Three Expert Firms Join Forces to Serve Developers of Condo Hotels

Business Wire, Sept 27, 2005

LOS ANGELES -- A newly formed consulting service has been created by three leading lodging real estate industry players in response to the continuing explosive demand for condo hotels in the United States.

Condo Hotel Advisory Services Group provides comprehensive advisory services to developers and their capital partners for new developments and conversions. The Group is a full-service and multi-faceted team of condo hotel experts that combines the skills and knowledge of business leaders from three of the most experienced and respected firms in the business: the hotel lawyers at Jeffer, Mangels, Butler & Marmaro LLP; the hotel advisers at T.R. ENGEL Group, LLC; and the real estate consultants at The Weitzman Group, Inc.

Condo hotels are experiencing unparalleled growth. They are on-track to become a permanent part of the real estate and investment landscape, but are highly complex and must be handled and documented appropriately or else their backers may find themselves at the burning end of this skyrocket.

This complexity means that real estate projects with both hotel and residential components need advisers with a comprehensive understanding of both sectors.

"There is no such thing as a perfectly `safe' deal," said Jim Butler, a Group adviser and the chairman of JMBM's Global Hospitality Group. "But experienced players and their advisers can structure the condo hotel regime with an acceptable level of risk for the situation."

Members of the Group have done, or are currently involved in, more than three dozen condo hotel deals throughout the United States. The Group's in-depth experience with condo hotel and mixed-use projects -- along with its long history of collaboration -- provides condo hotel developers and their capital partners with all the professional expertise needed to launch a successful condo hotel project.

"By collaborating with Group members we help clients pick the right mix for their project," said Tom Engel, Group adviser and president of T.R. ENGEL Group. "We each come into the project with different perspectives and knowledge bases, and draw upon those various skills to get the deal done right."

Added Marilyn Kramer Weitzman, fellow Group adviser and president of The Weitzman Group: "Condo hotels are so complex that it is imperative to have everyone working together from the start -- from the initial market analysis and feasibility studies to developing the appropriate marketing and sales programs."

About the Group

Condo Hotel Advisory Services Group comprises three of the top names in hospitality and real estate:

The Weitzman Group is a New York-based residential real estate and condominium consulting firm that has advised developers and institutions on a variety of projects, including the Palmolive Building in Chicago, the Columbus Center in Boston and the ultra luxury Santa Maria condominium development in Miami.

Jeffer, Mangels, Butler & Marmaro LLP is one of California's foremost full-service law firms, committed to providing clients with results. More than attorneys, JMBM's team of legal professionals serve as trusted advisers who understand complex legal and business issues. The Firm's Global Hospitality Group has helped its clients with more than $35 billion in hospitality transactions involving more than 1,000 properties around the globe.

T.R. ENGEL Group, LLC, (TRE) is a Boston-based lodging advisory, asset management, and investment services company. TRE advises public and privately held lodging investor companies across the globe including Vornado Realty Trust, Morgan Stanley Real Estate, Pembroke Real Estate/Fidelity Investments, and the J.E. Roberts Company.

To arrange an interview with a member of the Group please contact Jonathan Fitzgarrald at 310-785-5320 or JFitzgarrald@jmbm.com.