| NEW YORK - March 20, 2001--RIHGA Royal Hotel
New York, a 55-story high-end hotel in midtown Manhattan, has been purchased
by Thayer Hotel Investors with $135 million in first mortgage financing
provided by German-based DePfa Bank. Holliday Fenoglio Fowler, L.P., the
nation�s leading intermediary of capital for the commercial real estate
industry, acted as a financial advisor for Thayer in the transaction.
Whitney Wilcox and Michael Tepedino in Holliday
Fenoglio Fowler�s New York City office, along with John Duffy of the firm�s
Washington D.C. office, served as Thayer�s financial advisors.
| Thayer Hotel Investors
plans to re-brand the popular 500-suite luxury hotel as a JW Marriott,
and the property will likely serve as a flagship for the JW chain in the
U.S., Mr. Tepedino said.
Built in 1990 by Osaka, Japan-based Royal International
Hotel Group and Associates, the hotel is located at 151 West 54th Street�in
the heart of |
| The "JW" designation is the highest
category of hotels carrying the Marriott name. Designed specifically for
the most discerning business and leisure travelers, JW Marriott Hotels
offer refined amenities and facilities for an elegant, comfortable environment.
JW Marriott Hotels are located in major gateway cities including:
Atlanta, Houston, Miami, Washington D.C., Bangkok, Dubai, Kuala Lumpur,
Hong Kong, Quito (Ecuador), Manila, and Mexico City. |
|
Manhattan�s business center, close to Broadway theaters,
cultural institutions such as Carnegie Hall, the Museum of Modern Art and
the city�s finest restaurants.
| �This property is a key acquisition
for Thayer�s portfolio of high-end hotels, and they are committed to maintaining
its reputation of unmatched service,� Mr. Tepedino said. �We were honored
to participate in an advisory role in evaluating Thayer�s funding options.�
Based in Annapolis, Md., Thayer Lodging Group,
sponsor of Thayer Hotel Investors, is a venture capital operating company
focused on investment in the lodging industry. The company serves a significant
group of institutional clients, sponsoring pooled investment funds and
direct investment and advisory services. In 1999, the Thayer team led the
acquisition of the Marriott Wardman Park Hotel, which is Washington D.C.�s
largest hotel. |
The Former
RIHGA Royal Hotel
New York
|
Holliday Fenoglio Fowler is the country�s largest
intermediary of capital for the commercial real estate industry. In 2000,
the national mortgage intermediary firm�s debt, structured finance and
investment sales transactions totaled more than $11 billion.
|
