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News release

NEW YORK, NY

JLL to Advise on Development of a Luxury Hotel in the Heart of TriBeCa

Hotel slated to open in one of New York’s most exclusive neighborhoods


NEW YORK, March 10, 2015 – On behalf of Western Heritable Investment Company, Caspi Development and Barone Management, JLL's Hotels & Hospitality Advisory Group has been chosen, to exclusively advise on the development of a luxury hotel at 456 Greenwich Street in New York. The hotel will have unrivaled access to premier restaurant and entertainment destinations, the West Village and the Meatpacking Districts, the large Downtown office market, as well as SoHo’s iconic retail district. A pairing of the amenities and services will be aligned with a luxury hotel brand and operator in the coming months.

Managing Director Jeffrey Davis will lead the advisory efforts on behalf of the JLL team.

“An unprecedented amount of new and redevelopment activity is taking place in TriBeCa and the planned opening of the hotel, by our client, will coincide with the development of in excess of twenty million square feet of new or converted commercial, retail and residential space in the vicinity”, said Davis. “This is a tremendous opportunity to enhance what is becoming a new hub of the luxury market in Lower Manhattan, promoting the areas reputation as Manhattan’s most exclusive district.”

The full block front property will boast a unique and intimate setting, and is slated to have between 90 to 100 luxuriously appointed guestrooms and suites, a first-class restaurant with a bar and courtyard, a luxurious spa, a screening facility, and a full host of luxurious amenities.

John DePaul, head of JLL’s Advisory Hospitality Group for the Northeast noted, “Our client is dedicated to keep the project in context with the architecture and the character of the neighborhood. They remain engaged with the Landmarks Preservation Commission on the approval of the design, which should be completed in the coming months.”

JLL’s Hotels & Hospitality Group serves as the hospitality industry’s global leader in real estate services for luxury, upscale, select service and budget hotels; timeshare and fractional ownership properties; convention centers; mixed-use developments and other hospitality properties. The firm’s more than 320 dedicated hotel and hospitality experts partner with investors and owner/operators around the globe to support and shape investment strategies that deliver maximum value throughout the entire lifecycle of an asset. In the last five years, the team completed more transactions than any other hotels and hospitality real estate advisor in the world totaling more than US $48 billion, while also completing approximately 4,500 advisory, valuation and asset management assignments. The group’s hotels and hospitality specialists provide independent and expert advice to clients, backed by industry-leading research.

For more news, videos and research from JLL’s Hotels & Hospitality Group, please visit: www.jll.com/hospitality, download the Hotels & Hospitality Group app for iOS and Android, or view our e-magazine The Hotel Investor, available for iPad.
 
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.