News for the Hospitality Executive
Optimum Hotel Brokerage Retained as Exclusive Broker
The five-story hotel features a restaurant, lounge, outdoor patio and more than 3,000 square feet of meeting space. Despite the loss of the Crowne Plaza flag in 2008, and being closed for a 12-month period in 2008 and 2009, the hotel reopened for business in April 2010 and currently accommodating guests as an independent hotel. The hotel could qualify for a number of flags available in the market.
“The JFK Plaza Hotel has always held a prominent position in the JFK market. Both the greater New York City and JFK markets are experiencing strong RevPAR growth over the past year and analysts expect continued growth into 2011”, said McCann. “According to Smith Travel Research, the competitive set of the hotel averaged a $112 RevPAR in 2010, a 19% increase over 2009. With JFK International Airport increasing to more than 47 million passengers this year, lodging investors are optimistic about this international gateway market.”
The sale is being ordered and approved by the United States Bankruptcy Court Eastern District of New York. The sale will be structured as a “363 Sale”, where all assets under a Chapter 11 bankruptcy are sold as a going concern. The trustee, in effect, has “stepped into the shoes” of the debtor as the debtor in possession. The leasehold interest in the property is being sold “as is, where is” and without any representations, covenants, guarantees or warranties of any kind or nature whatsoever, and regardless of any issues as to title, if any.
“Given the circumstances and nature of the bankruptcy, the current trustee was unable to obtain much historical financial information or customary due diligence materials commonly available in hotel asset transactions.” McCann explained. “However, our offering materials include in-depth market data and property information that will be of assistance for buyers valuing the property. Confidentiality agreements can be executed on our website (www.optimumbrokerage.com) and interested principals can access the property’s Offering Memorandum and due diligence materials directly on the site,” he added.
Optimum Hotel Brokerage is also a member and Joe McCann is president of Hotel Brokers International, the world’s largest and oldest hospitality real estate organization, which has a rich heritage of experience and expertise in hotel real estate valuation, transactions and other essential services. Comprised of some 50 hotel real estate broker specialists, HBI provides the hospitality industry with its most powerful hotel real estate marketing force, creating greater visibility through a unified and inclusive advertising and marketing approach. Mr. McCann has earned the designation of Certified Hotel Broker, with distinction, from the organization, and was recognized as HBI’s Broker of the Year for the Northeast Region for many years.. HBI has also awarded McCann with the Portfolio Sale of the Year, and Unique Deal of the Year. Optimum Hotel Brokerage and Joe McCann was awarded HBI’s prestigious Broker of the Year Award in 2006.
Mr. McCann is president of the Penn State Hotel and Restaurant Society, representing the more than 5,000 alumni of Penn State's renowned School of Hospitality Management. Optimum Hotel Brokerage has endowed scholarships at the school to provide financial assistance to students demonstrating financial need at the school.
For complete exclusive listings of hotels for sale, please go to www.optimumbrokerage.com. For a complimentary valuation of your hotel, call 215-572-7711.
hotel valuation, visit www.optimumbrokerage.com
Hotel Brokerage Sells Inn at Panther Valley; New Jersey Boutique Sold
with Cooperation from Regional Bank / January 2011
Hotel Brokerage Sells Hampton Inn First Mortgage Note; Note Sold for
90% of Mortgage Balance / December 2010
Hotel Brokerage Advises on Sale of Crowne Plaza in Enfield,
Connecticut; Distressed Connecticut Full Service Hotel Sold /
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|Optimum Hotel Brokerage Sells Best Western Berkshire Inn In Danbury, Connecticut / March 2008|
|Optimum Hotel Brokerage Earns Broker of the Year Award for New England/Mid-Atlantic Region at 2008 Hotel Brokers International Convention / January 2008|
|Optimum Hotel Brokerage Advises on Sale of Motel 6 in Augusta, Maine / January 2008|
|Optimum Hotel Brokerage Sells Westport Inn in Westport, Connecticut; Boutique Connecticut Country Inn Sold to New York Developer / October 2007|
|Optimum Hotel Brokerage Sells Holiday Inn Express in Plainfield, Connecticut; Connecticut Casino Region Hotel Sold to New York-Based Operator / September 2007|
|Optimum Hotel Brokerage Earns Many Top Sales Awards Presented at 2007 Hotel Brokers International Convention / February 2007|
|Optimum Hotel Brokerage Announces Recipients of Optimum Hotel Brokerage Hospitality Management Scholarships; Four Students at Penn State’s School of Hospitality Management Awarded Scholarships / January 2007|
|Optimum Hotel Brokerage Sells Best Western Colonial Hotel and Conference Center; Hartford, Connecticut Hotel Sold to Regional Operator / October 2006|
|Optimum Hotel Brokerage Sells Comfort Inn & Suites Brandywine Valley; Suburban Philadelphia Hotel Sold to Regional Operator / September 2006|
|Optimum Hotel Brokerage Sells Days Hotel Airport in Rochester, New York / February 2006|
|Optimum Hotel Brokerage Sells Best Western Hotel in Lawton, Oklahoma; Teams with HBI Member-Broker Alan Brock and Associates to Sell Full Service Hotel / Februray 2006|
|Optimum Hotel Brokerage Named Hotel Broker of the Year at 2006 Hotel Brokers International Convention / Februray 2006|
|Optimum Hotel Brokerage Brokers Sale of Southbury Hilton in Southbury, Connecticut / January 2006|
|Optimum Hotel Brokerage Opens New Headquarters Office in Philadelphia / November 2005|
|Joe McCann of Optimum Hotel Brokerage Brokers Sale of Chicago’s Legendary Palmer House Hilton, Represents Thor Properties in $230 Million Transaction / August 2005|
|Optimum Hotel Brokerage Sells Holiday Inn Express in Waterbury, Connecticut / May 2005|
|Optimum Hotel Brokerage Sells Days Inn in Niantic, Connecticut / March 2005|
|Optimum Hotel Brokerage Sells Crowne Plaza® Secaucus Meadowlands Hotel / January 2005|
|Optimum Hotel Brokerage Sells 350 Room Crowne Plaza® Hotel in Hartford, Connecticut / November 2004|
|Optimum Hotel Brokerage Sells Hampton Inn in Sturbridge Massachusetts / July 2004|
|Optimum Hotel Brokerage Joins Hotel Brokers International / May 2003|
|Industry Veteran Launches Hotel Brokerage Firm: Optimum Brokerage / December 2001|