Latest news with #Bellevue-based
Yahoo
29-05-2025
- Business
- Yahoo
MHR Capital Group Breaks Ground on AC Hotels by Marriott in Kennewick, Washington
BELLEVUE, Wash., May 29, 2025 /PRNewswire/ -- MHR Capital Group, a Bellevue-based private investment firm focused on strategic real estate and private equity ventures, has announced the groundbreaking and commencement of construction on a new AC Hotels by Marriott in Kennewick, Washington. Developed in partnership with A1 Hospitality Group and Fowler Construction, this project represents a significant new hospitality asset in the Tri-Cities region. This project is a part of a public/private partnership in conjunction with the City of Kennewick's expansion of the Three Rivers Convention Center (TRCC). The new AC Hotel will be physically connected to the expansion, enhancing the area's ability to attract regional and national events and significantly boosting local economic activity. The project is structured as a Qualified Opportunity Zone Business, providing investors with significant long-term tax advantages under the Opportunity Zone program established by the 2017 Tax Cuts and Jobs Act. The debt portion was financed by Idaho Central Credit Union (ICCU) via Bellevue Capital Group (BCG). "This investment reflects our disciplined focus on high-quality developments in growth markets," said Kamran Hasan, Founder and CEO of MHR Capital Group. "By partnering with experienced operators and local stakeholders, we're able to deliver a differentiated hospitality experience while creating long-term value for our investors and the communities we serve." The AC Hotel brand, part of the Marriott International portfolio, is known for its modern design, upscale amenities, and appeal to both business and leisure travelers. The Kennewick property will provide a high-end hospitality option in a fast-growing region with strong demographic and economic fundamentals. In addition to the hotel, MHR Capital Group will soon be opening the investment opportunity for Phase 2 of the masterplan, which will include over 550 residential units and more than 200,000 square feet of retail space. These assets are also located within the Opportunity Zone and offer the same tax-advantaged structure for qualified investors. Founded in 2011, MHR Capital Group targets high-growth, undercapitalized markets across the U.S. through a disciplined, fundamentals-driven investment strategy. The firm focuses on generating risk-adjusted returns through value-add real estate and lower middle-market private equity transactions, often in partnership with best-in-class local operators. MHR Capital has a successful track record of identifying off-market opportunities and creating long-term value for investors by combining operational expertise with a deep understanding of local market dynamics. The Kennewick development highlights MHR Capital's ongoing commitment to driving meaningful economic impact while delivering strong financial outcomes for its investment partners. For more information, please visit or contact: Media Contact:Sofia De La CruzInvestor RelationsEmail: IR@ 425-800-6208 ext 102Website: View original content to download multimedia: SOURCE MHR Capital Group Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
29-05-2025
- Business
- Yahoo
MHR Capital Group Breaks Ground on AC Hotels by Marriott in Kennewick, Washington
BELLEVUE, Wash., May 29, 2025 /PRNewswire/ -- MHR Capital Group, a Bellevue-based private investment firm focused on strategic real estate and private equity ventures, has announced the groundbreaking and commencement of construction on a new AC Hotels by Marriott in Kennewick, Washington. Developed in partnership with A1 Hospitality Group and Fowler Construction, this project represents a significant new hospitality asset in the Tri-Cities region. This project is a part of a public/private partnership in conjunction with the City of Kennewick's expansion of the Three Rivers Convention Center (TRCC). The new AC Hotel will be physically connected to the expansion, enhancing the area's ability to attract regional and national events and significantly boosting local economic activity. The project is structured as a Qualified Opportunity Zone Business, providing investors with significant long-term tax advantages under the Opportunity Zone program established by the 2017 Tax Cuts and Jobs Act. The debt portion was financed by Idaho Central Credit Union (ICCU) via Bellevue Capital Group (BCG). "This investment reflects our disciplined focus on high-quality developments in growth markets," said Kamran Hasan, Founder and CEO of MHR Capital Group. "By partnering with experienced operators and local stakeholders, we're able to deliver a differentiated hospitality experience while creating long-term value for our investors and the communities we serve." The AC Hotel brand, part of the Marriott International portfolio, is known for its modern design, upscale amenities, and appeal to both business and leisure travelers. The Kennewick property will provide a high-end hospitality option in a fast-growing region with strong demographic and economic fundamentals. In addition to the hotel, MHR Capital Group will soon be opening the investment opportunity for Phase 2 of the masterplan, which will include over 550 residential units and more than 200,000 square feet of retail space. These assets are also located within the Opportunity Zone and offer the same tax-advantaged structure for qualified investors. Founded in 2011, MHR Capital Group targets high-growth, undercapitalized markets across the U.S. through a disciplined, fundamentals-driven investment strategy. The firm focuses on generating risk-adjusted returns through value-add real estate and lower middle-market private equity transactions, often in partnership with best-in-class local operators. MHR Capital has a successful track record of identifying off-market opportunities and creating long-term value for investors by combining operational expertise with a deep understanding of local market dynamics. The Kennewick development highlights MHR Capital's ongoing commitment to driving meaningful economic impact while delivering strong financial outcomes for its investment partners. For more information, please visit or contact: Media Contact:Sofia De La CruzInvestor RelationsEmail: IR@ 425-800-6208 ext 102Website: View original content to download multimedia: SOURCE MHR Capital Group Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
09-05-2025
- Health
- Yahoo
Seattle Fire Department resuscitation rates are some of the highest in the world
Seattle is setting the standard when it comes to cardiac care, as the city currently has some of the highest resuscitation rates in the country, averaging around 50%. Seattle Fire crews resuscitate a patient at least once every couple of shifts, and they're usually on the scene of an emergency within minutes to quickly start compressions. Because of that high level of experience, they tell us paramedics are known for saving a record number of lives. SFD says every paramedic goes through the same training, that way there are no discrepancies when it comes to care. Every dispatcher is also trained in how to properly give CPR over the phone, so that they can talk the caller through what to do while waiting for first responders. SFD Lt. John Leffingwell said being uniform is key. 'The city of Seattle is a really good place to have a cardiac arrest, we have higher save rates than they do the rest of the country,' Leffingwell said. Here in Seattle, the University of Washington studied the best chest compression rates, Seattle created one of the first on-scene paramedic groups, and is heavily involved in the community. 'A lot more people are trained in bystander CPR than they are in the rest of the country,' Lt. Leffingwell said. This year, the Bellevue-based Medic One Foundation will help train paramedics across the world, bringing top-notch cardiac care from the Puget Sound area.
Business Journals
05-05-2025
- Business
- Business Journals
Private equity and venture capital litigation on the rise: An interview with John Bender of K&L Gates
The Seattle office of K&L Gates has a long-standing history of representing clients in high-stakes fraud and insolvency litigation in the Pacific Northwest region. The firm recently welcomed partner John Bender who has spearheaded some of the most high-profile white-collar cases involving the local private equity and venture capital industries over the past two years. Bender represented major investor groups in two of the largest cases of alleged investment fraud in recent years locally: iCap Equity and WaterStation Technology, in which creditors asserted roughly $500 million in total losses. Bender served as court-appointed counsel and lead trial lawyer in iCap's insolvency proceedings in which a federal court found that iCap — the once prominent Bellevue-based investment fund — operated as a Ponzi scheme for several years. In WaterStation, Bender secured early rulings preserving assets for creditors and now serves as court-appointed counsel for the creditors committee in the bankruptcy. In the following Q&A, Bender — who represents both institutions and investors — shares his perspective on common themes he's seen in his cases and lessons for executives in these high growth industries. What is it about private equity and venture capital that can lead to legal disputes? John Bender: Private equity and venture capital are unique in that the entire paradigm is focused on making good decisions with other people's capital. Whether you're a founder, advisor or institution, these decisions are all about weighing risks and performance. The stakes are high in that environment. What are common issues you have seen in these cases? Bender: In many cases, you have businesses that start with a good idea but lose their way because they move too fast, lose sight of the big picture or start taking on debt without a good plan for how to repay that debt. Smart, well-meaning business leaders can forget to communicate about the details or risks that financial stakeholders need to know to make informed decisions. Small missteps or oversights can turn into serious problems down the road if they aren't addressed. You see this at times with organizations that have a vacuum at the top that lack checks and balances. What lessons can business leaders learn from the high-profile regional cases we have seen over the past few years? Bender: At a macro level there is some truth to some litigation being cyclical. There seems to be a pattern of these cases emerging on the heels of broader economic trends. But that isn't the same thing as cause and effect. The roof caved in on Bernie Madoff during the 2008 financial crisis, but the fraud went on for many decades. Everyone remembers that in '08 the economic environment changed rapidly, credit dried up and people started putting their money on the sidelines — that posed existential challenges for Madoff because he couldn't find new cash sources to keep the money flowing in. Issues around debt are also frequent flyers in these cases. I've heard it called 'the oldest trick in the book' when an enterprise doesn't generate the revenues it needs to meet investor expectations and just becomes a network of corporate entities whose primary function is raising cash and paying each other's debts. It becomes a doom cycle that only lasts for as long as new credit is easy to come by. These schemes seem to fall apart any time there are major fluctuations in interest rates that impact the supply and demand for new credit. On the flip side they tend to do well when interest rates are low, and new credit is easy to come by. Do you anticipate more litigation in the local private equity and venture capital spaces in the future? Bender: Private equity and venture capital are dynamic growing areas and that's a great thing for the region. We're fortunate to have such vibrant industries here. Litigation risks are to some extent inevitable and they can tend to ebb and flow with broad economic trends. To the extent we see more volatility driven by things like tariffs and inflation, it is more important than ever for business leaders to surround themselves with professional advisors with deep and diverse experience. What is one significant takeaway from your work that business and industry leaders should know? Bender: At a high level most cases involving investments that fail or allegations of mismanagement or worse do not develop overnight. Most of these cases entail a constellation of missteps over the span of months and even years' worth of bad decisions. This is why these cases are so challenging — they require unpacking the entire chain of events that lead to tragic outcomes. In most cases, these outcomes could have been entirely avoided had different choices been made along the way. Learn more about the K&L Gates Seattle high-stakes fraud and insolvency litigation team. Mike Gearin is a partner in the firm's Restructuring & Insolvency Practice in Seattle. Gearin concentrates his practice in insolvency, workouts and commercial reorganizations and has significant experience in the resolution of Ponzi schemes in bankruptcy. Phil Guess is a partner in the firm's Litigation & Disputes Practice in Seattle. Guess focuses his litigation practice on complex business disputes with a focus on representing financial services clients in high stakes fraud and Ponzi cases in state court and in bankruptcy. Brian Peterson is a partner in the firm's Restructuring & Insolvency Practice in Seattle. He has significant experience representing bankruptcy trustees in Ponzi scheme cases and in fraudulent transfer litigation.
Yahoo
27-04-2025
- Business
- Yahoo
Infamous downtown Tacoma property hit with ‘notice of abandonment' designation
It's a prime piece of property in the heart of downtown Tacoma, near McMenamins Elks Temple and Old City Hall. Plans for demolition of what's known as Graffiti Garages, 725 Broadway, and redevelopment into new apartments date back to 2014. Its 3-year development qualification for an 8-year multifamily property tax exemption (MFTE) expires in December. The property was among those used by Bellevue-based investment firm iCap in what later was determined to be a Ponzi scheme, according to a ruling in U.S. Bankruptcy Court for the Eastern District of Washington. Now, the property has hit another benchmark of sorts. A 'Notice of Abandonment' was listed for the property (officially 716-728 Commerce St.) in Pierce County records earlier this year. 725 Broadway LLC, an iCap-affiliated entity, remains as the site taxpayer on Pierce County's online property portal, and the property has accumulated more than $49,000 in current and past-due property taxes going back to 2024. The site also is tied to an ongoing investor lawsuit in King County. The abandonment notice is the latest turn for a property that has long been the subject of redevelopment. 'Savvy investors cautiously love distressed properties,' said Harrison Laird, a principal with Lee & Associates commercial real estate services. Laird specializes in the sales and leasing of office properties throughout the South Sound. 'Often, publicly known injunctions and notices spur activity on a property, though the investor pool will generally be targeting the absolute minimum bid it'll take to buy the property,' Laird told The News Tribune. Steven Bender is an associate dean and professor at Seattle University School of Law and is an expert in real estate law. In response to questions about the abandonment designation, Bender said many factors would play a role in the site's future, with whoever is in charge of the property opting for as cost-effective offloading as possible. In such cases, parties involved typically 'assess the current highest and best use of the property, the rental market conditions, and the transferability of any existing development permits,' he noted. According to city media representative Maria Lee, 'The development permits have all expired so new permits would be required.' Bender noted the 'abandonment' distinction likely wouldn't affect any new marketing of the site. Last year, The News Tribune reported that the property was being offered for just over $2 million. 'It probably doesn't matter,' Bender said. 'I mean, it's mostly a matter of getting it into the hands of somebody who's going to redevelop it, and what that will take.' As The News Tribune reported last year, one lawsuit noted that the property had been used by 725 Broadway LLC to secure a loan that eventually exceeded the property's value. Its most recent assessed value, according to Pierce County, is at just under $2 million. As for a lender taking on site prep, 'Most lenders are not going to be in the business of demolishing something,' Bender said. 'Generally, that would be very unusual for a lender to want to reach in his pocket and pay more on a site.' iCap Trust in December announced that iCap Enterprises and its affiliated debtors had completed Chapter 11 that included a 'landmark Ponzi ruling' under a court-approved joint plan of liquidation, developed with an Official Committee of Unsecured Creditors. The trust was established to recover assets for more than 1,800 defrauded investors, primarily from overseas. The Ponzi ruling was part of an October findings of fact, conclusions of law, and order confirming a modified amended joint Chapter 11 Plan of liquidation of iCap Enterprises and its affiliated debtors. As part of the court-approved plan, the Tacoma property was one of two iCap-related entities listed under 'abandonment of certain estate assets.' The determination meant that the property 'shall be abandoned by the Debtors and their Estates pursuant to Section 554 of the Bankruptcy Code and shall not be considered iCap Trust Assets.' A co-trustee for the iCap Trust did not respond to questions from The News Tribune about what's next for the Tacoma site. The other related entity abandoned in the bankruptcy case was iCap's interest in Airlink Holding LLC and Airlink Markets LLC, which operated in the securities industry. iCap Enterprises was the parent company for Airlink. In October, the director of the Washington State Department of Financial Institutions entered a final order against Airlink Markets, LLC, finding that 'an officer, director, partner, or person performing similar functions for ... Airlink Markets engaged in dishonest and unethical business practices in the securities industry, and those practices justified the revocation of the respondent's broker-dealer registration under to the Securities Act of Washington.' As a result, Airlink Markets was ordered to pay a $10,000 fine and $500 in costs, and had its broker-dealer registration revoked. Previous reporting from The News Tribune contributed to this report.
