Past Projects

In August, 2004, Bruce S. Brickman & Associates, through an affiliate LLC with Haberhill as a partner, purchased substentially all of the revenue bonds, at a significant discount to par, that were indirectly secured by a mortgage on the Crown Plaza at LaGuardia. On October 15th of 2004, the bond-holders, with Haberhill’s assistance, filed a motion in New York state court to accelerate the bonds and foreclose on the hotel. On October 29th, the borrower under the bonds filed Chapter 11 proceedings in Federal Court in Philadelphia. During the bankruptcy process, Haberhill is providing the following services:

• Monthly reviews of hotel operating performance;
• Attendance and business representation in bankruptcy proceedings;
• Business oversight related to the preparation of third-party appraisals and property condition assessments;
• Assistance in preparation of reports and testimony of expert witnesses;
• Interaction with attorneys, as needed, related to all aspects of the bankruptcy.

In February 2007, the borrower under the bonds successfully refinanced the hotel and the bondholders were repaid at par.

In August, 2004, Bruce S. Brickman & Associates, through an affiliate LLC, with Haberhill as a partner, purchased substantially all of the revenue bonds, at significant discount to par, indirectly secured by a mortgage on the Holiday Inn at JFK Airport in New York City. On October 15th of 2004, the bond-holders, with Haberhill’s assistance, filed a motion in New York state court to accelerate the bonds and foreclose on the hotel. On October 29th, the borrower under the bonds filed Chapter 11 proceedings in Federal Court in Philadelphia. During the bankruptcy process, Haberhill is providing the following services:

• Monthly reviews of hotel operating performance;
• Attendance and business representation in bankruptcy proceedings;
• Business oversight related to the preparation of third-party appraisals and property condition assessments;
• Assistance in preparation of reports and testimony of expert witnesses;
• Interaction with attorneys, as needed, related to all aspects of the bankruptcy.

In March 2007, the hotel was sold through a bancrupcy court-ordered auction and the bondholders were repaid at par.

Haberhill participated in SEC-registered tender offers to purchase limited partnership interests in two partnerships managed by Host Marriott and one partnership managed by Starwood. The exit strategy netted Haberhill and its partners in excess of a 40% return.

In 2005, Bruce S. Brickman & Associates, through an affiliate LLC with Haberhill as a partner, participated as a mezzanine lender in the placement of a $50 million senior secured loan related to the purchase of this 347-room beachfront hotel in Kauai, Hawaii.

We were repaid in 2006.

Haberhill joined with Shaner Hotel Group and Brickman Associates in an attempt to purchase Interstate Hotel Company and take it private.

In December 2001, Haberhill advised Shaner in its acquisition of the Pittsburgh City Center Marriott from Host Marriott.

Haberhill has looked at providing mezzanine and other high-yield loans to third-party borrowers, as well as reviewed numerous acquisition opportunities related to hotels and hotel portfolios.