| NEW YORK -- July 30,
2003 -- The Metropolitan Hotel in midtown Manhattan is about to undergo
a dramatic transformation. Located at the corner of Lexington Avenue and
51st Street, the hotel was recently purchased by a joint venture, which
includes Goldman, Sachs & Co., Highgate Holdings and Oxford Capital
Partners, Inc./Oxford Lodging Investment and Advisory Group LLC. With plans
to reposition the asset and capitalize on the resurgence of the New York
hospitality market, the investment partnership has hired The Gettys Group,
Inc. to reinvigorate the 722-room hotel.
Modernist architectural features and a curving facade distinguish the
Metropolitan from its neighbors. By incorporating a fresh, light color
palette with urban accents and infusing the interiors with period elements,
Gettys will breathe new life into the hotel while respecting the original
design of famed architect Morris |
Metropolitan Hotel
(Formerly Loews New York Hotel)
569 Lexington Ave.
New York, NY
---
Opened in 1961 the Metropolitan Hotel � then called
The Summit � was the talk of the town for its ideal midtown location and
tropical deco look. Designed by famed architect Morris Lapidus, the building�s
curving façade coated in seafoam-colored brick was an extreme contrast
to the somber hues and straight lines of the surrounding skyscrapers. |
Lapidus. Streamlined furniture with clean, horizontal lines will address
the scale of the guest rooms. Gettys' inspired designs will also be applied
to the arrival area, lobby, meeting spaces, concierge floors, health club,
the Lexy Lounge and the Lexington Avenue Grill restaurant and bar.
"Gettys' innovative and award-winning designs coupled with their unwavering
commitment to our return on investment make the firm an integral partner
in many of our projects," said John W. Rutledge, The Oxford Capital Companies.
"With Gettys on our team the transformation of the Metropolitan is sure
to be a success."
About Gettys
With over fifteen years of hospitality-focused experience, Gettys provides
fully integrated interior design, design architecture, fulfillment and
consulting services. The Chicago based firm has designed more than 250
hotels, resorts, restaurants, spas and conference centers and has specified
and/or purchased over $1 billion in furniture, fixtures, equipment and
art. Gettys is ranked among the top hospitality design and purchasing companies
in the United States and has been nominated by Hospitality Design Magazine
as one of the top 20 innovators in the hospitality industry. Gettys is
dedicated to creating value, reducing risk, solving problems and promoting
the business successes of its hospitality industry clients.
About Goldman Sachs & Co.
Goldman Sachs is a leading global investment banking, securities and
investment management firm that provides a wide range of services worldwide
to a substantial and diversified client base that includes corporations,
financial institutions, governments and high net worth individuals. Founded
in 1869, it is one of the oldest and largest investment banking firms.
The Whitehall Street Real Estate Funds are Goldman Sachs' primary investment
vehicles for making privately negotiated real estate investments. The current
Whitehall fund was formed in early 2001 with total committed capital of
$2.5 billion, $550 million of which was committed by Goldman Sachs and
its employees, with the remainder committed by institutional and individual
investors.
About Highgate Holdings
Highgate Holdings is a privately held investment firm whose principal
investment activities focus on real estate and public market ownership.
The company has offices in Dallas, New York and Vancouver, British Columbia,
Canada. Highgate's investments include hotels, office buildings, residential
projects, industrial complexes as well as significant positions in both
public and private corporations.
About The Oxford Capital Companies
The Oxford Capital Companies, with offices in Chicago, Los Angeles,
New York, San Francisco, Tokyo, Washington DC and Wilmington, includes
Oxford Capital Partners, Inc. and Oxford Lodging Investment and Advisory
Group LLC. Oxford Capital Partners is a real estate principal investment,
private equity and investment management firm that invests across the real
estate asset classes, with an emphasis on the hospitality sector, and in
select corporate private equity transactions, with an emphasis on consumer
food retail. Oxford Lodging is an institutional advisory and principal
investment firm dedicated exclusively to the hospitality sector. |
