300 Million - The Carlton Group

Transcription

THE CARLTON GROUP
European Division
Global Capital
NEW YORK
WWW.CARLTONGROUP.COM
LONDON
MADRID
MILAN
Local Knowledge
TEL AVIV
ATHENS
LOS ANGELES
FLORIDA
Although all information furnished regarding property for sale, rental or financing is from sources deemed reliable, such information has not been verified, and no warranty, expressed or implied, is made as to the
accuracy of the information contained herein, and the same is subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice.
Carlton Europe I #1
HOTEL DANIELI
INVESTMENT SALES
EQUITY PLACEMENT
VENICE, ITALY
INVESTMENT SALE EXECUTED BY
CARLTON’S HOSPITALITY PRESIDENT
DEBT PLACEMENT
INTERNATIONAL DIVISION
LOAN SALE TRADING
VALUATION & LOAN
RESTRUCTURING
FORECLOSURE ADVISORY
Global Capital ~ Local Knowledge
Carlton Europe I #2
Table of Contents
i.
THE CARLTON EUROPEAN DIVISION
ii. CARLTON EUROPE OVERVIEW
iii. CARLTON EUROPE LINES OF BUSINESS
iv. CARLTON GLOBAL INVESTOR ACCESS
v.
“POST-CREDIT-CRUNCH” COMPLETED EUROPEAN TRANSACTIONS
vi. COMPLETED EUROPEAN TRANSACTIONS
vii. CARLTON EUROPEAN SENIOR EXECUTIVES
Carlton Europe I #3
The Carlton European Division
We have completed over $8 billion of Investment Sales, Equity and Debt transactions within the last 12 months,
Including Over $2 Billion of Completed or Committed Transactions Within the Last 60 Days
We Are Presently In Contract on Two Major European Transactions that
Total Over Two Billion Dollars and Include
the Recapitalization of an Iconic Five-Star Hotel in One of Europe's Premier Cities and
the Recapitalization of a Large Italian Real Estate Conglomerate
Historically, Carlton has been responsible for some of the most premier European transactions such as:
 €800 Million Sale of the Savoy Hotel Group Portfolio;
 €700 Million Sale of the CIGA Hotel Portfolio;
 Exclusive Advisor on the Famous Villa d’Este Resort Hotel on Lake Como;
 Acquisition & Construction Financing for the City Gate Towers in Bucharest, Romania;
 €120 Million of Equity & Debt Raised for a Major Latvia Apartment Portfolio
With a Presence Throughout the World, We Have Executives Running our Milan, Madrid, London, Tel Aviv and Athens Offices by Professionals That Have Worked at Some of
the Largest Real Estate firms and Have Executed Billions of Dollars of the Most Important Real Estate Transactions
CARLTON SPECIALIZES IN ACCESSING INTERNATIONAL INVESTORS FROM
NEW YORK TO MOSCOW TO LONDON TO ASIA TO AUSTRALIA TO LOS ANGELES
Carlton Europe I #4
Carlton European Overview
Carlton has been in business since 1991 and specializes in representing large property owners and financial institutions in investment
sales, equity & debt placements and commercial or residential loan sale dispositions throughout the world on all asset types. Our real
estate capital markets advisory practice is run by Carlton Chairman, Howard L. Michaels and a team of over 60 capital market
professionals in Europe, the Middle East and the United States. Over the last 20 years we have executed more than $90 billion of
transactions on behalf of the largest property owners and institutional clients for their most important and high-profile transactions.
We execute a unique capital markets platform which specializes in arranging large amounts of equity and debt capital from both the
widely known institutional firms, but more importantly from the “off-the-radar” sources of capital throughout the world to fund our
clients transactions. Our great success is highly attributable as per our niche for completing large and highly complicated
transactions.
Certain of our strongest attributes are as follows:
Long Standing Successful European Track Record
Over the last 15 years, Carlton and its senior executives have completed many large, high profile European transactions. They included the $800
million sale of the Savoy Hotel Portfolio, the €685 million CIGA Hotel Portfolio, the Villa d’Este five-star resort on Lake Como, Italy and most
recently the €300 million recapitalization of an iconic Italian hotel.
Strong 2012 for Carlton Europe
We are presently in hard contract on over $2 billion of European transactions that will be closing shortly. They include an almost one billion dollar
recapitalization of a major European real estate conglomerate, a €300 million recapitalization for a major five-star, iconic European hotel asset
where we brought in a London based Investment Management Firm and a €115 million equity recapitalization for a luxury hospitality and
apartment portfolio on the Adriatic Coast in Croatia.
Top European Professionals
The Carlton European Division is comprised of some of the most seasoned European capital markets professionals in the business, who in total
have executed billions of transactions throughout Europe. They include Massimo Cecchi, the Head of Carlton Italia in Milan, who was formerly
the Head of Real Estate Investment Banking for Italy at J.P. Morgan. Javier Beltran, the Head of Carlton Spain in Madrid, who was previously a
senior executive at UniCredit and UBS. Our European Hospitality Practice is run by John Bralower and Brendan Sullivan. Mr. Bralower was
previously the President of Sonnenblick-Goldman Company and the Global Head of Real Estate Investment Banking at Houlihan Lokey. Mr.
Sullivan prior to Carlton was the President of InterBank Brener Hospitality, the Regional Director of the Americas for Knight Frank and was on
the Advisory Board for New York University's Tisch Center for Hospitality.
Carlton Europe I #5
Carlton European Overview
Experienced Team of Relationship Driven Professionals
Carlton's global marketing and capital markets team in both Europe, the United States and the Middle East is comprised of the most qualified and
uniquely experienced real estate and finance executives, who have relationships with virtually every major financial institution, fund and other
providers of capital. We raise every portion for the capital stack including senior financing, mezzanine financing, joint venture equity, passive
promotable equity along with various other creative structures required to complete the transaction.
Capital Raising Focus
Our business is extremely unique within the industry as we solely focus on representing large property owners and financial institutions to raise
large amounts of either equity or debt, through either an investment sale, recapitalization, acquisitions, development or loan sales. Unlike other
advisory or brokerage firms, we are strictly a capital raising advisory firm and do not have other brokerage business lines. We only focus on raising
equity or debt capital for our clients as it is our expertise and gives us our niche in the business. As such, our team covers virtually every major
capital provider and the majority of the “off the radar” capital providers throughout the world. We are experts in employing sophisticated
valuation techniques and then create a viable plan to arrange all the financing required to complete the capital structure.
“Off the Market” Capital Sources
We represent various capital sources who are looking for off-market, mis-priced investment opportunities and are willing to invest in Europe. Our
investors are yield-oriented and will provide capital on terms which is often better than the typical opportunity funds and private equity firms, who
are either red-lining Italy or providing terms that are not economically feasible to the sponsor.
Hotel Principe di Savoia
Milan, Italy
Claridge’s
London, United Kingdom
The Savoy Hotel
Carlton Europe I #6
Carlton European Lines of Business
The Carlton European Division provides highly sophisticated & creative advisory services in the
following areas, which enables us to provide you with a
targeted and focused effort that will result in maximum value, proceeds and terms to you:
 Investment Sales
 Equity Placement
 Debt Placement
 International Division
 Loan Sale Trading
 Valuation & Loan Restructuring
 Foreclosure Advisory
Our Core European Offices are Located in Milan and Madrid, With a Strong Presence With Investors and Capital Providers in the
United Kingdom, Russia, Germany, Australia and Throughout the Middle East and Asia.
Le Meurice Hotel
Paris, France
Villa d’Este
Lake Como, Italy
Connaught Hotel
Carlton Europe I #7
Global Investor Access
Connecting the Best Investor With Your Deal
We have been active in the debt & equity capital raising business since 1991 and have completed billions of
investment sales, financings, and recapitalizations on hotel assets from New York to Milan.
As such, this has given us significant relationships with all of the following investor groups throughout the world.
Investment Banks
Family Office
Sovereign Wealth Investors
Life Insurance Companies
Opportunity Funds
Private Investors
Commercial Banks
High Net Worth Individuals
Local Owners / Operators
REIT’s
Hedge Funds
Asian & Middle East Investors
Money Management Firms
Private Equity Funds
Russian Oligarchs
Bridge Lenders
Pension Funds
Investment Management Firms
Carlton Europe I #8
“Post-Credit-Crunch” Completed/Committed Transactions
€300 Million
Confidential Five-Star
Property Summary: A five-star hotel in a major
European city
Italian Hotel Transaction
A Major European City
Deal Summary: Carlton brought in a London based
investment management firm that enabled our client to
buy back their maturing first mortgage from one of the
top financial institutions in the world at a discount to
recapitalize one of the most iconic European hotels in a
major city.
Confidential Hotel
Transaction w/
Sovereign Wealth Fund
New York, NY
$800 million
Confidential
Property Summary: A portfolio consisting of numerous
hotel assets.
Deal Summary: Carlton has accessed a large sovereign
wealth investor who has put under contract a group of the
most prestigious hotel assets in Manhattan.
Carlton Europe I #9
“Post-Credit-Crunch” Completed/Committed Transactions
€115 Million
Croatian Luxury
Property Summary: A portfolio of luxury hotels and
apartment assets located on the Adriatic Cost in Croatia.
Hotel Transaction
Deal Summary: Carlton has arranged an €115 million
recapitalization of a water-front hotel and residential
apartment portfolio located on the Adriatic Coast of
Croatia. The hotels and apartments are cash-flowing and
operated by a very successful and well-respected hotel
developer, owner and operator throughout Europe.
Adriatic Coast, Croatia
€500 Million
Confidential
European
Real Estate Conglomerate
Various Assets Throughout Europe
Confidential
Property Summary: A major European real estate and
infrastructure conglomerate with over €3 billion in
holdings.
Deal Summary: Our client has accepted a €500 Million
finance application from a major money management
firm, which we provided to facilitate an entity level
recapitalization for a large, distressed real estate company.
This is a highly structured transaction that involves the
recapitalization of a large European conglomerate,
coupled with a discounted loan payoff.
Carlton Europe I #10
Completed European Transactions
€800 million
The Savoy Hotel
Property Summary: Portfolio consisting of London's
finest five-star hotel asset.
London, UK
Deal Summary: Carlton's hospitality executives executed
the $800 million sale of the Savoy Group Hotel Portfolio,
consisting of The Savoy Hotel, Claridges Hotel,
Connaught Hotel and the Berkeley hotel.
€685 million
CIGA Hotel Portfolio
Property Summary: Portfolio of five-star European
hotel assets in Rome, Venice, Milan and Paris.
Venice, Milan, Rome & Paris
Deal Summary: Carlton Hospitality Division Co-Head,
John Bralower, represented ITT Sheraton, who was the
largest hotel company in the world at the time. The CoHead of our Hospitality Division executed the acquisition
on this portfolio of some of Europe's most luxurious
hotels. Certain of the assets included the Hotel Danieli in
Venice, The Grand Hotel in Rome, The Meurice in Paris,
France and Hotel Principe Di Savoia in Milan.
The following hotel assets were all part of the $800 million Savoy Hotel Group Portfolio consisting of London's most luxurious hotels.
Savoy Hotel
Berkeley Hotel
London, UK
London, UK
Claridges Hotel
Connaught Hotel
London, UK
London, UK
The following hotel assets were all part of the €685 million CIGA Hotel Portfolio consisting of Europe's most luxurious hotels in Italy and France
Grand Hotel Plaza
Hotel Principe di Savoia
Rome, Italy
Milan, Italy
Le Meurice Hotel
Hotel Danieli
Paris, France
Venice, Italy
Exclusive Advisor
Villa d’Este
Property Summary: Five-star renaissance patrician hotel
in the Italian town of Cernobbio on the shores of Lake
Como.
Cernobbio, Italy
John Bralower served as the advisor on the
recapitalization of what is considered to be one of the
greatest grand hotels in the world.
Berlin Apartments
Berlin, Germany
€300 million
Property Summary: A portfolio consisting of over 5,000
apartment units in Berlin, Germany.
Deal Summary: Carlton arranged approximately €300
million of equity and debt capital to facilitate the
acquisition of this 5,000 unit apartment portfolio in Berlin
for a major European client.
€84 million
City Hotels, S.A. Portfolio
Belgium & Netherlands
Property Summary: A four-star European hotel
portfolio consisting of four hotel assets located in
Brussels and Amsterdam.
John Bralower advised City Hotels, S.A. in the $84 million
sale of a premier four-star hotel portfolio . The assets in
the portfolio consisted of the Galaxy Hotel in
Amsterdam, Hotel Arenber in Brussels, the Palace crown
Plaza in Brussels and the Royal Astor Hotel in Ostende.
Latvia Apartments
Riga, Latvia
€120 million
Property Summary: A redeveloped apartment building
located in the heart of city in Riga, Latvia.
Deal Summary: Carlton arranged over €120 million of
equity and debt to allow our client to acquire and fully
renovate an apartment building in the city of Riga, Latvia.
Carlton Senior Executives
Howard L. Michaels, Chairman
Mr. Michaels is Owner and Chairman of the Carlton Group. Since 1990, Mr. Michaels has been instrumental in the marketing, sale and financing
of over $85 billion of commercial and residential assets through the Carlton Group and its related entities. In addition to his responsibilities as
Chairman, Mr. Michaels directs Carlton’s loan sales and debt and equity placement activities. In this capacity, he has established a reputation as one
of the nation’s foremost dealmakers, and has arranged capital for such notable transactions as The General Motors Building, Manhattan House,
666 Fifth Avenue, and the Starrett-Lehigh Building in New York, among numerous others. He is a graduate of American University with a BS in
Business Administration.
Michael J. Campbell, Partner
Mr. Campbell has over 15 years of commercial real estate experience. Since joining Carlton in 1998, he has been integrally involved in the
structuring and procuring of equity and debt capital for over $40 billion of real estate projects around the world as well as a senior member of
Carlton’s principal business. Prior to joining Carlton, Michael spent five years at various Prudential real estate groups including PRG, PCG and
PMCC. He has extensive experience in all facets of real estate investments including: complex equity and debt capital structuring, business
origination & development, loan/REO auctions and underwriting for all property classes. Michael has a degree in Financial Engineering from
James Madison University and a master’s in Real Estate Finance and Investments from New York University.
Massimo Cecchi, Managing Director & Head of Carlton Italia
Massimo Cecchi is Managing Director, and Head of Italy at Carlton Group, and he is focused to Large Equity & Debt Placement, Distressed
Debt Solutions, Debt Restructuring and principal investments. He has more than 20 years investment banking experience with specific industry
expertise of the financial, real estate, lodging and property finance sectors. In his previous roles, Massimo held senior positions in institutions such
as JPMorgan - as head of Real Estate Structure Finance for Italy and senior member of the Italian Investment Banking team, ABN Amro - as
responsible for the Italian structured real estate finance team, and Banca Intesa San Paolo as a director of Structured Finance - Real Estate and
Head of Real Estate Advisory, where he made a substantial contribution to the development of Banca Intesa Real Estate Group leadership within
the Italian Market. After a long stint in Real Estate Investment Banking and Structured Finance, Massimo turned entrepreneur as owner and
Managing Director of CA INVESTMENTS, a Corporate Finance Advisory Firm based in Milan.
Massimo has been involved in a significant number of senior assignments in transactions involving property lending, CMBS, real estate
securitization, real estate private equity, debt restructuring, and M&A advisory for a large number of clients including Republic of Italy, BNP
REIM SGR, Banca Intesa, Corio, Pirelli Real Estate, Banco Popolare, Municipality of Rome and Jolly Hotels. He graduated in Business
administration summa cum Laude (University of Bari), qualified as Certified public Accountant ("Dottore Commercialista") and Certified Auditor
("Revisore Contabile"), received Fellowship on Corporate Finance CNR University "LaSapienza" of Rome (1994) and lectured Corporate Finance
(1994-1999 - University of Bari).
Anthony F. Marando, Managing Director
Mr. Marando is a Managing Director in Carlton’s Equity/ Debt Advisory and Strategic Ventures Departments, responsible for the origination and
placement of large corporate and real estate related structured transactions and funds. Prior to joining Carlton, as a veteran of the commercial real
estate market for the past 30 years, he has personally originated and placed over $1 billion of commercial real estate and corporate transactions
throughout his career. He has also been a Licensed NYS Real Estate Broker since 1983. Mr. Marando is happily married for over 21 years and is a
proud father of 3 children. He is also an active member in his local residential community. Mr. Marando is a graduate of Fordham University with
a B.A. in Economics and currently maintains Dual Citizenship in the U.S. and Italy.
Javier Beltran, Managing Director of Carlton Madrid Office
Mr. Beltran is a Managing Director of the Carlton Group Madrid and has more than 16 years of investment banking and capital markets
experience throughout Spain and Europe. Most recently, he was a Managing Director of UniCredit’s Investment Banking division and had
previously worked for UBS, Morgan Stanley and Barclays Capital. Over his career, Mr. Beltran has completed more than $10 billion in European
transactions, including a wide spectrum of equity and mezzanine investments and direct lending transactions. He holds a PDG degree from IESE
Business School and graduated from CUNEF with a Bachelor’s degree in Business Administrations & Economics.
Harry Mizrahi, Managing Director
Mr. Mizrahi, before joining Carlton, co-founded Columbia Capital, a full-service real estate consulting firm, where both financial institutions and
property owners would utilize him for essentially any area within the industry that impacted the value and liquidity of assets, loans and portfolios.
With a 25-year career in investment banking and corporate and structured finance, Harry was integral in the development and management of
Columbia Capital’s operations and national expansion. He has advised financial institutions, corporate clients and federal and state government
agencies on real estate loans, assets and portfolios through positions as Managing Director, Structured Real Estate, at Ambac Assurance Corp.,
Principal at Eastbridge Ventures, Chief Operating Officer at American Spectrum Realty, Director at Salomon Brothers’ and Salomon Smith
Barney’s Real Estate Investment Banking Groups, and Partner at Eastdil Realty. His experience also encompasses international finance, including
the acquisition bid for Canary Wharf Group plc, a £6 billion property company. Harry has a B.A in History from Northwestern University, an
M.B.A in Finance and Real Estate from Columbia University Graduate School of Business and was an M.P.A candidate at Harvard University John
F. Kennedy School of Government.
Borja Rodriguez-Cueto, Director of Carlton Madrid Office
Mr. Rodriguez-Cueto is a Director of the Carlton Group Madrid and has an extensive professional background in real estate lending, valuation,
recapitalization and disposition. Most recently, he worked as a Partner for Field Capital Advisors, managing Spanish real estate investments on
behalf of London-based clients. Mr. Rodriguez-Cueto also held senior positions at Ahorro Corporacion, Fortis Bank and Hypo Real Estate Bank.
He graduated from Navarra University with a Masters degree in Commercial Law and earned a Bachelors degree from CEU University, majoring
in Law and minoring in Business Administration.
John Bralower, Managing Director & Co-Head of Hospitality Division
During his career, Mr. Bralower has completed over $20 billion of debt, equity, corporate finance, M&A advisory and leasing transactions for
many of the real estate and hospitality industry’s leading companies. Mr. Bralower’s positions prior to joining Carlton include Managing Director
and co-head of global real estate investment banking at Houlihan Lokey Howard & Zukin and President of Sonnenblick-Goldman Company. Mr.
Bralower is a member of the board of the Lincoln Center Corporate Fund’s Real Estate and Construction Council and of the advisory board of
Distressed Assets Reporter. He is a Trustee Emeritus of the Advisory Board of New York University’s Tisch Center for Tourism and Hospitality
and is also a member of the New York State Bar and the Chairman of the Planning Board of the Village of Oyster Bay Cove. Mr. Bralower has
been quoted and featured in industry and mainstream publications, including the New York Times, the Wall Street Journal and the New York
Observer. His speaking engagements have included the New York University and UCLA hotel investment conferences, the NYU Real Estate
finance conference and the IH&RA Annual Congress in London.
Brendan P. Sullivan, Managing Director & Co-Head of Hospitality Division
Mr. Sullivan has executed hospitality-related principal and advisory transactions with a market value in excess of $5.0 billion. Prior to joining
Carlton, Mr. Sullivan was President of Stephen W. Brener Associates/InterBank Brener Hospitality, where he was responsible for the company’s
three primary business lines: Investment Banking and Principal Activities; Advisory and Brokerage Services; and Strategic Relationships. His major
clients included Marriott International/Host Marriott, Ladbroke (Hilton), FelCor Lodging Trust, Thayer Lodging Group and the Port Authority
of NY and NJ, among others. Mr. Sullivan has also been the Regional Director of the Americas for London-based Knight Frank Access and was
on the Advisory Board for New York University’s Tisch Center for Tourism and Hospitality. Mr. Sullivan began his career as an Investment
Banker.

300 Million - The Carlton Group

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