NEW YORK, March 19, 2012-- GB Lodging LLC, the New York hotel investment, development and asset management firm and affiliate of GFI Capital has purchased the iconic 5 Beekman Street. The historic property is located in an emerging neighborhood in FiDi across from City Hall Park and Gehry NY, one block from the Brooklyn Bridge, three blocks from the new Freedom Tower and two blocks from the new Fulton Street Metro Station, to be completed in 2013 and 2014 respectively.

"With its deep New York lifestyle hotel experience and growing international presence, we're delighted to have chosen Thompson Hotels, an operator uniquely suited to capture the building's inherent drama. We relish the opportunity to transform this one-of-a-kind building and adjacent parcel into a 297 room luxury boutique hotel with 90 residences," said Bruce Blum, president and co-founder of GB Lodging.

5 Beekman Street, built in 1883, was modeled after the famous Eponymous Barristers' building in London and was the first tall fireproof structure in New York City featuring a 10-story atrium with ornate iron railings, glass skylight and elevators.

"We are delighted that Commune Hotels & Resorts has been selected by GB Lodging to operate a Thompson hotel in New York," said Commune Hotels & Resorts' CEO, Stephen Brandman. "As with all our Thompson Hotels, guests can expect impeccable service and style."

Jason Pomeranc, Commune Hotels & Resorts' co-chairman, added, "We will pay homage to the history and grandeur of this iconic building and combine classic and modern design to create a vibrant community that will further enliven and rejuvenate the Financial District and downtown Manhattan."

GB Lodging LLC
GB Lodging LLC is a private equity hotel investment firm, based in Manhattan that specializes in value enhancement activities through executing redevelopment, repositioning and/or asset management strategies. Its affiliate GFI Capital developed and owns the Ace and Nomad hotels in New York and Ace in Palm Springs.

Commune Hotels & Resorts
Formed in October 2011, Commune Hotels & Resorts is the parent company of the luxury lifestyle Thompson Hotels brand and Joie de Vivre Hotels, a collection of independently branded boutique hotels. The New York-based company manages 46 hotels and is focused on global expansion, targeting locations in Asia, South America, Mexico, Europe and the United States. Currently under development are Thompson properties in Miami, Chicago, New York and Cabo San Lucas, Mexico along with Joie de Vivre hotels in Honolulu and Palo Alto, California. www.communehotels.com