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Optimum Hotel Brokerage Sells JFK Plaza Hotel

Represented Trustee in Bankruptcy Sale of New York City Hotel


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Philadelphia PA, June 13, 2011Optimum Hotel Brokerage announced today that the firm has closed on the sale of the JFK Plaza Hotel (formerly the Crowne Plaza JFK) at JFK International Airport in New York, New York.  Joseph R. McCann, Optimum’s president, was the exclusive hotel broker and Licensed New York Real Estate Broker representing the trustee for the Chapter 11 estate of CPJFK, LLC.  Mr. McCann also provided expert witness testimony in the hotel bankruptcy case, which was adjudicated by the United States Bankruptcy Court Eastern District of New York in Brooklyn.  The sale completes another chapter in the continuing legal saga of Kronos Hotels and its affiliates.
 
Ownership of the leasehold interested was conveyed to Neshgold LLC, an affiliate of an international real estate company.  Their bid price was accepted by the court.  The 183-unit full service hotel, located in the heart of the John F, Kennedy International Airport market, was sold through an accelerated marketing process by Optimum Hotel Brokerage.  The sale was structured as a “363 Sale”, where all assets under a Chapter 11 bankruptcy are sold as a going concern .

The five-story hotel features a restaurant, lounge, outdoor patio and more than 3,000 square feet of meeting space.  “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 eager to enter this international gateway market.”

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.  Optimum Hotel Brokerage is also a provider of expert witness testimony in hotel bankruptcy, distressed hotel litigation, franchising, and hotel operations.

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.

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.Contact:

Joe McCann, President
Optimum Hotel Brokerage
23 Breyer Court
Elkins Park, PA 19027
Phone: 215-572-7711,  Fax: 215-572-7570
joe@optimumbrokerage.com

For more information, listings, or a complimentary
hotel valuation, visit www.optimumbrokerage.com


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Also See: Optimum Hotel Brokerage Sells Bank REO Hotel; Pennsylvania Distressed Hotel Sold for Regional Bank / June 2011

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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

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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

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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


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