|New York, NY - April 19, 1999 - Sonnenblick-Goldman Company,
acting as the exclusive advisor to Boulevard Hotel Associates, LLC, arranged
the sale of the JFK International Airport Hotel to Value Enhancement Fund
II, LLC, which is managed by Lend Lease Real Estate Investments.
The JFK International Airport Hotel sale was brought to the market in
Opened in 1963, the JFK International Airport Hotel is a 184 room, full-service
hotel located off North Conduit Avenue, across from JFK International Airport.
The hotel was flagged as a Sheraton Four Points and managed by Hampshire
Hotels and Resorts, but was converted to a
full-service Sheraton under Sheraton management by the buyer. Upon
acquisition in 1997, Boulevard Hotel Associates, LLC began a comprehensive
$16.5 million renovation and expansion of the property, which resulted
in the addition of 42 guestrooms and creation of a
restaurant, lounge, courtyard and a ballroom. The JFK International
Airport Hotel also contains approximately 4,000 square feet of well-appointed
conference space; a restaurant; a lounge; a fitness center; and a full
service business center.
Brain Martin, Vice President of Sonnenblick-Goldman Company commented
that this transaction "was a situation in which both the buyer and seller
recognized an opportunity. The seller uncovered a unique opportunity
to fully renovate the hotel and sell it to an opportunistic buyer.
The buyer will recognize significant near- and long-term upside
by upgrading the Four Points franchise to a full-service Sheraton.
By repositioning the asset to a higher-end brand, the buyer will achieve
a strong return on its investment."