$70 Million Upgrade for Loews Regency Hotel New York; Industry Leader Joins Avison Young

By Veronica Grecu, Associate Editor Loews Hotels, a luxury hospitality company that owns and operates nearly 20 hotels and resorts in the U.S. and Canada, has embarked on a $70 million renovation project at the Loews Regency Hotel in New York, [...]

Loews Hotels, a luxury hospitality company that owns and operates nearly 20 hotels and resorts in the U.S. and Canada, has embarked on a $70 million renovation project at the Loews Regency Hotel in New York, located at 540 Park Ave. As reported by Bloomberg, the Regency renovation is part of the company’s major plan to expand its hotel division in New York City.

Renovation at the 354-room hotel will be done in phases to avoid any service disruptions; an estimated completion date was set for February 2014, just in time for the National Football League’s Super Bowl, which will be held at MetLife Stadium in East Rutherford. According to the same source, the Tisch family—the founders of Loews Corp.—own 50 percent of the New York Giants, whose shared home happens to be MetLife Stadium.

In other news, Canada-based commercial real estate services company Avison Young announced the hiring of industry leader David Eyzenberg as a principal in the company’s recently opened New York City office. Effective immediately, David Eyzenberg will focus on entity and asset recapitalization, financing debt and property acquisitions. He will also serve as advisor for Canadian and domestic institutions regarding structured ground lease transactions and other appropriate U.S. investment opportunities.

Prior to joining Avison Young, Davin Eyzenberg (pictured) was managing director and head of the commercial real estate division for New York-based financial advisory firm NewOak Capital. His notable transactions at the company include obtaining $14 million of joint-venture equity for the purchase of a New York development site by a private owner, arranging a $28 million pre-development bridge loan for a New York-based developer and structuring a $17 million blanket mortgage on seven multi-state assets for a private family.

Loews Regency Hotel New York main entrance courtesy of Loews Hotels website