28C — March 30 - April 12, 2018 — The Best of 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
The Best Hospitality Project of 2017
Procida Funding/100 Mile Fund Divine Lorraine Hotel Philadelphia, PA
Alfred Sanzari Enterprises Hampton Inn & Suites by Hilton and Homewood Suites by Hilton
Size: Iconic 10-story property into a prestigious multi-family residential com- munity comprised of 109-rental units (101 units in the main building and 8 units in the annex building) with approximately 15,000 SF of net leasable specialty retail space Construction to convert Philadelphia’s Divine Lorraine Hotel into 110 apart- ments, 25,000 feet of retail, and a boutique hotel began in 2017 thanks to Procida Funding’s $34 million loan; part of a $75 million investment in the renaissance of Philadelphia’s North Broad Street Corridor. Prior to Procida’s financial in- fusion, The Devine Lorraine Hotel had lain dormant for 40 years. Since 2013, Procida Funding has completed more than $100 million dollars of loans in Phila- delphia that includes the repurpose of the former Thaddeus Stevens High School into The Mural Lofts, 56 fully-occupied luxury apartment homes, the former Studebaker Showroom being renovated for office and retail uses, and the Phila- delphia Opera House.
Teaneck, NJ Size: 324,897 SF
Alfred Sanzari Enterprises’ new dual-branded hotel – currently under development at Glenpointe in Teaneck – taps into the growing demand among business and leisure travelers for modern lodging options outside of Manhattan. When the premier hospi- tality property opens this spring, it will bring 350 new hotel rooms to the market: 160 in the extended stay Homewood Suites by Hilton and another 190 from the Hampton Inn & Suites by Hilton. Both brands will share the same entrance, meeting room, function space, fitness center and parking garage. Guests at both brands will enjoy complimentary breakfast and free WiFi. The hotel will include 1,200 square feet of meeting space that can accommodate up to 100 people.
The Best industry organization of 2017 Industrial &Office Real Estate Brokers Association NAIOP NJ
Jonathan Tesser, SIOR Executive Managing Director, Colliers International President, IOREBA
Michael McGuinness
With roots dating back to 1927, IOREBA is one of the nation’s largest regional commercial real estate organizations of its kind, with more than 300 members con- ducting business in New Jersey, New York, Pennsylvania and Connecticut. Benefits of being a member: IOREBA hosts several informational and networking events throughout the year; where members can develop strategic friendships within the industry. These events are host to distinguished quest speakers who lend their knowledge, experience and industry intel allowing members to gain access to market information. The orga- nization also offers professional education opportunities to help sharpen business skills in allied fields. Members are offered reduce costs to attend events; and receive a profile which includes a bio and headshot that is posted to IOREBA’s website.
NAIOP NJ Additional comments: Founded in 1970, NAIOP NJ is the leading organization for owners, developers, investors, asset managers and related professionals in the of- fice, commercial, industrial, mixed-use real estate and logistics sector. With its 800+ members, the organization takes a visionary approach, focusing on the health of the communities where they develop and acts as a resource for key decision-makers in the state. The chapter also lobbies on a wide range of public policy issues, and pro- vides valuable benefits such as networking, education, advocacy and news. National recognition includes, “Chapter of the Year” in 2004 and 2011 as well as several Chap- ter Merit Awards. In 2004, CEO Michael McGuinness was honored as “Executive of the Year,” and in 2017 received the Service to the Industry Award from The Kislak Real Estate Institute.
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