Hotel Online Special Report

Value Enhancement Fund II, LLC Acquires 
JFK International Airport Hotel
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
September 1998. 

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."

Kim Moffitt
Also See: Asia's Hotel Markets and Owners Face a Difficult Year Ahead, Value-Buying Opportunities / Jan 1999 

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