The Bronx, Manhattan Welcome Marriott-Branded Hotels; Frank Reilly Joins Avison Young NYC as Principal
- Sep 21, 2012
The first Marriott hotel operating under the Residence Inn brand is set to open in the Bronx in 2014 inside a 370,000-square-foot mixed-use complex known as Metro Center Atrium, part of the 42-acre, multi-building Hutchinson Metro Center. A Simone Development Companies venture, the Atrium will also include offices, medical spaces, restaurants and retail spaces. The seven-story extended-stay hotel will sport 125 upscale guest rooms.
Additionally, another Marriott-branded luxury hotel opened last week in Manhattan’s Central Park South at the former Jumeirah Essex House—a 40-story, 509-room facility that until recently was owned by DIG EH Hotel LLC of Dubai. As previously reported by Commercial Property Executive, the gross purchase price paid by a joint venture of Chicago-based Strategic Hotels & Resorts and an affiliate of KSL Capital Partners LLC was $362.3 million. Work is expected to begin shortly on an $18.3 million renovation.
In further commercial real estate news, Frank Reilly (pictured right) joined Avison Young’s New York City office as a principal, effective immediately. With more than 25 years of experience in the commercial real estate investment and finance market, Reilly will work closely with Principal David Eyzenberg to grow the company’s debt and equity services platform while focusing on construction loans, permanent loans, mezzanine debt, preferred equity and joint ventures.
Prior to joining Avison Young, Reilly served as a principal at NY Urban, a regional mortgage banking firm. Prior to that, he was a managing director of Newmark & Company’s capital group and a national director of the institutional services group for Marcus & Millichap.
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