Third Manhattan Hotel Property Auctioned as Part of Gemini Real Estate Advisors Chapter 11 Petitions

NEW YORK, Dec. 15, 2015 (GLOBE NEWSWIRE) -- The purchaser of the third of the four Manhattan hotel properties that filed Chapter 11 petitions on Sept. 3, 2015, under the auspices of Gemini Real Estate Advisors (“Gemini”) was decided today in the U.S. Bankruptcy Court for the Southern District of New York. Fortuna 37 West 24th Street LLC submitted the final winning bid of $60 million, outbidding stalking horse bidder Bridgeton Acquisitions LLC in the auction for the Wyndham Garden Flatiron District, located at 37 West 24th St. The deal is expected to close in early 2016.

“Today’s proceeding moves us forward, bringing us one step closer to our ultimate goal,” said Dante Massaro, president and CEO of Gemini Real Estate Advisors. “We are confident that this sale is in the best interests of all of our stakeholders — confidence that has been confirmed through the positive feedback we have received from our investors throughout this long and involved process.”

The purchasers of two of the other hotel properties involved in the Chapter 11 petitions were decided in the U.S. Bankruptcy Court for the Southern District of New York on Dec. 1. The Howard Hughes Corporation (HCH) bid $38.3 million for the Best Western Seaport, located at 33 Peck Slip, and Bridgeton Acquisitions LLC bid $78 million for the Jade Greenwich Village, located at 57 West 13th St. Both sales are expected to close by the end of 2015.

“To date, the Chapter 11 process has been successful at permitting purchasers, like Fortuna, Bridgeton and The Howard Hughes Corporation, to participate in the purchase of the hotel assets,” said Scott Gautier, Robins Kaplan LLP co-lead counsel to the debtors. Robins Kaplan partners Mark LaConte and Craig Weiner also represent the debtors, and Lorie Ball is involved in the sale proceedings.

The final property involved in the Chapter 11 petitions, the Bryant Park Development Site located at 36 West 38th St., is currently being marketed and is expected to sell in early 2016. A stalking horse sales agreement has not yet been reached for the hotel development site.

Parties interested in bidding on the Bryant Park Development Site property should contact Douglas Herscher at RobertDouglas in New York at (212) 993-7424 for more information.

About Gemini Real Estate Advisors

Based in Charlotte, N.C., Gemini is a vertically integrated real estate investment and operating company that manages more than 2.5 million square feet of property in 10 states across the United States. Gemini’s disciplined and entrepreneurial approach to investing has built a portfolio of assets that are well positioned to generate cash flow and achieve growth of capital. Gemini currently owns a portfolio of shopping centers, hotels and fixed income investments with a value of approximately $700 million. We manage our investments with the focus of an owner because our principals invest their own funds alongside investors. We continually review our value maximization strategy for each of our properties, carefully monitoring expenses and optimizing revenue potential.

Andy McGowan (404) 834-3481

Source:Gemini Real Estate Advisors