Re: Alrose Allegria, LLC – Case # 15-11760 (SHL) & Alrose King David, LLC – Case # 16-10536 (SHL) –
Jointly Administered
All Events To Be Honored & Bookings Still Being Pursued
CENTRAL ISLIP, N.Y., June 13, 2016 (GLOBE NEWSWIRE) -- On Tuesday, July 19th, 2016, at 1pm, from the rooftop of the Allegria Hotel, located at 80 West Broadway in the heart of Long Beach, NY, overlooking the boardwalk, beach and ocean, Maltz Auctions, an award-winning full-service auction company serving the New York metropolitan region, will auction the stunning 143 room hotel. The new owner will have the option of retaining Highgate Hotels®, the highly regarded management company in place since April 2016. All events will be honored as contracted and new bookings are still being pursued.
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/5c01f297-4e52-4caa-9d81-341e910ee6e6
This auction was authorized by order of the United States Bankruptcy Court Southern District of New York. Maltz Auctions has been retained by Kenneth P. Silverman, Esq. as chapter 11 trustee, represented by Silverman Acampora LLP.
“Since my appointment as the operating trustee, we have successfully stabilized the operations of the hotel and returned it to profitability,” said Kenneth P. Silverman. “We have initiated several important improvements, including an enhanced food and beverage service and the retention of a renowned management company to facilitate an improved hotel experience. The hotel is situated on prime, ocean front property offering the finest amenities and provides an exciting opportunity to own and operate one of the most prestigious and prominent properties on all of Long Island.”
“This is an incredible opportunity for the right organization to purchase Long Island’s only luxury oceanfront hotel. With 143 high-design guest rooms, the renowned Atlantica by the Ocean restaurant, the L’Onda Lounge, the rooftop infinity pool, and a multitude of events booked for the upcoming season, this is a rare chance to purchase such an iconic, fully operating, turn-key property,” said Richard Maltz, president of Maltz Auctions. “The sale includes all real, personal and intellectual property associated with the Allegria Hotel.”
Property Details:
- 80 West Broadway, Long Beach, NY 11561
- Prime location- Ideally located directly on the boardwalk
- Rooms, Restaurant and Event Spaces all benefit from spectacular waterfront views
- Event Spaces range from the Conference and Wine rooms to the 3,100+ sq. ft. Grand Ballroom and 4,600 sq. ft. indoor Penthouse and adjoining outdoor rooftop with pool
- Ground level parking garage with approximately 70 valet parking spaces
- $40 million concrete reinforced Boardwalk recently completed along 2.2 miles of beach to help protect against future water damage
- 20 minutes (10 miles) from JFK International Airport
- 50 minutes (25 miles) from Midtown Manhattan via the Long Island Rail Road
- Seven blocks from Long Beach train station
Additional Information:
- 124,405 sq. ft. hotel & 11,932 sq. ft. covered parking garage
- Frontage on West Broadway & Boardwalk
Confidentiality Agreement: Please complete the agreement for access to the data room with additional information.
Inspections/Viewings: Available by appointment.
Bidder Qualification Deadline: Monday, July 18th, 2016 before 5pm. See attached Sales Procedures for details.
Auction Date and Time: Tuesday, July 19th at 1pm. Only qualified bidders as defined in auction Sales Procedures are qualified to participate. Registration begins at 11am.
Auction Location: Allegria Hotel, 80 West Broadway, Long Beach, NY 11561
Terms & Conditions of Sale/Sales Procedures: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a bank check in the amount of $2 million made payable to “Silverman Acampora LLP Attorney Escrow IOLA Account”. Within 48 hours following the auction, Successful Bidder must post a deposit in the total amount of 13% of the high bid. Closing must occur within 30 days following court approval, unless Successful Bidder posts an additional 10% deposit which will provide Successful Bidder with a 20 day extension. Please download the complete Sales Procedures.
Buyer’s Premium: A three (3%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.
Buyer Broker Participation: A one (1%) percent commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.
This offering is just one of many properties – including luxury residential and commercial, distressed and non-distressed real estate – auctioned by Maltz Auctions. In addition to real estate, Maltz Auctions specializes in personal and intellectual property auctions. The company also offers expertise in liquidations, appraisals, and real estate brokerage.
For details about additional upcoming auctions visit MaltzAuctions.com.
About Maltz Auctions:
Maltz Auctions is a premier, full-service auction company specializing in creating liquidity through the auction method of marketing. Now a $100+ million company with an impeccable reputation for professionalism, integrity and success, Maltz Auctions has conducted thousands of auctions and generated over $2 billion in sales on behalf of such clients as the U.S. Bankruptcy Courts and financial institutions throughout the country, the U.S. Department of Justice, the Securities and Exchange Commission, the Internal Revenue Service, N.Y. State Department of Taxation & Finance, Court Appointed Receivers, Estate Executors and Public Administrators, as well as law firms, private individuals and corporations, nationwide. Maltz Auctions is court approved to act as auctioneers, real estate brokers and receivers. The 35-year-old firm is nationally recognized as a trusted name in excellence and achievement.
Hi-resolution images available upon request.