StepStone Hospitality Adds Gregory Hotel and Renwick Hotel to Management Portfolio

. December 13, 2016

NEW YORK, N.Y. & PROVIDENCE, R.I. December 13, 2016 - StepStone Hospitality, a premier hotel management company specializing in hotel, restaurant and renovation management, today announced that it has added two Midtown Manhattan properties to its growing hotel management portfolio, the 132-room Gregory Hotel and the 173-room Renwick Hotel, which became part of Curio - A Collection by Hilton on December 1st, 2016, bringing StepStone's total management portfolio to 15 hotels. The N.Y. properties are owned by Meadow Partners, an international real estate investment group and receive asset management services from Hotel Asset Value Enhancement, Inc. (hotelAVE).

“These well-located properties will benefit from strong ownership, investment, asset management and operating expertise,” said Tom Russo, StepStone's chief executive officer. “We see immediate opportunities to more clearly focus marketing of these properties in highly competitive markets.

“As the hospitality industry approaches the expected peak of this cycle, owners are turning to seasoned operators who have extensive expertise in all economic phases,” he noted. “We have added to our bench strength to handle our planned expansion fueled by a highly active pipeline, including both boutique and branded hotels in key markets with multiple demand generators.”

The Gregory Hotel

The former Gregorian recently completed a $10 million restoration and rebranded as the Gregory. Situated in the historic Garment District in the heart of Herald Square in Midtown Manhattan, the Gregory is within walking distance of the iconic Empire State Building, Times Square, the Rockefeller Center, Radio City Music Hall and Madison Square Garden. The hotel was transformed by the design of the Bill Rooney Studio, while maintaining its classic architectural elements--high ceilings, crown molding and mosaic tile. The property exudes a 1940s N.Y. vibe, coupled with luxurious, modern tailored amenities.

Its lobby reflects a living room-style area with a bar, fireplace and The Coffee Press, featuring locally roasted coffee, exotic teas, fresh juices and a selection of pastries. The coffee house transforms into a stylish cocktail lounge, the Liquor Cabinet, in the evenings. The guestrooms are designed to reflect fashion icons and include complimentary Wi-Fi, exclusive Apotheke bath amenities and a refrigerator. Dining options include daily continental breakfast and Brendan's Bar & Grill, a classic Midtown pub offering American and Irish cuisine and a full bar offering international beer, wine and spirits.

Additional hotel features include a 24- hour business station, a fitness facility and the Caravan Stylist Studio, which is used for New York Fashion Week as a beauty studio. This stylish hotel also houses a hair and makeup studio, Haircraft by Ray, named after and led by hairstylist and make-up artist Ray Guh.

The Renwick Hotel New York City, Curio Collection by Hilton

Named after James Renwick Jr., one of the most successful American architects of the early nineteenth century, and fashionably designed by Stonehill & Taylor, this boutique hotel is located within walking distance of The Gregory Hotel, only two blocks from Grand Central Station.

The hotel is known for the great artists, writers and intellectuals of the 1920's who frequented the property, and includes remnants of the past with artwork from local artists in the guestrooms. Rooms include 33 spacious suites and gallery rooms, each with a personal balcony. The gallery rooms and residential-style suites accentuate the property's historic creativity with easels and easel-inspired television stands, paint, writing paper, ink, artwork, art books, carpeting that mimics paint-splattered concrete, flat file bed stands and upscale amenities such as exclusive Apotheke bath items. Each room also provides a 48”-55” TV, an artist-inspired writing desk, refrigerator and complimentary high speed Wi-Fi. Hotel amenities include a state-of-the-art fitness center and a 24-hour business area in the lobby. Dining options include Bedford & Co, inspired by the wood-burning grill in the open kitchen. The cuisine features contemporary American dishes and prohibition-era style artisan cocktails.

“We have ramped up quickly to improve overall hotel profitability while enhancing the guest experience, positioning these hotels as the segment leaders in the marketplace,” said Blair Wills, StepStone's president and chief operating officer. “These hotels complement our expanding portfolio of branded and boutique hotels in major MSAs. Our in-depth knowledge of these types of markets allows us to quickly enact the marketing and operational improvements to accelerate profitability."

About StepStone Hospitality

Rhode Island-based StepStone Hospitality specializes in management for boutique, full and select-service hotels and restaurants to enhance sustainable value to StepStone clients. The company provides a unique combination of strong, hands-on operations, strategic management and food and beverage expertise, maintaining a balanced focus between revenue enhancement, margin expansion, and guest satisfaction. StepStone Hospitality currently manages hotels under the Hilton, Marriott, Starwood and InterContinental Hotel family of brands, as well as independent properties. Additional information about StepStone Hospitality portfolio is available at www.stepstonehospitality.com.

About Meadow Partners

Meadow Partners is an independent, privately owned, international real estate investment and asset management firm. Through its three institutional investment funds, Meadow Partners has acquired over $2.9 billion of properties in New York City and London since its inception in February 2009.

About Hotel Asset Value Enhancement (hotelAVE)

Hotel Asset Value Enhancement, Inc. (hotelAVE) provides Asset Management Services to the property. Prior to acquisition, hotelAVE completed the acquisition due diligence, repositioning and facility program analysis, and new manager selection. With offices in Providence, New York and LA, the firm's current asset management portfolio comprises over $5.5 billion of hotel real estate, 22,000 rooms and an additional $10 billion of assets it advises on annually. More information can be found at www.hotelAVE.com.

Contact:
Sonia Abdulbaki
sonia@dalygray.com
703-435-6293

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