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Mortgage For New Hilton Garden Inn In Islip, New York |
New York - May 31, 2002 - Insignia/ESG Hotel Partners has arranged
a $13.2 million permanent mortgage through G.E. Capital on behalf of Linchris
Hotel Partners of Long Island, LLC, for the development of a new Hilton
Garden Inn in Islip, Long Island, New York. Paul Fitzpatrick of Insignia/ESG
Hotel Partners' New York office was the lead broker for this assignment.
The 165-room Hilton Garden Inn will be located on Veterans Memorial Highway in Ronkonkoma in the town of Islip, less than one-quarter mile from Long Island MacArthur Airport. Construction on the new hotel is presently underway, with an anticipated opening in May 2003. Linchris Hotel Corp. of Hanover, Massachusetts, will manage the hotel. In addition to its location proximate to MacArthur Airport, which has emerged as a major hub for Southwest Airlines in the last few years, the Hilton Garden Inn will benefit from a substantial base of lodging demand throughout western Suffolk County. According to Mr. Fitzpatrick, "The strong business environment and population base on Long Island are a consistent source of lodging demand for area hotels. Substantial transient, social and group business ensures that local hotels perform as strongly on the weekend as during the week, which largely explains the ongoing strength of the Long Island hotel market. I expect that this new-build Hilton Garden Inn will enjoy great success here." Insignia/ESG Hotel Partners is a leading full-service real estate group focused exclusively on the hospitality industry. |
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Kurt Lindsey Corporate Communications - Hotel Partners Insignia/ESG, Inc. 200 Park Avenue, New York, NY 10166 Phone: 212/984-8216 [email protected] |