Hyatt Hotel Update

ByDon

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

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  • New School Construction Update

    ByDon

    This week (May 16 to May 20), Contractors will continue to excavate earth and rock, and load out material. We will continue to underpin the 13th Street adjacent building. Drilling of tie-backs, installation of rakers, line drilling, lagging and sheeting around the perimeter will progress as well. Preparation for concrete foundation walls is scheduled to begin.

    The following week (May 23 to May 27), we will continue line drilling, rock excavation, and loading out as well as, lagging and sheeting. Concrete foundation walls will progress.

  • Water Alert!

    ByDon

    Dear Board Members, Residents, & Building Staff,

    While we are enjoying the nice rain-free weather lately, New York experienced truly little rainfall in October. In fact, it is the second-longest dry spell we have seen in 155 years. This means we are potentially facing water shortages if either the weather does not change and/or we do not cut back on water usage. This past Saturday, Mayor Adams asked city agencies to implement “water savings plans” and suggested that New Yorkers consider cutting back at the tap. While his announcement does not mandate any restrictions on water use, we want to be mindful of the situation. And as we manage hundreds of properties in the five boroughs, we feel it is important to pass along this message. For New Yorkers living in AKAM managed properties interested in doing their part, please consider the following water-saving measures:

    In the Bathroom:

    • Taking shorter showers will save 5 to 7 gallons a minute.
    • When taking a bath, fill the tub only halfway and save 10 to 15 gallons.
    • Install water-saving toilets, showerheads, and faucet aerators.
    • Place a plastic bottle filled with water in your toilet tank if you cannot switch to a low-flow toilet.
    • Turn off the faucet while shaving, washing your hands, or brushing your teeth. Faucets use 2 to 3 gallons a minute.
    • Do not use the toilet as a wastebasket, and do not flush it unnecessarily.

     

    In the Laundry Room/ Kitchen:

    • Run the dishwasher and washing machine only when full. Save even more by using the short cycle.
    • Install faucet aerators.
    • Turn off the water while washing dishes. Kitchen faucets use 2 to 3 gallons a minute. Filling a basin only takes 10 gallons to wash and rinse.

     

    Outside:

    • Use a self-closing nozzle on your hose.
    • Sweep your sidewalk or driveway instead of using water.
    • Water plants before 9am or after 7pm and do not overwater them.

    Other:

    • Repair leaky faucets and turn taps off tightly. A slow drip wastes 15 to 20 gallons each day.
    • Do not open fire hydrants.
    • If you see a leaking or running fire hydrant, please report it to 311 or fill out this online form so we can follow up.

  • Capital One Bank Cafe to Open at 14th/Bway

    ByDon

    Later this year, Capital One will open a new banking concept in New York City’s Union Square with a large café, operated by Peet’s Coffee, and an upstairs lounge that will function as a communal work space, complete with free Wi-Fi.

    Not unlike the Apple Store, the bank will serve customers with mobile tellers, who will have iPads on which they will handle transactions, rather than the standard glass window setup.

    The bank already operates a number of Capital One 360 Cafés, where customers are invited to enjoy coffee while they learn about ways to manage their finances, but the upcoming location takes a page from the rising popularity of communal office spaces, which are increasingly common in New York City.

    The basement of the café at 853 Broadway will be used as a classroom. Customers can take courses on mortgage financing and other topics.

    The elevated café concept is expected to expand beyond Union Square; the bank is reportedly already looking to open a location in the SoHo neighborhood, but a deal has not yet been made.