EOS Hospitality acquires iconic,
skyline-defining hotel in court-approved bankruptcy sale in
successful outcome for bondholders
NEW
YORK, June 19, 2024 /PRNewswire/ -- In
another hospitality-sector bankruptcy sale, global real estate
investment bank Eastdil Secured and national advisory firm A&G
Real Estate Partners have successfully marketed the luxury William
Vale Hotel in Brooklyn's
Williamsburg neighborhood.
The transaction, which followed a three-year ownership
restructuring and litigation process led by Asaf Ravid, Chief Restructuring Officer of All
Year Holdings Ltd., resulted in full payment of all outstanding
secured bonds.
Stalking horse bidder EOS Hospitality, a New York-based, full-service hospitality
company with a diverse portfolio of hotels across the United States, closed on the
skyline-defining, luxury lifestyle hotel on June 18. The $177
million transaction was approved by the U.S. Bankruptcy
Court for the Southern District of New
York on May 29.
Perched above Kent Park with
unobstructed views of Manhattan,
the 183-key, 21-story tower at 111 N. 12th St. is one of just four
luxury hotels in Brooklyn. Built
in 2016, the hotel boasts top-shelf eateries by restaurateur
Andrew Carmellini, 7,300 square feet
of high-end indoor and outdoor function spaces and multiple
storefronts and offices.
Acting as exclusive advisors, Eastdil Secured and A&G
previously marketed another luxury hotel in the neighborhood—the
147-room Williamsburg Hotel, which sold last year for a total
cash-and-debt price of $96
million.
About A&G Real Estate Partners
A&G delivers strategies designed to yield the
highest-possible value for clients' real estate. Key areas of
expertise include real estate sales, occupancy-cost reductions,
lease terminations, real estate due diligence, valuations, and
facilitation of growth opportunities. Relying on its marketing
knowledge, reputation and advanced technology, A&G has advised
the nation's most prominent corporations in both healthy and
distressed situations. The firm has sold properties and leases
totaling more than $13 billion and achieved
nearly $12 billion in rent-reduction and occupancy-cost
savings on behalf of clients in every real estate sector. Founded
in 2012, A&G is headquartered in Melville, N.Y. For
more information, please visit: http://www.agrep.com.
About Eastdil Secured
As the most relevant and trusted advisor in the commercial real
estate capital markets, Eastdil Secured creates value for clients
through creative, actionable ideas and flawless execution. With an
unrivaled combination of capital markets expertise and in-depth
understanding of real estate fundamentals, Eastdil Secured delivers
best-in-class advice on mergers and acquisitions, sales, joint
ventures, debt placement, structured credit and loan sales to
investors around the world. Headquartered in New York, Eastdil
Secured has a broad global footprint to support clients with
offices across the United
States in Atlanta, Boston, Charlotte, Chicago, Dallas, Los
Angeles, Miami, Orange County, San
Francisco, Seattle, Silicon Valley and Washington, D.C.,
and internationally in Dubai, Dublin, Frankfurt, London, Milan, Paris, Hong
Kong and Tokyo. For more information on Eastdil Secured,
the global real estate investment bank, please
visit https://www.eastdilsecured.com.
Media Contacts: At Jaffe Communications,
Elisa Krantz, (908) 789-0700,
379342@email4pr.com
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content:https://www.prnewswire.com/news-releases/brooklyns-luxury-william-vale-hotel-sells-for-177-million-after-marketing-campaign-by-ag-and-eastdil-secured-302176271.html
SOURCE A&G Real Estate Partners