NOMO SOHO Announces Victory In Court Today

NEW YORK, April 13, 2015 /PRNewswire/ -- New independent luxury property NOMO SOHO, a partnership between ASRR Capital, Alex Sapir and Rotem Rosen's publicly traded Israeli Company, and Gerard Guez, is pleased to announce that today the New York State Supreme Court directed Morgans Hotel Group to vacate the hotel formerly known as the Mondrian SoHo. The formal transfer of management from Morgans Hotel Group to Sapir affiliate 9 Crosby Partners, LLC will be taking place over the next few weeks.

"We are very pleased that the Court recognized our right to control the destiny of our own business," said Alex Sapir, ASRR Capital Chairman of the Board. "This new chapter will be fantastic for all the employees in the hotel and for our guests to be a part of the most exciting new hotel brand launch in New York - NOMO SOHO. We are already in the process of searching for additional properties to grow the brand and will soon be announcing iconic properties in vibrant cities such as Miami and London."

With ownership now gaining control of the 263-room NOMO SOHO, which is part of Preferred Hotel & Resorts' "Lifestyle" collection, the property will be revamped to offer curated experiences to every guest that walks through the hotel doors. Graham Leslie, Head of Hospitality and NOMO SOHO's Chief Executive, will oversee the hotel's transformation, property management and re-launch. A seasoned hotelier, Leslie is responsible for starting the Conrad brand and has worked with some of the world's most exclusive, iconic properties—including the Plaza Athénée in Paris and The Hotel Adlon in Berlin.

As an abbreviation for "nostalgic + modern," the term NOMO sits at the intersection of vintage and cutting edge, both associated with the style of its location. The property and its namesake will become a modern interpretation of nostalgic SoHo and celebrate the original spirit of the area – known for its artistic origins, cast iron architecture and cobblestone streets – while blending the culture and fashion of today's digital age.

New amenities, programming and partnerships will be introduced later in the year to satisfy guests and visitors of all backgrounds. The hotel's restaurant and bar spaces will continue to innovate, with menus continually changing throughout the year.

To learn more about the NOMO SOHO story, please visit www.nomosoho.com

ABOUT ASRR Capital LTD.
ASRR Capital LTD. is a publicly held company traded on the TASE (Tel Aviv Stock Exchange).  With multiple international holdings, it is ASRR Capital's goal to increase its operations in the United States by utilizing the experience and expertise of controlling shareholders Alex Sapir, President of The Sapir Organization and Rotem Rosen, CEO of The Sapir Organization.  The Sapir Organization is a group of privately held companies, owned by Sapir family members.  Collectively, the New York-based real estate Organization owns and manages approximately 6 million square feet of prime Manhattan commercial and residential space.  Founded by Mr. Tamir Sapir, it owns and manages significant architectural landmarks throughout Manhattan, including 11 Madison Avenue, 2 Broadway, 260 Madison Avenue, and 261 Madison Avenue.  Additionally, the Organization has developed major iconic projects in Downtown Manhattan.  The Sapir Organization continues to expand its international assets through strategic purchases in major real estate markets.  The Organization's tenants and partners include Zuma, Eleven Madison Park, Credit Suisse, Sony, Coca Cola, William Morris Endeavor, Yelp, Chase, Signature Bank and Fidelity.

SOURCE NOMO SOHO

Related Links

http://www.nomosoho.com