Monthly Archives: December 2023

Bradford Allen Hospitality Acquires Two Hotel Properties on Long Island

Marriott Residence Inn, Hilton Garden Inn located on adjacent sites in Riverhead, N.Y., 20 miles west of the Hamptons

NEW YORK, NY — Bradford Allen Hospitality today announced it has acquired two adjacent hotel properties in Riverhead, N.Y., on Long Island — a 131-suite Residence Inn by Marriott located at 2012 Old Country Road and a 114-key Hilton Garden Inn at 2038 Old Country Road. The hotels are the closest eastbound Hilton- and Marriott-branded properties to the Hamptons, located approximately 20 miles away.

Built in 2017, Residence Inn Long Island East End is highly amenitized with a 24-hour fitness center, indoor and outdoor pools, whirlpools, and expansive wedding and banquet facilities, far exceeding typical Residence Inn brand standards. The Hilton Garden Inn Riverhead, built in 2008, features a patio with whirlpool and fire pit, indoor pool and fitness center. The property is expected to undergo a transformative multimillion-dollar renovation over the next year.

The sale of the properties, by a local developer who was the original owner of both assets, was completed off-market. New Castle Hotels and Resorts will retain management of both hotels.

“While many firms have been sitting on the sidelines waiting to see what happens with interest rates, Bradford Allen is well capitalized and actively seeking out high-quality assets like these for our portfolio,” said Aghfar Arun, director, Bradford Allen Hospitality. “The Riverhead properties offered a unique opportunity with two adjacent core brands from the nation’s top two hoteliers, in a prime, high-density location, with an opportunity to add value through upgrades. As we continue to look at opportunities to expand our hospitality portfolio, we place a premium on similar types of assets that are institutional-quality hotels in experience-driven markets, catering to leisure and business travelers.”

Over the past 18 months, Bradford Allen Hospitality has acquired four hotels totaling nearly 550 keys, tripling its hotel portfolio. In addition to Long Island, the firm currently owns hotel assets in the Glendale Sports and Entertainment District in Glendale, Ariz., a suburb of Phoenix; Rosemont, Ill., in the O’Hare submarket outside Chicago; and Iowa City, Iowa, near the University of Iowa campus.

Launched in 2022, Bradford Allen Hospitality is a specialized hotel ownership platform, investing opportunistically in premium hotel product. It is a wholly owned subsidiary of Chicago-based Bradford Allen, a vertically integrated real estate firm providing end-to-end real estate investment, transaction and management solutions for hospitality, multifamily, commercial office and mixed-use assets across the U.S.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate and investment services firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.

 

Ten with Ben 023: Work Family

In this special episode of Ten with Ben Ben is joined by Justin Kessler, Nathan Meisner, and Lauryn Sussman for a compelling conversation on their unique team dynamics and experiences in real estate. The episode focuses on the team’s strong bond as they navigate various aspects of the industry together. Justin shares insights from a notable microbrewery deal, while Nathan reflects on adapting strategies during the pandemic and Lauren speaks to her development within the team’s nurturing environment. Together, they offer an optimistic but cautious outlook of the market headed into 2024. The episode wraps up with a friendly and insightful discussion, illustrating the team’s camaraderie and collective expertise.


Prefer the audio? Listen to the MP3 or stream from your favorite podcast provider.


 

Industry Leader Gordon Ogden Named Exec Managing Director

Office market veteran will oversee firm’s New York-based tenant representation practice

NEW YORK CITY, NY — Jeffrey Bernstein and Laurence Elbaum, principals and co-founders of Bradford Allen, a national full-service real estate firm, today announced industry veteran Gordon Ogden has joined the brokerage as executive managing director. In this role, Ogden will lead Bradford Allen’s tenant representation practice in New York.

“Gordon has a proven track record of success across New York’s office sector, where he has negotiated hundreds of deals for top-tier local, national and international companies and corporations that call the city home,” said Elbaum. “Having had the privilege of working alongside him in the 1990s at the Edward S. Gordon Company, I know Gordon to be one of the finest in the business, and I am excited for him to expand our firm’s tenant representation practice across the New York metro region.”

In Manhattan, Ogden has transacted on behalf of firms such as The New York Times, Gannett, Nike and Publicis. His clientele extends to prominent law firms, including WilmerHale and Dewey & LeBoeuf, as well as financial institutions like Warburg Pincus LLC. Additionally, Ogden represented national food hall retailer Urban Space in both office and retail transactions. He has also facilitated major transactions globally, including deals in Tokyo, Sao Paolo, Paris and London.

For more than 26 years, Ogden led Byrnam Wood LLC, the firm he co-founded alongside Joseph Thanhauser in 1997. He previously served as a managing director in the tenant representation division at the Edward S. Gordon Company (ESG) from 1992–1995 and at CBRE from 1995–1997.

Ogden’s philanthropic work has included service on the boards of the Collegiate School, the Boys’ Club of New York and Job Path. He has also chaired the annual fund at Marymount School and served as a member of Episcopal High School’s development committee.

He holds a B.A. in political science from Washington and Lee University and is a member of the Counselors of Real Estate and the Real Estate Board of New York, where he was the recipient of the prestigious Robert T. Lawrence Memorial Award.

Bradford Allen maintains a full-service brokerage platform in both New York and Chicago, where the company is headquartered.

About Bradford Allen:
Bradford Allen (BA) is a commercial real estate firm based in the heart of downtown Chicago. Founded in 2003 by principals Jeffrey Bernstein and Laurence Elbaum as an office brokerage, the firm has grown into a vertically integrated commercial real estate company, offering a full array of services and expertise across multiple U.S. markets to entrepreneurial, corporate and not-for-profit clients, including strategy, marketing and transaction execution for occupiers, investors and owners. For more information, visit bradfordallen.com.

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Editors:
For more information, contact Jeremy Barewin, [email protected], (312) 267-4533.