Latest news with #RFR
Hospitality Net
29-05-2025
- Business
- Hospitality Net
Europe Hotel Transactions Bulletin - Week Ending 23 May 2025
RFR sells The Jaffa Hotel, Tel Aviv in Israel Real estate investment company RFR, led by German American billionaire Aby Rosen, has announced the sale of the five-star, 120-room The Jaffa Hotel, Tel Aviv, Israel for $123 million ($1.03 million per room), which is equivalent to approximately €108.6 million (€905,000 per room). The property is situated in the Jaffa district of Tel Aviv, within walking distance of the beach. The hotel includes two restaurants, a bar and pool and is part of the Fattal Limited Edition luxury collection. RFR originally acquired the site in 2006, developed the hotel, and opened it in 2018. Iroko Zen SCPI acquires Premier Inn Newcastle Quayside, UK French institutional investor Iroko Zen SCPI has acquired the three-star, 152-room Premier Inn Newcastle Quayside, for €16.95 million. The price represents €112,000 per room, although including two retail units within the 10,460 sqm building, one of which is leased to Costa Coffee. The hotel is situated next to the Tyne bridge by the River Tyne and includes a restaurant. The acquisition comes less than two months after Iroko Zen SCPI acquired the 125-room Premier Inn Sunderland City Centre hotel, also located in the north of England. Fattal Hotels, the parent company of Leonardo Hotels, has acquired the four-star, 230-room Leonardo Hotel London Heathrow Airport, from UK real estate investment firm Aprirose. The property was brought to market during the second half of 2024 at a guide price of £30 million (£130,400 per room). The hotel has been operated by Leonardo under a lease with some 14 years remaining, with an annual rent of some £1.7 million and a tenant break option from 2026. The property is situated a five-minute drive from Heathrow Terminals 2 and 3 and includes a restaurant, bar and 15 meeting rooms. Aprirose originally acquired the hotel in 2015, and Leonardo Hotels completed a refurbishment of the property in 2019. Summer Hotels Group acquires Hotel Royalmar in Cagnes-sur-Mer, France French owner-operator Summer Hotels Group has acquired the four-star, 41-room Hotel Royalmar in Cagnes-sur-Mer, France. The property, situated by the city's beachfront, is just a 15-minute drive from Nice Côte d'Azur Airport. A new restaurant is scheduled to open in June 2025, and the purchaser plans to renovate the hotel's rooms and public areas. With this acquisition, the Summer Hotels now owns ten hotels along the southern coast of France. Foremost Hospitality acquires former Senats Hotel in Cologne German hotel developer and operator Foremost Hospitality has acquired the former three-star, 59-room Senats Hotel in Cologne, Germany, out of administration. Located in central Cologne, a two-minute walk from the Cologne Cathedral, the property was originally part of a large-scale redevelopment project, and was intended to be repositioned as a Radisson Red Hotel. Foremost will now continue the redevelopment and plans to reopen the hotel in 2027 under an international brand. The company already operates eight hotels across Germany, of which six are branded Hampton by Hilton, with the other two being Hilton Garden Inns. TF Holding acquires Hôtel Caron de Beaumarchais Paris Marais French real estate investor TF Holding has acquired the three-star, 19-room Hôtel Caron de Beaumarchais Paris Marais in France from a private party. The property is situated in Paris' 4th district, a ten-minute walk from the Notre-Dame Cathedral. French operator Figestel will manage the hotel, adding it to its portfolio of nine other properties in Paris.
Hans India
15-05-2025
- General
- Hans India
‘Swift action needed for development in forest areas'
Nirmal: District Collector Abhilasha Abhinav conducted a review meeting with officials from the forest, electricity, R&B, and panchayat raj departments regarding the implementation of Rightful Forest Rules (RFR) in the district. She emphasized the need for coordinated efforts among officials from relevant departments to undertake development works in forest areas. She instructed the officials to prepare and submit proposals to the Rorest department for the construction of roads, bridges, electricity supply, and other development works in remote forest and tribal regions. She also directed that every department involved in development projects must coordinate with the forest department to obtain prior approval before execution.
Yahoo
06-05-2025
- Business
- Yahoo
RFR Sells The Jaffa, Achieving Record Pricing in Israel
The Jaffa. Aby Rosen's Signature Luxury Hotel Sold for $1 Million Per Key NEW YORK, May 06, 2025--(BUSINESS WIRE)--RFR announced the sale of The Jaffa, the 120-room luxury hotel destination located in its namesake neighborhood of Tel Aviv, the Jaffa waterfront district. Located on a historic site that includes elements dating back 700 years, The Jaffa is a signature achievement that RFR's Aby Rosen envisioned and developed with a professional team including architect John Pawson and preservation architect Ramy Gill. The sale price was $123 million, approximately $1 million per key, representing a record price for a hotel in Israel. The Jaffa has been credited with contributing to the transformation of the Jaffa neighborhood into a sought-after tourist locale, and is recognized for offering unsurpassed luxury amenities. "The Jaffa has been a uniquely personal experience and accomplishment for me as the developer," Mr. Rosen said. "Through a lengthy, complex design and development process that brought together an outstanding professional team, we created a property that responds perfectly to its surroundings, respecting the long and fascinating history of Jaffa while providing visitors and residence owners with a unique luxury lifestyle experience." RFR, led by Mr. Rosen, acquired The Jaffa site in 2006 and collaborated with Pawson – the British legend known for minimalist design – and Gill – a prolific Israeli architect experienced in the preservation and adaption of ancient sites – to create a thoroughly modern hospitality destination. At The Jaffa, the minimalist concepts of Pawson served to blend the beauty of new classic architecture with the preserved historic elements existing on the site. The original building was completed in 1879 by the French businessman François Guinet as a hostel for religious pilgrims on route to Jerusalem, featuring Roman Renaissance aesthetics and imported French glass and iron work. Excavations by the Antiquities Authority in anticipation of a new hotel also revealed a remnant of the Jaffa city wall from the Crusader era, approximately 700 years ago. Now incorporated into The Jaffa, the section of the round wall with light stones appears to rise up into the warmth of the elegant lobby and snakes into the hotel's courtyard. Opposite the U-shaped 1879 Guinet building, the development team designed and constructed a new, elongated building that complements the historic structure. The two buildings collectively encompass 120 rooms and 33 private residences. Within The Jaffa are several dining and nightlife destinations, including Giardino, Golda's Deli, The Pool bar, and The Chapel bar, lounge, and event space. The spa features six treatment rooms and dry and wet saunas.
Business Wire
06-05-2025
- Business
- Business Wire
RFR Sells The Jaffa, Achieving Record Pricing in Israel
NEW YORK--(BUSINESS WIRE)--RFR announced the sale of The Jaffa, the 120-room luxury hotel destination located in its namesake neighborhood of Tel Aviv, the Jaffa waterfront district. Located on a historic site that includes elements dating back 700 years, The Jaffa is a signature achievement that RFR's Aby Rosen envisioned and developed with a professional team including architect John Pawson and preservation architect Ramy Gill. The sale price was $123 million, approximately $1 million per key, representing a record price for a hotel in Israel. The Jaffa has been credited with contributing to the transformation of the Jaffa neighborhood into a sought-after tourist locale, and is recognized for offering unsurpassed luxury amenities. 'The Jaffa has been a uniquely personal experience and accomplishment for me as the developer,' Mr. Rosen said. 'Through a lengthy, complex design and development process that brought together an outstanding professional team, we created a property that responds perfectly to its surroundings, respecting the long and fascinating history of Jaffa while providing visitors and residence owners with a unique luxury lifestyle experience.' RFR, led by Mr. Rosen, acquired The Jaffa site in 2006 and collaborated with Pawson – the British legend known for minimalist design – and Gill – a prolific Israeli architect experienced in the preservation and adaption of ancient sites – to create a thoroughly modern hospitality destination. At The Jaffa, the minimalist concepts of Pawson served to blend the beauty of new classic architecture with the preserved historic elements existing on the site. The original building was completed in 1879 by the French businessman François Guinet as a hostel for religious pilgrims on route to Jerusalem, featuring Roman Renaissance aesthetics and imported French glass and iron work. Excavations by the Antiquities Authority in anticipation of a new hotel also revealed a remnant of the Jaffa city wall from the Crusader era, approximately 700 years ago. Now incorporated into The Jaffa, the section of the round wall with light stones appears to rise up into the warmth of the elegant lobby and snakes into the hotel's courtyard. Opposite the U-shaped 1879 Guinet building, the development team designed and constructed a new, elongated building that complements the historic structure. The two buildings collectively encompass 120 rooms and 33 private residences. Within The Jaffa are several dining and nightlife destinations, including Giardino, Golda's Deli, The Pool bar, and The Chapel bar, lounge, and event space. The spa features six treatment rooms and dry and wet saunas. About RFR RFR is a fully integrated real estate investment firm based in New York City with a core focus on select urban markets in the United States and Germany. Founded by Aby Rosen and Michael Fuchs in the early 1990's, the firm has been an active force in the New York City and German real estate market for much of the past three decades. RFR's portfolio has grown to include more than 100 commercial, residential, hotel, and retail properties located in select domestic and international markets.
Business Journals
22-04-2025
- Business
- Business Journals
RFR loses 285 Madison to lender
RFR has forfeited control of another office building in Midtown Manhattan through foreclosure. RFR has returned an office building at 285 Madison Ave. to Korean investment firm Daol Asset Management. RFR had owned the building since 2012, paying $189.3 million to acquire the property from Young & Rubicam Inc., New York City property records show. 'After a decade of ownership and great stewardship of 285 Madison Avenue, RFR elected not to bid on the property given its write-down of the property value driven by today's capital markets environment," RFR said in a statement. GET TO KNOW YOUR CITY Find Local Events Near You Connect with a community of local professionals. Explore All Events RFR's loan at 285 Madison fell into maturity default in late 2022, but was extended to provide time for recovery. The loan came back into default in late 2024 when the extension expired, according to a statement from Ocean West Capital Partners, which was hired to evaluate debt recovery strategies on the property and led the foreclosure process on the building. "We believe that the quality of the building, the vibrancy of the market and our cost basis will provide a strong opportunity to enhance cashflows and create value over time," Ryan Tucker, principal at Ocean West, said in a statement. Newmark is handling the leasing of the office property located near Grand Central Terminal. The average asking rent in the Grand Central submarket is $79 per square foot, according to Avison Young. Ocean West describes the 285 Madison as "well leased" and is taking note of an improving office market in Midtown Manhattan. More than 57,000 square feet of office availabilities are being marketed as available at the 511,000-square-foot building. After $80 million in renovations, the building was modernized with an amenity program, rooftop deck, event space, conferencing center and gym. "With Manhattan office leasing trends improving dramatically and increased investment activity in the market, the mezzanine lender concluded that its strongest course of action was to exercise its foreclosure rights and invest new capital to take control of the property," Ocean West said in a statement. Daol's acquisition comes after RFR lost control of the Chrysler Building earlier this year. RFR is also weighing its options for the Church Missions House, which photo museum Fotografiska departed last fall to seek a new location. "As we continue to focus on key projects across our 100-property portfolio, our priority is centered on creating value and delivering an exceptional experience for our tenants," RFR said. "We remain excited to pursue new investment opportunities during this dynamic phase of the market cycle." Sign up for the Business Journal's free daily newsletter to receive the latest business news impacting New York.
