| New York, NY - October 4, 1999 - Sonnenblick-Goldman Company,
acting as the exclusive advisor to GF Management and Lubert-Adler Real
Estate Fund, arranged approximately $50 million of renovation financing
for 10 hotels that were once part of the former Harley Hotel portfolio.
The hotels, which were previously owned by Leona Helmsley, were acquired
by the current owners in 1998.
Originally built in the 1960�s and 1970�s, the hotels are located in
Cleveland, Ohio (3); Orlando, Florida (2); Enfield, Connecticut; St. Louis;
Missouri, Cincinnati; Ohio, Pittsburgh, Pennsylvania; and Lansing, Michigan.
| The owners are in currently in the process of completing a soft goods
renovation, public space expansion, and brand repositioning. The
properties have been or will be repositioned under such flags as Sheraton
and Radisson.
Samuel M. Guss, Managing Director at Sonnenblick-Goldman Company said
that �both parties recognized that the value of these properties would
greatly increase if they were renovated, repositioned, and reflagged.� |
Harley of Cleveland South Hotel
|
Sonnenblick-Goldman Company is the industry�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, investment sales and real estate advisory services. |
