Carlton Group Arranges $30 Million Acquisition Financing For Z NYC Hotel In Long Island City
August 1, 2018
Carlton Group Chairman Howard L. Michaels announced that it has arranged first mortgage financing for Merchant Hospitality’s acquisition and re-positioning of the trendy Z Hotel in Long Island City.
The Z Hotel is located in Long Island City which continues to boom with numerous brand new residential towers and corporate facilities which are built-in demand generators. These major companies include Rolex, which just developed a nearby 200k sf corporate headquarters and campus, JetBlue’s 200k sf headquarters, and the highly successful Silvercup Studios.
Moreover, given Merchant Hospitality’s substantial F&B and hotel operating experience, Merchants intends to reposition and redevelop the existing under-utilized parking garage into a combination of retail and restaurant space.
Built in 2011, the 100-key Z Hotel offers one of the most scenic rooftop F&B venues with stunning New York skyline views. Merchant’s Hospitality also intends to activate the rooftop and add additional F&B outlets which will significantly increase NOI.
This is the second hotel which the Carlton team of Howard Michaels and Managing Directors Steven Weiss and Jeff Kosow have raised acquisition financing for Merchants. Last year Carlton raised financing for Merchant’s acquisition of an independent hotel on West 42nd Street which is now operating as the highly successfully 4-star Cachet Boutique Hotel which includes the soon-to-be-opened only Playboy Club in the U.S.
For further information on Carlton’s services, please feel free to contact the undersigned:
Howard L. Michaels
About The Carlton Group (www.carltongroup.com)
Founded in 1991, The Carlton Group is an international real estate investment banking firm that specializes in arranging equity partnerships and executing large, complex, often multi-tranche equity and debt transactions for large development and trophy assets. The firm has offices throughout the United States and Europe and has consummated well in excess of $125 billion of closed transactions for its high-profile roster of clients. The Carlton Group also executes an aggressive international advisory platform which is currently executing well over three billion dollars of equity, debt and investment sale advisory business throughout Europe. Carlton’s expertise includes arranging passive promotable equity, typically raising 90-95% of the equity to facilitate client transactions. Carlton is also an active principal investor and, under Carlton Strategic Ventures, owns and manages in excess of 3 million square feet of commercial, residential and retail property.
About Merchants Hospitality, Inc. (www.MerchantsHospitality.com)
Founded 31 years ago, Merchants Hospitality, and its principals, have owned, operated, and developed some of the most luxurious destinations in the country and Caribbean. Properties have included hotels, residential condominiums, office buildings and restaurants including 485 Fifth Avenue, currently home to the Hyatt Andaz, the Beekman Hotel at UN Plaza, 260 Park Avenue South Luxury Condominium, Aruba Starwood Hotel, Resort & Time Share, NYC’s famous Pier 15 at South Street Seaport, 350 Madison Avenue to name a few. Merchants also owns 18 premier restaurants in NYC including Philippe Chow on 60th and Madison which is on of NYC’s most profitable restaurants according to NYC F&B 2015. Merchants is developing a prime residential and retail luxury senior living facility consisting of 219,242 square feet located in the Upper East Side of Manhattan. Merchants Principals Abraham Merchant, Richard Cohn and Adam Hochfelder have been industry leaders in the real estate and hospitality world for over 30 years, and have been honored by multiple charities across the country.
About Cachet Hospitality Group (www.cachethotelgroup.com)
Cachet Hospitality Group (CHG) is a lifestyle hospitality branding and management company with offices in Los Angeles, Shanghai and Bangkok. CHG’s mission is to be the leading innovative and socially responsible hospitality company in the Asia Pacific. With existing properties in Cabo, New York and numerous projects under development, CHG is focused on establishing properties in Greater China, Southeast Asia and the Americas and expanding its technology offerings to enhance their guest experience.