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New York, NY - December 15, 1999 - Loews Hotels, as part
of the chain�s strategy to build a portfolio of unique upscale hotels,
has sold the Howard Johnson Hotel and Days Hotel in New York City to Hampshire
Hotels. Sonnenblick-Goldman Company, acting as the exclusive advisor
to Loews Hotels, arranged the sale.
The hotels, which are both located on Eighth Avenue in the Theater District of Manhattan, were built by Loews in 1962. The Howard Johnson Hotel contains 300 rooms and is located on Eighth Avenue and 51st Street. The 367-room Days Hotel is located on Eighth Avenue and 49th street. Both hotels are limited service properties and have been undergoing renovations since in 1996. �Loews Hotels is in the largest expansion in the company�s 53-year history, and while these hotels have been a profitable part of our portfolio for several decades, we sold them to keep our focus on the development of new four and five star hotels,� said Jonathan Tisch, president and CEO, Loews Hotels. In New York, Loews continues to own and operate The Regency Hotel on Park Avenue and 61st Street and the Loews New York Hotel on 51st and Lexington Avenue. �This transaction was successful since it furthered key objectives for both Loews and Hampshire. Loews was able to divest of properties that did not fit with their strategy of operating and branding upscale hotels in urban and resort locations,� stated Arthur Adler, managing director of Sonnenblick-Goldman Company�s lodging and Leisure Group. �Likewise, these properties fit ideally in Hampshire�s portfolio, which focuses on Manhattan where value added operating and marketing initiatives can be implemented.� Over the last few years, Loews Hotels has invested $200 million in equity with various partners to develop $1 billion worth of new hotels. Currently, Loews Hotels owns and/or operates 14 hotels and resorts in
the U.S. and Canada. As part of the largest expansion in the chain�s
history, the company has recently opened three new properties, with four
more in various stages of development. These include the first ever
House of Blues Hotel, a Loews Hotel, a 367-room property located in Chicago�s
Marina City that opened in October 1998, and the opening of the 800-room
Loews Miami Beach
Sonnenblick-Goldman Company is the industry�s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of he real estate industry, Sonnenblick-Goldman Company provides a full range of real estate financial services including debt and equity placements, joint ventures, investment sales and real estate advisory services. Headquartered in New York, Sonnenblick-Goldman Company maintains offices in Denver, Hong Kong, Los Angeles, Miami, San Francisco, Singapore, and Washington, D.C. In 1998, Sonnenblick-Goldman Company completed major commercial real estate transactions with a gross value of over $8 billion. |
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Also See: | Value Enhancement Fund II, LLC Acquires JFK International Airport Hotel / April 1999 |
Loews Monte Carlo Hotel Sold - to be Renamed the Monte Carlo Grand Hotel / Nov 1998 | |
Loews New York Hotel Manager Is A Good Neighbor / Francine Silverman / Nov 1997 |