CARLTON COMPLETES MORE THAN $3 BILLION OF TRANSACTIONS WITH OVERSEAS INVESTORS
May 20, 2015
The Carlton Hotel Group has become one of the top hotel intermediary and asset management groups in the country having completed over $3 billion in transactions just in the last two years.
The Carlton team, led by real estate professionals Howard L. Michaels, David Tessier (former CFO of Kerzner International, Turnberry Associates and Ian Schrager), along with top industry veteran Derek White (former Head of Hotel Asset Management at ADIA and Dubai World) have continued to provide to Carlton’s clients with highly sophisticated capital raising and strategic advice in order to facilitate acquisitions, recapitalizations, workouts and restructurings.
The Carlton Hotel team has completed well over $50 billion in hotel transactions and has broad international experience (which includes senior banker Javier Beltran who is headquartered in Madrid) in hotel investment and asset management on five continents and across all market tiers including select service, full service, resort, luxury and ultra-luxury hotel operations. We also have extensive experience in leisure oriented real estate including golf courses, water parks, marinas, gaming and hotel assets in the Caribbean. Members of the Carlton Hospitality team have acted as fiduciaries and served on several boards of hotel ownership companies comprising over $7 billion of gross asset value.
Carlton Hospitality provides a broad range of hospitality servicing which, aside from capital raising, includes in-depth analysis and strategy for asset management, feasibility, financial planning, business and operational strategy and analytics. We work in a collaborative management manner with clients providing unique business perspectives as a result with having worked with some of the top industry players in the world. We specialize in virtually all lodging segments including mega resorts, convention hotels, luxury hotels, boutique hotels, timeshares and condominium hotels. We also have substantial experience in residential real estate and gaming, with in-depth knowledge of the relationship between hotel operations and multi-branded food & beverage services. Additionally, the group has significant experience in M&A, privatizations, public offerings and restructurings with a substantial amount of development experience.
Recent completed transactions include the following:
- 1568 Broadway (a/k/a Doubletree Hotel in Times Square) – As the exclusive advisor to Maefield Development and its institutional investment partner, we facilitated the acquisition and development of this $2 billion hotel, retail, LED signage and entertainment property in the heart of Times Square.
- $1 Billion Dollar High Line Luxury Condo and HOTEL – Carlton is the exclusive advisor to the developer of this $1 billion acquisition of one of the most valuable development sites in New York. The property is 840K sf to be developed on 1.5 acres and will be the premier lifestyle, luxury condominium and 5-star hotel transaction below 34th Street. Carlton arranged the multi-tranche debt stack bringing in five different lenders and investors which funded a majority of acquisition. Carlton is also the exclusive construction advisor for this transaction.
- $2 Billion JV Equity and Acquisition and construction loan and JV equity at 20 Times Square (Formerly 701 Seventh Avenue) – This was a marquee transaction for Carlton whereby the firm arranged an equity joint venture between one of the top institutional investors in the world and a highly successful entrepreneurial group. In addition, Carlton brought in Marriott and Ian Schrager to do a 42-story Edition Hotel in conjunction with 76K square feet of prime retail and a 18K sf LED sign which will be the biggest LED sign in the world. Initially, Carlton arranged $500 Million of acquisition capital and recently arranged $815 Million of construction and mezzanine financing.
- IAN SCHRAGER $100 MILLION CHRYSTIE STREET ACQUISITION AND PRE-DEVELOPMENT LOAN – Carlton arranged a joint venture between two prominent developers for the acquisition and construction of a 25-story tower condominium and upscale 370 key hotel. In addition to arranging the partnership between the iconic duo, Carlton also arranged a high leveraged land loan to facilitate the acquisition and predevelopment of what is sure to be one of Manhattans most valuable residential and hospitality properties.
- WEST HOLLYWOOD MARRIOTT EDITION HOTEL AND LUXURY CONDOMINIUMS – We arranged a partnership between Ian Schrager, Marriott Edition and the Witkoff Group in their development of the West Hollywood Marriott Edition Hotel and condominium transaction in West Hollywood, CA.
- Westin Valencia Hotel in Spain – On behalf of one of Spain’s largest financial institutions we accessed and closed a large German family office to acquire this beautiful, boutique hotel asset in Valencia, Spain.
- W Union Square Hotel – Carlton provided strategic advice and recapitalization services on the W Union Square Hotel in Manhattan.
- $225 MILLION INVESTMENT SALE AND RECAPITALIZATION AT THE SHORE CLUB, SOUTH BEACH– Carlton arranged a $225 Million investment sale and recapitalization of the iconic 300 key hotel which will be converted into a 5-star boutique hotel and luxury condominium. Carlton arranged the highest sale price for any hotel in Miami in 2013.
We encourage you to contact the undersigned if you want to put the Carlton Hotel Power to work for you.