Apollo Real Estate Advisors Closes Apollo Value Enhancement Fund VII

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NEW YORK, July 7 /PRNewswire/ — Apollo Real Estate Advisors has closed Apollo Value Enhancement Fund VII, L.P., with a total of $758 million, the firm announced.
Apollo’s Value Enhancement Funds employ a flexible investment strategy focusing on existing, income-producing U.S. properties which present opportunities to increase value. Apollo Value Enhancement Fund VII will continue Apollo’s value-added strategy of investing in real estate assets primarily in major markets in the United States. The fund will seek to create a diversified portfolio across major property types, according to Steven Wolf, Apollo partner who oversees the firm’s Value Enhancement Funds.
“We are very gratified with the response from our investors to the new Value Enhancement Fund,” Wolf said. “We continue to see compelling opportunities where our team can apply its deep real estate expertise to add value in the current environment.”
Fund investments include 500 1st Street N.W. in Washington, D.C., a 129,000-square foot office building. The nine-story building, which also has two underground parking levels, is located on 1st Street N.W. and E Street N.W., just two blocks from Union Station and four blocks from the U.S. Capitol. Apollo plans approximately $7 million in building improvements in conjunction with the lease renewal of the current tenant, the U.S. General Services Administration (GSA) on behalf of the Department of Justice, which currently has a ten-year lease, Wolf said.
Apollo Value Enhancement Fund VII also purchased the Hilton Dallas Lincoln Centre. The 500-room, 20-story glass curtained hotel tower is located prominently within Lincoln Centre, a premier Class A complex in North Dallas encompassing 1.6 million square feet. The hotel is situated at the intersection of the North Dallas Tollway and the Lyndon B. Johnson Freeway, directly across from the Galleria complex.
Wolf said Apollo plans approximately $30 million in hotel renovations that will include renovated guest rooms and bathrooms; the construction of 13,000 square feet of additional ballroom, meeting and pre-function space; and the reconfiguration and rebranding of the existing food and beverage outlets.
Apollo acquired the Value Enhancement Funds in 2004. Since the inception of the first fund in 1993, Value Enhancement Fund I through VI have invested in more than 140 transactions with an aggregate value of $5.9 billion.
About Apollo Real Estate Advisors
Apollo Real Estate Advisors is a leading international real estate investor and fund manager. Since the firm’s founding in 1993, Apollo has overseen the establishment of multiple real estate funds and joint ventures totaling approximately $11 billion in equity commitments for investment in the United States and globally. The Apollo funds collectively have invested in over 465 transactions with an aggregate value in excess of $30 billion. The firm’s Web site is .
Contact: Michelle Manoff Steven Wolf
Rubenstein PR Apollo Real Estate Advisors
212-843-8051 212-515-3400

Apollo Real Estate Advisors

Video: The Trump Organization and Nakheel to Sell Most Expensive Penthouse in Dubai

NEW YORK, June 24 /PRNewswire/ — Two of the world’s leading developers — Nakheel and the Trump Organization — have come together to announce the Trump International hotel & Tower in Dubai on the Palm Jumeirah, the iconic man-made island in the Arabian Gulf. A grand celebration occurred at Park Avenue Plaza in New York City … with a red-carpet reception under a 60-foot dome erected for the event. Donald J. Trump, Melania Trump, Ivanka Trump, Demi Moore, Naomi Watts, Heidi Klum, Al Roker & Deborah Roberts, Thom Filicia, Amy Sacco, Denise Rich, Ann Jones, Jonathan Tisch, Aby Rosen & Samantha Boardman, Marvin Traub, Kelly Bensimon, Dylan Lauren, Eric Villency & Kimberly Guilfoyle, Sante D’Orazio are a few of the many celebrities who were in attendance at the larger-than-life event.
To view the Multimedia News Release, go to:
The premier luxury hotel and residential tower — one of the most anticipated new builds in Dubai and Trump’s first in the region — is poised to become a stunning landmark on the skyline of Dubai. The international launch of the exclusive residences began June 23, 2008.
To celebrate this project, Trump and Nakheel also commissioned Nathan Sawaya, Lego Master to the Stars (remember Ashley Simpson’s Bee?), to build a 14-foot replica of this newest development in New York City’s Columbus Circle.
A masterpiece of architecture, the 62-story, stainless steel and glass Trump International hotel & Tower will be the tallest structure on Palm Jumeirah and is expected to be completed in summer 2011. The property will be comprised of two freestanding towers that straddle the centerline of Palm Jumeirah, making it the gateway to the heart of the development. The towers stand on a four-story bisected podium structure converging at the 40th-floor to create the building’s glazed diamond shaped pinnacle. This distinctive design will offer residents and guests unobstructed panoramic views of the Arabian Gulf and beyond.
A highlight of the spectacular Trump International hotel & Tower will be the two expansive penthouse residences designed by one of Architectural Digests Top 100 interior designers, Kelly Hoppen. Hoppen is best known for introducing the “East Meets West” philosophy to interior design, which has remained her signature over the years. The classic Kelly Hoppen look is defined by using straight lines, symmetry and a neutral and subtle color palette to create balance within the home.
For more information please visit: nakheelmediacenter.com

About Nakheel:

Nakheel is one of the world’s largest privately held real estate developers, and a key player in realizing the vision of Dubai for the 21st century: creating a world class destination for living, business and tourism. Nakheel is developing an iconic portfolio of innovative landmark projects in Dubai, and now in key markets around the globe, across a range of sectors — residential, commercial, hotels, retail and leisure. Nakheel’s projects are conservatively estimated to be worth US$80 billion. Upon completion Nakheel’s waterfront projects will have added more than 1000km of shoreline to Dubai’s coastline. Nakheel’s Dubai portfolio currently includes The Palm Jumeirah, The Palm Jebel Ali, The Palm Deira, The World, Waterfront, The Universe, Jumeirah Islands, Jumeirah Village, Jumeirah Park, Jumeirah Heights, The Gardens, Discovery Gardens, Ibn Battuta Mall, Al Furjan, International City, and Dragon Mart. Nakheel is a key entity within Dubai World. Dubai World is one of the world’s largest holding companies and supervises a portfolio of businesses and projects for the Dubai government across five continents and more than 100 countries.
About The Trump Organization:
The Trump Organization is a global leader in real estate development, sales and marketing, and property management representing the highest level of excellence and luxury in residential, commercial, hotel and golf properties. With over 70 projects current and upcoming, The Trump Organization is responsible for many of the world’s most recognized developments, and is renowned for commanding a sizeable premium on saleable real estate relative to the markets that it enters.

Nakheel

Vacation Ownership Brings Variety to Meet Every Traveler’s Need

WASHINGTON, May 8 /PRNewswire-USNewswire/ — As the summer travel season nears, the American Resort Development Association (ARDA) offers the following tips for consumers considering their vacation ownership options:
To enjoy the benefits of vacation ownership, or timesharing, consumers make a one-time purchase of a share of furnished resort accommodations, choosing from a wide range of products designed to suit any lifestyle. Vacation owners enjoy spacious accommodations, a variety of on-site amenities and services, and flexibility in their travel options through vacation exchange. By trading some or all of the time they own, consumers can take advantage of different vacation experiences at thousands of resorts around the world.
All shared ownership resort interests come in two basic forms: a deeded interest in real estate and a right-to-use, or non-deeded, interest. These two basic forms are called by many names — some required under state law and others adopted for marketing purposes. However, the majority of shared ownership resorts today convey a use right backed by a deeded interest in real property — by whatever name it may be called. Deeded real estate interests are usually called “timeshare estates” under state law, and non-deeded interests are “timeshare uses” or “timeshare licenses” officially, but may also be called “memberships.”
Timeshares. Traditional timeshares regardless of whether they are backed by a deed or not, allow buyers to purchase an increment of time, typically one week, in a condominium or apartment type of furnished accommodation. Timeshare owners receive either a fixed week or a floating time reservation arrangement that may vary by unit type and season. More than two-thirds of timeshare interests today are deeded.
Fractional/private residence club. These owners typically purchase accommodations with related use rights in increments of more than two weeks and sometimes as long as three months (a quarter share). This type of ownership is almost always deeded and is a more affordable alternative to a second home. Owners benefit by avoiding the ongoing maintenance responsibilities of an entire second home, and usually enjoy a high level of service as part of the product. This product segment is considered the luxury tier of shared ownership.
Vacation club. This name generally describes a company or related group of resorts that offers consumers vacation accommodations in more than one location. When a consumer purchases an interest in a “vacation club,” it is either deeded or non-deeded like any other vacation ownership interest. If the vacation club interest is deeded, the consumer is usually said to own at a “home” resort at which he or she has a priority right of use. Even if the vacation club interest is not deeded, the consumer could still have a home resort or could have a “membership” in the club that entitles him or her to use any of the club’s component resorts. Vacation clubs offer highly flexible use of multiple resorts, subject to certain advance reservation priorities and rules. Some well-known timeshare companies market their properties as a vacation club that provides their consumers with both a deeded interest in real property and multi-site flexibility.
Exchange. An exchange company allows existing timeshare owners to trade their timeshare interests for comparable accommodations and travel-related services. Most resorts are affiliated with an exchange company, and many resort companies also offer an internal exchange mechanism that allows owners to exchange to resorts within their resort group. If an internal resort exchange is mandatory or long-term, it is usually considered to be a vacation club. Fractional and private residence club resorts may offer exchange opportunities for their owners as well. Some exchange companies have a special program for these kinds of resorts.
Points. Points are another aspect of vacation ownership that allows consumers to use their vacation product in a highly flexible fashion. Points are simply a numeric representation of the relative use management value of the timeshare or fractional interest purchased–which again can be either a deeded or non-deeded interest. There are a few companies that offer “pure points” without the sale of an underlying specific timeshare interest. By purchasing points in any of their formats, the consumer can use their points to reserve different combinations of accommodation sizes, locations and seasons, and may also be able to acquire a variety of travel services depending on the rules of the timeshare company. Think of points like tickets–symbolic of the product or service being used or reserved.
Vacation ownership is highly regulated. The various products described above must comply with strict standards set forth in state timeshare laws as well as several federal laws before being offered to consumers. For nearly 40 years, ARDA members have worked with federal and state governments to support consumer protection legislation. As a result, purchasers have a five- to seven-day rescission period in most states that allows them time to cancel a purchase contract for any reason and get their money back. Further, most state timeshare laws require truth in advertising, protect purchasers’ timeshares from the developer’s debt, and assure that purchasers receive detailed information about the timeshare plan they are buying, including the type of timeshare interest, how to use the product, management and budget information and much more. State timeshare laws usually apply whether the vacation product is called a timeshare, fractional, private residence club, vacation club or points product.
Know what you are buying. ARDA and its member companies urge consumers to know what vacation product they are purchasing by reading the contract carefully and asking questions about their vacation purchase. For more information and consumer tips, please visit ARDA at .
The American Resort Development Association is the Washington D.C.-based professional association representing the vacation ownership and resort development industries. Established in 1969, ARDA today has over 1,000 members ranging from privately held firms to publicly traded companies and international corporations with expertise in shared ownership interests in leisure real estate. The membership also includes timeshare owner associations (HOAs), resort management companies, and owners through the ARDA Resort Owners Coalition (ARDA-ROC).
American Resort Development Association