“2005 Single Asset Transaction” Award for the $440 million
Purchase of New York's Essex House
|LOS ANGELES (Feb. 9, 2006) – Oxford Lodging Advisory &
Group, LLC, was honored during the Americas Lodging Investment Summit
in Los Angeles for its role as lead investment advisor during Dubai
Group’s September 2005 purchase of New York’s famed Essex House from
Hotel Capital, LLC. Oxford and Dubai jointly received the ALIS’
Asset Transaction” award for 2005, widely regarded throughout the
as the hotel investment “deal of the year.”
Co-presented by the American Hotel & Lodging Association (AH&LA) and Burba Hotel Network (BHN), the ALIS awards recognize outstanding hotel industry achievement in four categories: development, mergers and acquisitions, single asset transaction and financial advisor. According to award officials, Dubai’s $440-million purchase of the Essex House received considerable support from New York City Mayor Michael Bloomberg and New York’s Local 6 Union, and was preemptively completed during a highly competitive investment sales process.
In addition to serving as lead investment advisor on the purchase, Oxford Lodging was named by Dubai as asset manager and development manager of the property, which includes serving as the owner’s representative overseeing the property manager and strategically leading the renovation and market repositioning activities. The 605-room Midtown Manhattan landmark is currently undergoing a $45-million transformation into a luxury, five-star property.
“The ALIS award is testimony to Oxford Lodging’s strong working relationship with Dubai Investment Group – a partnership that spans the country with high-profile properties in California, Florida and New York,” said Robert D. Kline, president of Oxford Lodging Advisory & Investment Group, LLC. “As the ongoing asset manager of the Essex House, we are delighted to continue to play a role in the hotel’s rich, 74-year history as a flagship property at the heart of one of the world’s most preferred business and vacation destinations.”
In June 2005, Oxford Lodging completed its second transaction with Longwing Real Estate Ventures, LLC, a member of the Dubai Investment Group – the purchase of the 417-room Sir Francis Drake Hotel in San Francisco and start of a $20-million, property-wide renovation slated for completion late this year. The Sir Francis Drake acquisition came on the heels of the purchase by Oxford Lodging and Longwing of the Adam’s Mark Jacksonville Hotel, a 966-room, convention-oriented hotel on the St. Johns River that was subsequently reflagged the Hyatt Regency Jacksonville Riverfront.
The partnership with Dubai Investment Group adds the Essex House to Oxford Lodging’s growing New York City portfolio, which includes the Radisson Lexington, the Doubletree Metropolitan and Milford Plaza properties – all of which are either undergoing or planning extensive renovations.
About Oxford Lodging Advisory & Investment Group,
About Dubai Investment Group
|Also See:||Dubai Investment Group Acquires the Essex House Hotel from Strategic Hotel Capital LLC; Jumeirah Hospitality & Leisure Named to Replace Starwood as Operator of the 605-room Hotel Bearing Two Brands: Westin and St. Regis / September 2005|
|Oxford Lodging Named Asset Manager of New York's Famed Essex House after Serving as Lead Investment Advisor to New Owner / September 2005|