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Advises on the Jade Hotel Greenwich Village

New York - 01 May 2016

RobertDouglas Advises On The $78,000,000 Sale Of The Jade Hotel Greenwich Village

RobertDouglas announced today that it dvised 52 West 13th P, LLC, a subsidiary of Gemini Real Estate Advisors, in the sale of The Jade Hotel Greenwich Village. The sale was the result of a Chapter 11 proceeding administered by the U.S. Bankruptcy Court for the Southern District of New York. The 113-key boutique hotel, located on West 13thStreet in the heart of Greenwich Village, was developed by Gemini and was purchased for $78,000,000 by a venture comprised of Bridgeton Holdings and an offshore family office.

“Greenwich Village is a unique market in New York,” commented Douglas Hercher, a Managing Director with RobertDouglas, “and the Jade Hotel is a jewel box property that is perfectly positioned to deliver guests both the quiet ambiance of the Village’s beloved tree-lined streets and a location that is within walking distance of the education, technology, entertainment, fashion, art and media businesses in Greenwich Village, SoHo, Chelsea, and the Flatiron and Meatpacking Districts.”

Dante Massaro, a principal with Gemini Real Estate Advisors, observed that “we are pleased to have been able to complete the sale of The Jade Hotel. Gemini conceived and developed the unique Jade concept, and the price we achieved confirms that the market fully recognized the value of the property and its location.”

“Despite recent headwinds due to increasing supply and a strengthening U.S. dollar, hotel investors are still drawn to New York’s strong rates and its proven ability to generate attractive long-term returns,” said Evan Hurd, a Senior Director with RobertDouglas. “A broad range of domestic and international investors expressed interest in the hotel, and the final sale price of nearly $1,700 per square foot is one of the highest ever achieved for a boutique hotel in Manhattan and is a testament to Manhattan’s appeal as an investment market.”

RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry’s pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.

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