yyzer
Senior Member
It seems that Gansevoort Hotels are still interested in Toronto - this time planning a property in the Distillery District....from HotelNewsNow.com
Gansevoort Pursues International Growth
April 13, 2011
NEW YORK—Gansevoort Hotel Group, a company known for its luxury hotel accommodations and innovative partnerships in restaurant, beauty and fashion, is actively seeking opportunities to grow its urban resort concept outside the United States.
According to company executives, several deals are in the works in Canada, Europe, Asia and South America to bring additional hotels to the Gansevoort Hotel Group’s portfolio. Much like the company’s existing assets, these new developments will feature resort-like amenities in desirable metropolitan locations. Currently, the company has three assets: the newly opened Gansevoort Park Avenue NYC, the flagship Gansevoort Meatpacking NYC Hotel and the Caribbean resort Gansevoort Turks + Caicos.
Michael Achenbaum Father and son team William and Michael Achenbaum, along with partner Arik Kislin and COO Elon Kenchington, are leading the charge for the expansion. The group is pursuing development deals, re-flagging opportunities and potential management contracts for properties that would meet the high level of standards that define Gansevoort—luxurious accommodations and unique dining, shopping and nightlife experiences.
The group is solidifying a deal in the distillery district in Toronto, according to Michael Achenbaum. The project is slated to have approximately 100 keys and will be a combination of a landmark building and a newly built structure.
“We are very excited about this deal because the area is very similar to the Meatpacking district in New York City where the first Gansevoort was born. It is an eclectic area, an area that is starting to ‘arrive’ and we like being a part of that,†Achenbaum said.
Achenbaum, also a licensed attorney, likes to get involved in the details of each project from the ground up, including the layout, design and selection of retail and food & beverage partners.
“We really are developers at heart,†he said, noting the more than 30 years of hotel development experience the team shares.
In Toronto, for example, the executives are taking a hands-on approach to ensure that the property will not only meet the criteria to be a Gansevoort hotel, but will also perform well from an operational standpoint. The company likely will have an equity stake in the project as well, “to show how committed we are,†according to Kenchington, who works closely with Achenbaum when hammering out new deals.
“We have a good business model and believe in it,†Kenchington said. “We have such a passion for what we do. We are very successful in how we set up and run hotel properties. We are working very closely with our partner in Toronto to ensure it is profitable.â€
The lobby at the Gansevoort Park Avenue. However, part of Gansevoort Hotel Group’s success also is knowing when to step back and give partners space. Achenbaum is keen on selecting extremely sought-after and successful food-and-beverage, beauty and fashion partners, but does not micro-manage them. Instead, his style is to strike a deal that allows the hotel to get steady income, while allowing the partner to excel in the business in which they hold their expertise.
For example, the urban resort concept at the Gansevoort properties in New York includes an Exhale spa with Core Fusion yoga classes, boutiques such as LaCoste with co-branded merchandise, and unique dining offerings such as Tanuki Tavern, a Japanese izakya and sushi bar owned and operated by Jeffrey Chodorow of China Grill Management. According to Achenbaum, these outlets have been very successful.
Gansevoort Hotel Group also is working on several third-party management deals abroad, including in London and Paris, which will likely be the next in line. Other key areas of interest are Moscow, Buenos Aires and Istanbul, Achenbaum said.
While there is no rush to cement new deals, the team at Gansevoort is optimistic about the opportunities, particularly for third-party management deals, that exist in the marketplace today to grow their brand.
“There are some properties that had high standards and expectations but have opened and are not performing well. Those properties may be a fit for Gansevoort,†Kenchington said.
“As always, location is the key in any deal,†said Achenbaum. “Then it has to work operationally for us. This includes style and service, and to do those both right— that is a hard fence to straddle.†That is why Gansevoort pushes to always be the managing partner, he added.
As for a five-year plan, Gansevoort hopes to have several deals completed in Europe and Asia, with presence in major cities from which the brand’s clients come from and are interested in as destinations, said Achenbaum.
TAGS: Gansevoort Hotel Group, Michael Achenbaum, Elon Kenchington
http://www.hotelnewsnow.com/Articles.aspx/5341/Gansevoort-pursues-international-growth
Gansevoort Pursues International Growth
April 13, 2011
NEW YORK—Gansevoort Hotel Group, a company known for its luxury hotel accommodations and innovative partnerships in restaurant, beauty and fashion, is actively seeking opportunities to grow its urban resort concept outside the United States.
According to company executives, several deals are in the works in Canada, Europe, Asia and South America to bring additional hotels to the Gansevoort Hotel Group’s portfolio. Much like the company’s existing assets, these new developments will feature resort-like amenities in desirable metropolitan locations. Currently, the company has three assets: the newly opened Gansevoort Park Avenue NYC, the flagship Gansevoort Meatpacking NYC Hotel and the Caribbean resort Gansevoort Turks + Caicos.
Michael Achenbaum Father and son team William and Michael Achenbaum, along with partner Arik Kislin and COO Elon Kenchington, are leading the charge for the expansion. The group is pursuing development deals, re-flagging opportunities and potential management contracts for properties that would meet the high level of standards that define Gansevoort—luxurious accommodations and unique dining, shopping and nightlife experiences.
The group is solidifying a deal in the distillery district in Toronto, according to Michael Achenbaum. The project is slated to have approximately 100 keys and will be a combination of a landmark building and a newly built structure.
“We are very excited about this deal because the area is very similar to the Meatpacking district in New York City where the first Gansevoort was born. It is an eclectic area, an area that is starting to ‘arrive’ and we like being a part of that,†Achenbaum said.
Achenbaum, also a licensed attorney, likes to get involved in the details of each project from the ground up, including the layout, design and selection of retail and food & beverage partners.
“We really are developers at heart,†he said, noting the more than 30 years of hotel development experience the team shares.
In Toronto, for example, the executives are taking a hands-on approach to ensure that the property will not only meet the criteria to be a Gansevoort hotel, but will also perform well from an operational standpoint. The company likely will have an equity stake in the project as well, “to show how committed we are,†according to Kenchington, who works closely with Achenbaum when hammering out new deals.
“We have a good business model and believe in it,†Kenchington said. “We have such a passion for what we do. We are very successful in how we set up and run hotel properties. We are working very closely with our partner in Toronto to ensure it is profitable.â€
The lobby at the Gansevoort Park Avenue. However, part of Gansevoort Hotel Group’s success also is knowing when to step back and give partners space. Achenbaum is keen on selecting extremely sought-after and successful food-and-beverage, beauty and fashion partners, but does not micro-manage them. Instead, his style is to strike a deal that allows the hotel to get steady income, while allowing the partner to excel in the business in which they hold their expertise.
For example, the urban resort concept at the Gansevoort properties in New York includes an Exhale spa with Core Fusion yoga classes, boutiques such as LaCoste with co-branded merchandise, and unique dining offerings such as Tanuki Tavern, a Japanese izakya and sushi bar owned and operated by Jeffrey Chodorow of China Grill Management. According to Achenbaum, these outlets have been very successful.
Gansevoort Hotel Group also is working on several third-party management deals abroad, including in London and Paris, which will likely be the next in line. Other key areas of interest are Moscow, Buenos Aires and Istanbul, Achenbaum said.
While there is no rush to cement new deals, the team at Gansevoort is optimistic about the opportunities, particularly for third-party management deals, that exist in the marketplace today to grow their brand.
“There are some properties that had high standards and expectations but have opened and are not performing well. Those properties may be a fit for Gansevoort,†Kenchington said.
“As always, location is the key in any deal,†said Achenbaum. “Then it has to work operationally for us. This includes style and service, and to do those both right— that is a hard fence to straddle.†That is why Gansevoort pushes to always be the managing partner, he added.
As for a five-year plan, Gansevoort hopes to have several deals completed in Europe and Asia, with presence in major cities from which the brand’s clients come from and are interested in as destinations, said Achenbaum.
TAGS: Gansevoort Hotel Group, Michael Achenbaum, Elon Kenchington
http://www.hotelnewsnow.com/Articles.aspx/5341/Gansevoort-pursues-international-growth
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Which of the two heritage structures are they talking about, the one on the north east or north west of the corner of Mill and Trinity? I just google mapped the address, and I think the rackhouse if the one on the north east, but just checking to be sure.