Wednesday, January 25, 2017

Allegria Hotel: A Great Choice with Owners Stabilis Capital

Whether for a weekend get-away from New York City or for a business conference, the Allegria Hotel in Long Beach is a great choice. The hotel opened in 2009 with great excitement as the first upscale hotel in Long Beach in decades. In the summer of 2016, it was sold at a bankruptcy auction for $27.4 million. The winning bid went to Stabilis Capital Management LP, a New York investment firm.

As Stabilis Capital on New York reported in a memo, “Stabilis is excited to have won the bid and is passionate about this property. We believe strongly in the potential of the Allegria Hotel and, if the [bankruptcy] trustee approves the sale process, we look forward to making capital improvements and other investments in the property. We plan to establish the Allegria as a truly top-notch boutique hotel.”
The hotel includes 143 rooms and 124,000 square foot of oceanfront space.

After the auction, Ken Silverman, a Chapter 11 operating trustee said, “I’m confident that it’s going to be continued as a hotel, and the current management is going to stay on. I believe [Stabilis has] experience in the hospitality industry.”

Silverman continued, “The hotel is going to continue to operate, and we’re honoring all events and we’re still going to be booking. And the summer season has been spectacular so far — [the hotel has] either been substantially or fully occupied.”

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