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The Ritz-Carlton Hotel New York

Owner representative and asset management of The Ritz-Carlton on Central Park in New York.   Asset management included hotel management contract restructuring negotiations, renovation program preparation and implementation, and owner representation to operator.

 

In early 2005, after a couple more changes of ownership, the hotel facility was acquired by a development group interested in converting the facility to residential condominium ownership. Even while operating as a lodging facility, the property had several occupants holding a right to occupy their units as residences under long-term leases.

Woodfield Corporate Center

Owner representative and asset management of major suburban mixed-use facility in Schaumburg (Chicago), Illinois.

 

Asset management and owner representation to joint venture partnership in Woodfield Corporate Center, then the leading mixed-use development and corporate campus in suburban Chicago. Responsibilties include leasing and lease administration.

 

Facilities at Woodfield Corporate Center include high-rise multi-tenant office towers, the Schaumburg Marriott Hotel, and ancillary retail and restaurants. The 48-acre, 1.9 million square-foot mixed-use development was built phases between 1982 to 1986.

 

In collaboration with venture partner Prudential Insurance Co., a repositioning of the facility was completed, including the appointment of U.S. Equities as property manager and leasing agent. Work completed by Firm Principal while with predessor firm. In 1999, the complex sold for $200 million+ to New York-based J.P. Morgan Investment Management Inc. The complex was the largest suburban office development to sell in the U.S. in that year.

 

Port of San Diego

Management review of port district leasing practices, including lease administration and lease rate.

 

The Port of San Diego was interested in confirming whether or not its ground lease rates, issues of highest and best use, deal terms, and operating polices were at par with “best practices” at other world port districts, particularly, at U.S. West Coast port facilities. A study was undertaken concerning regional market conditions, competitive conditions at other world ports, “best practices” at such other ports, and other related factors. Recommendations were prepared for consideration by the Port of San Diego, with regard to lease rate-setting and deal terms.

 

The Port of San Diego is a special government entity, created in 1963 by an act of the California legislature in order to manage San Diego Harbor, and administer the public lands along San Diego Bay.

 

Huntington Hotel Pasadena

Feasibility study for required capital improvements program related to the Huntington Hotel Pasadena (subsequently rebuilt as the Ritz-Carlton Hotel Pasadena, now The Langham). The hotel, owned by a major Japanese investment and development organization, was determined to require major life-safety (earthquake reinforcement) upgrades as well as wide-ranging improvement to guest areas including rooms and restaurants.

 

Work included a market study, financial projections, capital improvements budget review, and an investment performance evaluation to justify required capital items. The objective was to determine the overall feasibility of various disposition, reconstruction, or substantial renovation alternatives in connection with a pre-litigation evaluation of Owner’s options.

 

Hotel later rebuilt as the Ritz-Carlton Huntington Hotel.

 

Santa Ynez Valley Marriott

Market and financial feasibility study with facility and branding recommendations, to support the financing of a new resort hotel in the Buellton (Solvang) area of the Santa Ynez Valley.

 

Hotel market and financial feasibility study with facilities recommendations, for a resort destination hotel in the Solvang area of California. The Buellton area is situated just west of the scenic themed Danish community of Solvang, California. Both communities are located in the Santa Ynez Valley region of Santa Barbara County, a closely-controlled urban growth area.

 

A market study with financial projections was prepared to determine the feasibility of a new hotel property to serve tourism visitors, and to recommend facilities and hotel franchise “flag” affiliation. Originally developed and opened as a Holiday Inn.