Soundview Real Estate Partners Celebrates Completion of JFK Hilton Project
The Hilton brand name has long been absent from New York's JFK airport, but a recent hotel renovation has changed that — with help from a company called Soundview Real Estate Partners.
24 Apr, 2012, 06:00 ET
STAMFORD, Conn., April 24, 2012 /PRNewswire/ -- For those who frequently travel, the sight of the Hilton brand name is common, perhaps even reassuring. The Hilton logo has long been absent from the area around New York's JFK airport, however — but a recent hotel renovation project has changed that. Now, after stepping away from JFK for years, Hilton has reemerged as one of the airport's most visible hotel presences — with help from a private equity real estate company called Soundview Real Estate Partners.
The new JFK Hilton Hotel was recently featured as a real estate "makeover" in the pages of USA Today, and the title is appropriate; the facility did, indeed, experience a major overhaul, going from the JFK Airport Hotel into the rechristened Hilton New York JFK Airport Hotel. Of course, the name is not the only part of the hotel that has been upgraded.
In fact, the renovations are nothing if not lavish. USA Today reports that the funding for the project totaled $20 million, and the alterations made to the building are substantial. The financial backing for the project was provided by Connecticut-based private equity real estate company Soundview Real Estate Partners.
"We are very proud of the final product and we are even more proud of our employees who have worked hard to make the hotel what it is today," says Benjamin Marcus, Vice President of Soundview Real Estate Partners. "The product has been very well received by the market place."
Indeed, USA Today reports that, while there are five other Hilton locations in the Manhattan area, the brand's return to the airport area is still noteworthy.
Equally noteworthy is the range of renovations funded by Soundview Real Estate Partners. The most obvious modification to the hotel is the completely redone lobby area. Now more open and spacious, USA Today describes it as a "flexible meeting space" where "guests can work or relax."
In addition to the redone lobby, the hotel has received a number of other added amenities. A contemporary dining option, called Restaurant 144, is one of the most significant. However, the new JFK Hilton also offers its guests such new features as an indoor heated pool, a 24-hour airport shuttle service, and a new fitness center, which includes all new fitness equipment.
The hotel, currently open for business, features 356 rooms. Soundview Real Estate Partners, meanwhile, continues to establish itself as a vital presence in private equity real estate, and has partners in approximately 35 states.
Soundview Real Estate Partners was formed in January 2003 as an expansion of the real estate investment platform established by company President, Nicholas Newman. The company, led by Newman and Vice President Benjamin Marcus, uses a joint venture-driven investment model built on an established network of local and regional real estate operators. Since 2003, Soundview has invested over $250 million in equity in over 70 separate transactions and combined real estate valued in excess of $2 billion.
SOURCE Soundview Real Estate Partners
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