New York, NY - August 25, 1998 - Sonnenblick-Goldman Company,
acting as the exclusive financial advisor to Fairtel Associates, has arranged
the $65,000,000 sale of The
Ritz-Carlton Dearborn to Host Marriott Corporation.
"The strong level of interest and pricing for the asset demonstrates
the market's appetite for quality hotels that are encumbered by long-term
management contracts," Mark Gordon, Senior Vice President of Sonnenblick-Goldman
Company, commented.
The hotel's is an integral component of the development of the former
Henry Ford estate, known as Fairlane. Located approximately ten miles
from downtown Detroit and the Wayne County Detroit Metropolitan Airport,
this 2,360 acre development includes The Ritz-Carlton Dearborn, the Fairlane
Town Center Mall, the Fairlane Office Center, Ford World Headquarters,
and the University of Michigan/Dearborn.
Designed and built according to Ritz-Carlton standards, The Ritz-Carlton
Dearborn is the only hotel in the Detroit area that is rated both "Four
Diamond" by the American Automobile Association and "Four Star" by the
Mobil Travel Guide. The 308-room luxury hotel, which is elegantly
decorated with nineteenth century oil paintings and antiques, features
approximately 25,000 square feet of meeting space, an elegant gourmet restaurant,
a business center, a fitness center equipped with a heated indoor pool
and Jacuzzi.
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Sonnenblick-Goldman Company is the nation's leading independent
real estate investment banking firm. Founded in 1893 to serve the
financing needs of the real estate industry, Sonnenblick-Goldman Company
provides a full range of real estate financial services including debt
and equity placements, joint ventures, and other real estate advisory services.
Headquartered in New York, Sonnenblick-Goldman Company maintains regional
offices in Denver, Los Angeles, San Francisco, Miami, and Washington, D.C.
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