Archive for June, 2012
Family Triumphs with the Triumph Hotels
Posted by nycrushhour in Where to Stay on June 18, 2012
The Triumph Hotels, which include the Iroquois Hotel, the Chandler Hotel, the Belleclaire Hotel and the Washington Jefferson Hotel, are all owned by Shimmie Horn, a graduate of the Benjamin N. Cardozo School of Law.
The hotels, as well as numerous other properties throughout New York City, are part of a unique collection originally established by Shimmie Horn’s grandfather in the early 1950s. Focusing on emerging hotels and real estate in the area, Horn’s father continued to strengthen the business through the early 90s.
Immediately after his father’s unexpected death, Shimmie Horn was given the responsibility of the four Manhattan hotels. Seeing opportunity amidst the throes of the recession, Shimmie decided to enhance the business by refurbishing the venues.
First was the Iroquois Hotel on West 44th St. in 1996. Shimmie’s efforts paid off almost immediately when the hotel was invited to become the Manhattan flagship of Small Luxury Hotels of the World. The Iroquois’s Triomphe Restaurant’s award also proved a beneficial stepping stone for the hotels of Triumph Hospitality. Now, Triumph Hospitality includes four luxury hotels in Manhattan, with more than 200 in staff.
A Glimpse at a New York Business: Marc Lasry & Avenue Capital Group
Posted by nycrushhour in News on June 10, 2012
Marc Lasry
It’s always fascinating to learn about companies based in New York and the activities that they are doing. Avenue Capital Group, founded in 1995 by the brother-sister team Marc Lasry and Sonia Gardner, works to achieve attractive risk-adjusted returns with their focus on the distressed debt and undervalued securities of US companies.
Their US strategy is focused in three main areas. They focus on companies in financial distress, those in bankruptcy and those that are undervalued because of discrete extraordinary events. As of the end of January, 2013, their assets under management allocated to the Avenue US strategy section were estimated to be around $5.5 billion.
As they explain on their website, “Avenue’s experienced investment professionals seek “good companies with bad balance sheets”— firms with sustainable businesses and positive cash flow but whose financial situation is distressed. The investment team conducts extensive research and analysis using Avenue’s top-down/bottom-up approach to find undervalued opportunities and typically seeks to make non-operational control investments in troubled businesses. This provides the strategy maximum trading flexibility and allows Avenue’s investment professionals to focus on pre-investment research and analysis rather than post-investment operating issues.”
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