$8,500,000 JV Equity Financing 

Altman Warwick arranged a joint venture partnership between a well-established Long Island hotel development company and a publicly traded NY-based REIT. The joint venture’s plan was to develop two contiguous limited service hotel properties at the entrance of the Republic Airport in Farmingdale, NY.  They developed a 131-room Marriott Courtyard hotel and a 118-room Marriott Town Place Suites hotel within a 2-year period.  Although the REIT is known almost exclusively as a leading shopping center owner and developer, we were successful in convincing them of the merits of what was their first and only hotel joint venture investment / development to date.  Despite the REIT’s unfamiliarity with the product, we were able to arrange 85% of the total equity capital on a long-term basis while negotiating a very aggressive promoted equity structure for our client.

 

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