and Long Island, including Highbridge Plaza in Yonkers. Tenants include T.J. Maxx and Marshalls parent company TJX as well as grocery giant Kroger. … [more]

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  • 29-37 41st Avenue

    A developer that sought to build a Starwood Aloft Hotel in Long Island City filed for Chapter 11 bankruptcy protection just over a month after its lender U… [more]

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  • W Downtown buyers mostly foreign

    May 19, 2010 02:00PM


    Jacqueline Finkelstein-Bayer and a rendering of the W New York Downtown

    Roughly 70 percent of buyers thus far at the new W New York Downtown Hotel & Residences are international, the Moinian Group’s Jacqueline Finkelstein-Bayer told Dr. Lori Sokol yesterday during her morning radio show on AM1490. Finkelstein-Bayer, the senior managing director at the development company and the woman charged with overseeing the new 58-story property, said foreign buyers in particular are treating the condos as a “significant investment opportunity,” given the billion of dollars being poured into the redevelopment of Ground Zero over the next decade. The long-delayed W, which will have 223 private residences and 217 hotel rooms, will finally open June 28, though the BLT Bar & Grill downstairs may be opening one week earlier, Finkelstein-Bayer said. [WGCH]

    [more]

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  • W Downtown buyers mostly foreign

    May 19, 2010 02:00PM


    Jacqueline Finkelstein-Bayer and a rendering of the W New York Downtown

    Roughly 70 percent of buyers thus far at the new W New York Downtown Hotel & Residences are international, the Moinian Group’s Jacqueline Finkelstein-Bayer told Dr. Lori Sokol yesterday during her morning radio show on AM1490. Finkelstein-Bayer, the senior managing director at the development company and the woman charged with overseeing the new 58-story property, said foreign buyers in particular are treating the condos as a “significant investment opportunity,” given the billion of dollars being poured into the redevelopment of Ground Zero over the next decade. The long-delayed W, which will have 223 private residences and 217 hotel rooms, will finally open June 28, though the BLT Bar & Grill downstairs may be opening one week earlier, Finkelstein-Bayer said. [WGCH]

    [more]

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