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Porsche and Dezer Development Inaugurate Porsche Design Tower in Miami

Porsche and Dezer Development Inaugurate Porsche Design Tower in Miami

Dezervator, which whisks both residents and their vehicles up to their luxurious home in the sky. Representing Porsche Design’s first foray into luxury residential real estate, the landmark tower reflects the brand’s hallmarks of functional design, technical innovation, forward-thinking and iconic style. “It is an especially proud and remarkable moment to debut the first-ever Porsche Design Tower,” says Gil Dezer, president of Dezer Development. “Simply put, there is no other building in the world with the same level of groundbreaking ingenuity and superlative quality as Porsche Design Tower Miami. This iconic tower has not only redefined Miami’s skyline, but residential luxury as we know it.” “To see the first-ever Porsche Design Tower in Miami in its final stage is mind-blowing. The functional design, which encapsulates the DNA of the Porsche Design brand, will accompany the residents in all areas of their daily life and will enable them to live a unique and innovative experience, which is characterized by the blend of function and technology. We are very proud to celebrate the Grand Opening of the Porsche Design Tower Miami together with our partner Gil Dezer,” says Jan Becker, CEO of Porsche Design Group. The Dezervator is expected to re-shape condominium living, with the ability to have your vehicle literally at your front door. The tower’s other over-the-top, luxurious amenities, also include plunge pools and outdoor summer kitchens on the balconies of almost every unit. Other building amenities include a state-of-the-art spa equipped with Vichy showers, a Sunset Terrace complemented with twin over-sized spa tubs, and oceanfront ballroom and multipurpose clubrooms. The clubrooms include a movie theatre with new release capability and game room complete with racing and golf simulators. The building will also have available a ‘Car Concierge’ who will tend to a resident’s vehicle, by assisting with regular maintenance, tire rotations, washing and other services. With an estimated sellout of about $840 million, 126 of the tower’s 132 units have been reportedly sold. Of the six remaining units, one is a 19,403 square foot, four-story penthouse with space for up to 11 vehicles, listed at $32.5 million. Dezer Signature Brands an entity of Dezer Development, has a master licensing agreement with Porsche Design. Dezer Signature Brands specializes in co-developing luxury high rise residential and condo-hotel developments with marquee lifestyle brands. The company partners with prestigious globally-recognized brands to develop unique condominiums at some of best addresses in the world. The company’s owner, Gil Dezer, is one of the largest oceanfront property owners in Sunny Isles Beach. The Dezer family own just over 27 acres of prime oceanfront property including 2,100 feet of beachfront between 158th Street to 191st Street along Collins Avenue, said to be one of the largest holdings of beachfront property owned and developable in the state of Florida. In the 1980s, his Tel Aviv-born father, Michael Dezer, purchased a number of ocean front plots in Miami and, in partnership with Donald Trump, developed numerous properties including the $900 million Trump Towers, the $600 million Trump Grande Ocean Resort and Residences and the $166 million Trump International Hotel and Tower in Sunny Isles Beach. His company Dezer Properties in New York City reportedly owns and manages 1.3 million square feet of commercial space in Chelsea as of 2013, and is also the landlord of the luxury auto retailer Manhattan Motorcars. Porsche Design is a premium-lifestyle brand founded in 1972 by Professor Ferdinand Alexander Porsche. Created and engineered by the legendary Studio F. A. Porsche in Austria and brought to life by carefully-selected manufacturers. Porsche Design products are sold worldwide at its 140 stores and online, as well as at high-end department stores, and specialist retailers.]]>

Blackstone GSO $BX Miller Group in UK Hires Rothschild, Eyes £700M Sale

Blackstone GSO $BX Miller Group in UK Hires Rothschild, Eyes £700M Sale

Blackstone’s (NYSE: BX) GSO Capital Partners is said to have hired Rothschild to explore strategic options for its portfolio company, the Miller Group, one of the UK’s leading home-builders, Sky News reported. An outright sale is the likeliest scenario, although other alternatives may also be considered. In March this year the Evening Standard reported that Miller Group had retained advisers Moelis & Co. in a possible attempt to revive plans for a previously aborted London listing. “We looked at an IPO 16 months ago and then moved away at the time due to market volatility. That decision was vindicated by the performance of the business. It remains an option,” said Miller Group chief executive Chris Endsor. Blackstone’s GSO currently holds 54% of Miller, while Coller Capital, the private-equity firm led by philanthropist Jeremy Coller, owns 23%, says the ES, adding that Miller completed 2,153 homes last year and is planning to grow its output by a further 50% to 3,250 units by 2019. The move may further be prompted by market uncertainties caused by the UK’s upcoming EU Brexit referendum next month. “The Bank of England has been among those warning that UK house prices could fall sharply in the event of a vote to leave,” commented Sky News City Editor Mark Kleinman. The Miller Group remained a private company with the majority shareholding owned by the Miller family, from its incorporation in 1934 until it relinquished control in 2012, when a major refinancing led by Blackstone’s GSO Capital was completed following a global financial crisis. The deal, which gave Blackstone a majority stake in the business, involved a £160m equity investment and debt restructuring, with a debt for equity swap and new five year committed term facilities. The investor group also included Miller Groups’ CEO Keith Miller, Lloyds Banking Group, Royal Bank of Scotland, National Australia Bank, and Scottish merchant bank Noble Grossart Ltd. In February 2015, Keith Miller decided to step down as CEO, although he kept his minority shareholding in Miller Group, following a failed attempt to float Miller Homes on the LSE, which had to be abandoned in October 2014 due to adverse market conditions. The Edinburgh-based home-builder had planned to raise £140m by selling shares to investors on the London stock market in 2014. The initial public offering, with Moelis & Co. acting as financial adviser, would have valued the company at £450m. The investor group led by Blackstone had hoped to sell a portion of their Miller Group shares in the IPO. In 2015, Miller Homes experienced a 76% increase in operating profit to £78.4m and a 14% increase in core completions driven by improved sales rates across all its divisions. A 14% increase in average selling price reflected its strategy of focusing on larger family homes in quality suburban locations. Miller Homes is the key trading subsidiary of The Miller Group UK Ltd, a major UK property business specializing in home-building, commercial property, construction and integrated asset management services. Since its inception, Miller Homes has built over 100,000 homes. The company, formerly known as James Miller and Partners Ltd, was founded in 1934 by James Miller and his brothers John and Lawrence. It is headquartered in Edinburgh, Scotland. GSO Capital Partners LP is the global credit investment platform of Blackstone. With approximately $81 billion of assets under management, GSO is one of the largest alternative managers in the world focused on the leveraged-finance, or non-investment grade related, marketplace. GSO seeks to generate attractive risk-adjusted returns in its business by investing in a broad array of strategies including mezzanine debt, distressed investing, leveraged loans and other special-situation strategies. Its funds are major providers of credit for small and middle-market companies and they also advance rescue financing to help distressed companies. Blackstone is one of the world’s leading investment firms with assets under management in excess of $344 billion. The firm was founded in 1985 with a balance sheet of $400,000 and a staff of four, including the two founders, Stephen A. Schwarzman, chairman and CEO, and Peter G. Peterson, who retired as senior chairman in 2008.]]>

AccorHotels Acquires Onefinestay British Luxury Serviced Home Pioneer for €212M

AccorHotels Acquires Onefinestay British Luxury Serviced Home Pioneer for €212M

AccorHotels (EPA: AC) said it acquired British luxury Serviced Home rental pioneer onefinestay, for €148M (£117M), and made a further commitment of €64m (£50m) to help the company scale internationally. “onefinestay has successfully captured a sweet spot: a combination of needs that neither traditional hotels nor new actors of the sharing economy can meet,” said Sébastien Bazin, Chairman & CEO of AccorHotels. “With the acquisition of this exceptional brand, unique operating model and outstanding management team, AccorHotels is developing as the worldwide leader of the Serviced Homes market. Today, together with our recent investments, we are accelerating the transformation of our business model to capture the value creation linked to the rise of private rentals and also strengthening our presence in the luxury market with a complementary offer”. onefinestay is the leading brand in the luxury segment of the Serviced Homes market, combining the best homes and the finest service. Leisure and business guests stay in hand-picked distinctive private homes with made-to-measure, personal service from a personal welcome on arrival to a team on call 24/7. For homeowners, onefinestay provides peace of mind, convenience and flexibility, by taking care of everything from marketing, distribution and insurance to screening each guest, to professional cleaning, management and maintenance. Launched in 2010 in London by Greg Marsh (CEO and co-founder), Demetrios Zoppos, Tim Davey and Evan Frank (co-founders), onefinestay operates a portfolio of 2,600 properties under exclusive management with strategic locations in London, New York, Paris, Los Angeles and Rome (representing an estimated asset value of more than £4bn). “AccorHotels’ investment in onefinestay is a tremendous invitation for us to write the next chapter in our story,” said Marsh. “We share their deeply held conviction about the scale of the home rental opportunity, and greatly value their expertise, their practical & financial support as we plan the launch of more than 40 new markets over the next five years. With AccorHotels’ help, onefinestay will become a globally recognized byword for exceptional experiences, extraordinary service, and handmade hospitality.” With its global presence and strong expertise in both operations and digital services, AccorHotels will support a new development phase of onefinestay, accelerating its expansion across new key urban markets, providing it with its powerful distribution capacity, strong customer base, incremental synergies and its know-how as a world-leading hotelier. As a result, onefinestay has an ambitious strategy to expand to 40 new cities around the world over the next five years growing revenues tenfold. onefinestay will remain an independent business unit within the AccorHotels Group and will continue to be led by Greg Marsh and the key management team. French hotel group AccorHotels, formerly known as Accor SA, has a dual expertise as a hotel operator and franchisor (HotelServices), as well as a hotel owner and investor (HotelInvest). It features a large portfolio of internationally renowned brands covering the full spectrum, with luxury (Sofitel, Pullman, MGallery, Grand Mercure, The Sebel), midscale (Novotel, Suite Novotel, Mercure, Adagio) and economy (ibis, ibis Styles, ibis budget, adagio access and hotelF1) properties. Over 190,000 women and men in nearly 3,900 AccorHotels establishments look after thousands of guests every day in 92 countries.]]>