News for the Hospitality Executive
BOCA RATON, Fla. and NEW YORK (September 5, 2012) - AWH Partners, LLC (AWH) -- a joint venture of Winston Harton Holdings, LLC (WHH) and August Group Ventures, LLC (AGV) -- in partnership with The Lane Organization, LLC today announced the acquisition and planned reinvention of the Boca Raton Bridge Hotel, the waterfront boutique hotel in which every room presents water views, ideally located on the Intracoastal Waterway among pristine beaches, champion golf courses and world-class shopping and dining in Boca Raton. The seller and transaction price were not disclosed.
“This purchase represents our continued belief that hotel repositionings in strong submarkets offer huge opportunities for value-add investing.” said Russ Flicker, principal of AWH Partners. “Our past experience in Boca Raton was extremely positive; we love the market and look forward to putting together a seasoned team of designers and consultants to completely transform the hotel into a premier South Florida experience.”
The redevelopment includes an entirely new concept, expanded water-front amenities as well as a new dock flanking the entire Lake Boca perimeter. Extensive renovations of guestrooms, restaurants and public spaces will begin in spring 2013.
The Boca Raton Bridge Hotel sits on the edge of Lake Boca and the Intracoastal Waterway and offers panoramic waterfront views from every guestroom. Located a block from the Atlantic Ocean, the hotel offers on-site boat, wave runner and bicycle rentals and nearby sites including golf courses, casinos, upscale shopping at the Boca Raton Town Center and village-style shopping and culture downtown. The hotel also boasts waterfront casual and fine dining restaurants, an outdoor pool area and meeting space.
Lane Hospitality has been awarded the management contract.
“We are pleased to partner with Lane Hospitality on this exciting project and leverage their deep experience operating first class independent hotels and resorts,” said Flicker.
The seasoned team of AGV and WHH bring extensive experience in hospitality investment, development and management. The team formed AWH Partners to pursue hospitality investments requiring capital infusions and/or repositionings.
About AWH Partners, LLC
AWH Partners, LLC, a joint venture between August Group Ventures, LLC and Winston Harton Holdings, LLC, offers an experienced institutional investment and management platform with dedicated capital. For more information, visit www.awhpartners.com.
About August Group Ventures, LLC
August Group Ventures is a privately held real estate investment, development and management firm founded in 2009 by New York-based Related Companies veteran Chad Cooley to pursue opportunities in the ailing hospitality market. August Group owns and manages hotels around the United States and seeks opportunities to invest in and manage assets requiring capital, repositioning and turn-around expertise. For more information, visit www.augustgroupventures.com.
About Winston Harton Holdings, LLC
Winston Harton Holdings, LLC (WHH) was established by Russell Flicker and Jonathan Rosenfeld to acquire distressed, value-added and operationally intensive real estate assets through equity and debt. Its principals have extensive experience and complementary skill set in the real estate sector, including acquisitions (private transactions and public securities), capital markets and asset management and asset repositioning. WHH will partner with both traditional institutional capital as well as private pools of capital to pursue transactions ranging from $10 - $250 mm. For more information, visit www.whhllc.com.
About Lane Organization LLC
The Lane Organization, LLC (Lane Organization) was founded by Clifford P. Lane and his son Matthew in 2011. Focusing on luxury hotels, The Lane Organization enters into cities to reposition assets and team up with management firms who can assimilate to their locations while standing out amongst the competition. The Lane Organization emphasizes on building strong partnerships while maintaining the company’s core ideas, beliefs, and values to ensure the success of all of its properties. For more information, please visit www.thelaneorganization.com.
About Lane Hospitality
Lane Hospitality offers expertise in all facets of hospitality management and is committed to preserving, protecting and enhancing the value of hotel real estate. For more information, visit www.lanehospitality.com.
AWH Partners, LLC
The Mayfield Group
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August Group Ventures, LLC, Acquires Mortgage on the 276-room Hilton
Jackson in Mississippi; Hotel to Remain a Hilton Property and Continue
to be Managed by AWH Partners Subsidiary Lane Hotels / May 2012
Partners, LLC, a Joint Venture Between August Group Ventures and
Winston Harton Holdings, Acquires Lane Hotels, Inc.; Acquisition
Provides Growth Capital for Lane Hotels / April 2012