PRESS RELEASE

In the Media: Hospitality / Residential

W Aspen & The Sky Residences At W Aspen Opens Its Doors

A Northridge Capital and Sarpa Development Co-Development brings the Town of Aspen Its First New Downtown Resort in 25 Years

Washington, DC – September 19, 2019 – Washington DC-based Northridge Capital, Owner and Co-Developer, is pleased to announce the opening of the W Aspen & The Sky Residences at W Aspen. This is the first alpine Escape hotel in North America for W Hotels Worldwide, part of Marriott International Inc., and contains 88 guestrooms and suites, 11 private residences, the town’s only public mountainside rooftop “Wet Deck,”  signature W Living Room that extends to an outdoor patio, fitness center and the return of 39 Degrees, a legendary après ski bar in the former Sky Hotel (which was also owned and operated on the same site by Northridge Capital for 16 years). 

 The Sky Residences at W Aspen offer an exclusive shared ownership opportunity with 11 W-branded residences located slope-side on Aspen Mountain.  With a limited collection of six three-bedroom and five two-bedroom residences, owners have access to a private, owner-only roof deck with a spa, lounge seating, BBQ grills, outdoor kitchen and fire pit. In addition, owners can enjoy all of the Escape’s amenities and services at W Aspen, including Welcome Ambassadors and round the clock security; in-residence dining and STYLE housekeeping services; WHEELS valet service; FUEL® state-of-art fitness facilities; two WET® Deck pools; and W’s signature Whatever/Whenever® service promise, providing residents and hotel guests alike with whatever they want, whenever they want it.  The Sky Residences at W Aspen are currently being offered for sale as a 1/10th shared ownership interest in real estate by Forte International.

“After more than five years of hard work,” commented Northridge’s owner and president Dave Jackson, “we are thrilled to finally be opening the W Aspen for the enjoyment of its guests and the local community.  “In addition to its obvious attraction to winter sports enthusiasts, given the various design elements incorporated in the project, we think the W Aspen will become a global destination for loyal W brand aficionados, and an inspiration for artists and musicians that visit Aspen or call this area home. In keeping with the tradition of the Sky Hotel, much of the new resort will be open to the public, including the Wet Deck with its incomparable views of Aspen Mountain, Independence Pass and the City of Aspen.”

Northridge Vice President Kevin Fay added, “This is not a project that is done alone, and we’ve enjoyed tremendous support from many parties, including the City of Aspen, the elected officials of Aspen, the talented design teams of Rowland + Broughton and NEMAWORKSHOP, the incredible dedication of our General Contractor, Haselden Construction, and the steadfast support of our Lender, Fortress Investment Group.  We would also like to thank the W Brand/Marriott team for their vision of this resort hotel.  Finally, we deeply appreciate the multi-year involvement from our local partner, John Sarpa, without whom this project would not have been possible.”

 W Aspen opened its doors on August 29th, prior to Labor Day, and will be open 365 days per year. The hotel is already welcoming guests and is available on Marriott Bonvoy™. The W Aspen and the Sky Residences at W Aspen is located at 550 South Spring Street in Aspen, Colorado.

About Northridge Capital

Northridge Capital, LLC, is an independent real estate asset management firm that has invested since its founding in 1997 in over 52 assets on behalf of its investors, with a combined acquisition value of approximately $1.26 billion. Based in Washington, D.C., the company works mainly with overseas institutional and individual investors, especially those from the Middle East, to successfully define and implement customized strategies for investing in U.S. commercial real estate. Northridge focuses on generating superior risk-adjusted returns for investors by acquiring, managing, and selling real estate assets across a wide variety of property types and located in strategic geographic areas. For more information, visit www.northridgecapital.com.

 About W Hotels Worldwide

Born from the bold attitude and 24/7 culture of New York City, W Hotels, part of Marriott International, Inc., has disrupted and redefined the hospitality scene for nearly two decades. Trailblazing its way around the globe, with over 50 hotels, W is defying expectations and breaking the norms of traditional luxury wherever the iconic W sign lands. With a mission to fuel guests’ lust for life, W ignites an obsessive desire to soak it in, live it up and hit repeat. The brand’s provocative design, iconic Whatever/Whenever service and buzzing Living Rooms create an experience that is often copied but never matched. Innovative, inspiring and infectious, the brand’s super-charged energy celebrates guests’ endless appetite to discover what’s new/next in each destination, to see more, feel more, go longer, stay later. For more information on W Hotels, visit whotels.com/theangle or follow us on Twitter, Instagram and Facebook. W Hotels Worldwide is proud to participate in Marriott Bonvoy, the new name of Marriott’s travel program replacing Marriott Rewards®, The Ritz- Carlton Rewards®, and Starwood Preferred Guest® (SPG). The program offers members an extraordinary portfolio of global brands, experiences on Marriott Bonvoy Moments and unparalleled benefits including earning points toward free hotel stays and nights toward Elite status recognition. To enroll for free or for more information about the program, visit MarriottBonvoy.marriott.com.

 About Marriott International

Marriott International, Inc. (NASDAQ: MAR) is based in Bethesda, Maryland, USA, and encompasses a portfolio of more than 7,000 properties under 30 leading brands spanning 132 countries and territories. Marriott operates and franchises hotels and licenses vacation ownership resorts all around the world.  The company now offers one travel program, Marriott Bonvoy™, replacing Marriott Rewards®, The Ritz-Carlton Rewards®, and Starwood Preferred Guest®(SPG).  For more information, please visit our website at www.marriott.com, and for the latest company news, visit www.marriottnewscenter.com. In addition, connect with us on Facebook and @MarriottIntl on Twitter and Instagram.


in the media: Acquisition Announcement

Northridge Capital Acquires Class-AA Office Campus In CityPlace - Houston's Premier Mixed-Use Urban Center

WASHINGTON, April 23, 2019 /PRNewswire/ -- Northridge Capital, LLC, the Washington, D.C.-based real estate asset management firm, today announced that it, along with its partner KAMCO Investment Company, a Kuwaiti based asset management and investment banking firm with one of the largest AUMs in the Middle East, has purchased HP Plaza in CityPlace at Springwoods Village, a newly-developed urban center in north Houston, Texas and home to the 385-acre ExxonMobil corporate campus. The acquisition is expected to generate an annual net cash yield of 7.50% across the target holding period.

Completed in November of 2018 and built to Class-AA standards, HP Plaza houses HP, Inc., which occupies 100 percent of the Premises pursuant to a long-term lease.  The Property, located in Springwoods Village, sits on 11.78-acres and features two buildings, totaling 378,402 rentable square feet. Springwoods village is also home to the 385-acre ExxonMobil corporate campus. The newly constructed Property is designed for sustainability and offers efficient, rectangular floor plates, structured parking at a ratio of 6.00 per 1,000, modern interior finishes with exposed ceilings and "office of the future" workspaces.  The office campus provides top-tier tenant amenities including a full-service cafeteria and dining room with seating for up to 330 people, coffee shop and juice bar, and a fitness center with men's and women's locker rooms.

"Our client/partners – offshore institutional and high-net worth individual investors – focus on Class A properties with strong cash flows from credit tenants that are strategically located in dynamic markets well-positioned to capitalize on future momentum and growth," said David Jackson, President of Northridge Capital.  "While this asset certainly meets those criteria, we are especially gratified to complete our first transaction with KAMCO Investment Company, one of the most active and sophisticated Gulf region investors in US commercial real estate." 

"We are excited to partner with Northridge Capital and HP, Inc. on this highly desirable asset located in what we believe will be the most dynamic mixed-use environment in Houston.  We are especially thrilled that the property is 100% powered by renewable energy sources and is strategically located at the confluence of the I-45 and the Grand Parkway. This acquisition is in line with KAMCO's commitment towards scaling its real estate portfolio through diversified assets," said Mohammad Al-Othman, Senior Vice President and Head of the Alternative Investments Department at KAMCO.

"HP Plaza checks the three boxes Northridge Capital looks for when pursuing single tenant opportunities: 1) strong credit quality and cash flows; 2) desirable underlying, functional real estate and 3) a dynamic suburban/urban location that will cater to the workforce of the future and serve as a recruiting tool for the tenant.," said David Etemadi, Vice President of Acquisitions for Northridge Capital.  "We believe more and more Fortune 500 companies will choose to locate in these types of locations around the country in the 'arms race' for the best human capital."

Apollo Global Management, on behalf of Athene, provided Northridge Capital with a five-year, fixed rate loan to complete the purchase and financing of HP Plaza.

HFF's Houston office represented the seller, led by Jeff Hollinden and Trent Agnew. Chris Hew and Cary Abod, also of HFF, secured the financing on behalf of the borrower.

About Northridge Capital, LLC
Northridge Capital, LLC, based in Washington, D.C., is an independent real estate asset management firm that has invested in 52 assets on behalf of investors, with a combined acquisition value of $1.26 billion. Since its founding in 1997, the company has focused on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.  For more information, visit www.northridgecapital.com.

About KAMCO
KAMCO Investment Company K.S.C (Public) is a premier investment company based in Kuwait. The Company is one of the leading investment firms in the Gulf region in terms of assets under management (AUM) and is regulated by the Capital Markets Authority.  Established in 1998 and listed on the Boursa Kuwait in 2003, KAMCO is a subsidiary of United Gulf Bank (UGB). In 2018, KAMCO acquired a majority stake of 69.528% in Global Investment House K.S.C.C. ("Global"). The Company has established itself as a regional leader in providing innovative products and services to its clients, enabling it to increase AUM to over USD 12.97 billion (as of 31 December 2018) and achieve a strong track record of 131 successful investment banking transactions worth around USD20.4 billion (as of 31 December 2018).

With almost two decades worth of experience in conducting business with in investment industry, KAMCO has successfully established a robust reputation in the region, driven by its performance, prudent and conservative investment philosophy, solid business model and fundamental belief in implementing the highest standards of transparency, which has consistently commanded the goodwill of a wide and growing patron-base.  Through its strategy, the Company aims to continue building upon its core competencies to provide the MENA region with innovative investment management consultancy and services, in addition to financial services that meet the needs of clients through value-added investment products and a cautious investment approach that is supported by an experienced team and strong track record.

KAMCO Investment Company (DIFC) Limited (KAMCO DIFC) is a wholly owned subsidiary of KAMCO Investment Company, incorporated in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. 

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.