GEMINI REAL ESTATE ADVISORS ACQUIRES THREE NEW YORK CITY FIRST MORTGAGE NOTES

New York, New York, January 19th, 2010 – Will Obeid, President & CEO of Gemini Real Estate Advisors announced today the purchase of three New York City performing hotel notes. Gemini acquired the notes at an undisclosed discount to par value. 

The performing notes have a combined par value of $43 million and are current on all their mortgage obligations. The underlying hotels assets of these notes are select service and boutique hotels located in the world famous commercial hub of Midtown Manhattan. The hotels are in close proximity to Rockefeller Center, Broadway and Times Square. These hotels have a total of 173 rooms that boast a strong guest clientele of both leisure and corporate guests. 

“The acquisition of these performing notes at a discount to par value represents a segment of the market and the type of transaction that makes sense today.” says Jeff Weissman, Managing Director and Head of Finance and Fixed Income Investments at Gemini.

“This transaction highlights Gemini’s in-depth knowledge of the New York City hotel market and allows us to leverage our experienced hospitality team in order to make well timed investments at this point of the cycle.” says Michael Sullivan, Managing Director and Head of Hospitality at Gemini.

About Gemini Real Estate Advisors

Gemini is a full service real estate company specializing in the acquisition, development and management of commercial real estate. Gemini’s current portfolio is made up of over 4 million square feet.