Ivanka, after taking over the position of CEO of Marriott International Hotel Group, how do you feel? Will there be a lot of pressure?Chen Hao asked.
It's okay.Ivanka Zhanyan smiled and said: Life is fulfilling, everything is orderly. Marriott International has its own professional team. In fact, there are not so many things I need to worry about.
Are there any new projects in the hotel recently?Chen Hao asked.
There is Ah, ready to build a brand new hotel in New York.Ivanka thought for a while and said: However, I think with the current hotel scale of Marriott International, it may not be just about developing a hotel, but also about real estate business.
Chen Hao smiled and said: You want to go back to your old career.
No, real estate projects are an indispensable economic industrial chain in any country.Ivanka smiled and said: If Marriott International can make achievements in real estate, it will be very helpful to the company's influence and business expansion, and it can also diversify the company's industrial chain.
It is a good thing that the company has a diversified industrial chain, but Marriott International Hotel mainly focuses on operating hotels, and does not distinguish between the primary and secondary.Chen Hao reminded.
I know, of course I understand this.Ivanka's beautiful eyes shine: So do you consider buying a landmark in New York?
Is it what you mean?Chen Hao asked.
This project is the first project I have promoted since taking over Marriott International, so I hope you can support me.Ivanka blinked his almond eyes twice.
Have a goal?Chen Hao asked, patting Ivanka's jade hand.
Skyscraper, 666 Fifth Avenue, New York.Ivanka said.
Tell me why you want to buy this building?Chen Hao asked.
Ivanka said: This is a 40-storey office building built in the 1950s with aluminum panel facade. The 39th floor of this building is one of the top ten private clubs in the United States. So buying this building is very helpful for us to establish a deeper and wider connection, and we can also renovate the building and transform it into a skyscraper with shopping malls, hotels and residences.
Cindy Crawford lamented Ivanka's big investment. Ivanka's way of doing this is considered a big investment in Ah. Her and her husband's venture capital company, and those so-called investments are just small fuss.
What is the budget for buying this building?Chen Hao played with Ivanka's slender jade fingers, and his eyes glanced at her neckline without looking, with the snowy fragrant skin, and the seductive curve.
Ivanka's pretty face turned red and gave Chen Hao a blank look, as if she was saying that there was someone else. She continued to speak: The budget is about $1.5 billion, and it may continue to increase by $1.00 billion. After all, the two companies that own this building are Tieshimen Real Estate and Germany's TMW Company, so we can't get any advantage.
Chen Hao tapped the dining table with his fingers, as if he was seriously thinking about how feasible the project proposed by Ivanka was.
Ivanka is also waiting for Chen Hao's decision. She knows that although she is the CEO of Marriott International Hotel Group, if Chen Hao disagrees, she can't do anything.
In fact, Chen Hao was checking the information of the Skyscraper at 666 Fifth Avenue in New York through the system. He didn't know if he didn't check it, and he was shocked when he checked it.
Chen Hao looked at Ivanka meaningfully, which made Ivanka a little strange, why did her boyfriend look at her like this?
It turned out that this skyscraper at 666 Fifth Avenue was acquired by Kushner Real Estate Company in his previous life, and Kushner Real Estate Company is the family industry of Ivanka's husband Jared Kushner in another time and space.
Ivanka actually chose to buy this building by such a coincidence. What should Chen Hao say? It’s a little unhappy, but he won’t be angry with Ivanka for something that hasn’t happened yet.
However, from a purely commercial perspective, Ivanka's acquisition is not necessarily a wise choice.
Kushner, which acquired the Skyscraper at 666 Fifth Avenue in New York, announced in 2018 that it would lease the Skyscraper at 666 Fifth Avenue in New York to Brookfield Asset Management for a lease term of 99 years.
Brookfield Asset Management will control the building with a 100% lease and will pay the entire 99-year rent in advance to ensure that Kushner can repay the remaining mortgage loans previously closed to the skyscraper.
The central Manhattan building makes the deal attractive, said Richard BClark, senior managing partner of the company:
With its main location, convenient transportation and the improvement of related facilities, the 666 Fifth Avenue skyscraper is likely to be one of the most iconic and successful office buildings in New York City.
Brookfield Asset Management, which took over, is planning a massive renovation of the 41-story building built in the 1950s.
In 2007, Kushner Real Estate bought the skyscraper at 666 Fifth Avenue, New York for a record sale price of $1.8 billion.But at that time, Kushner only paid a down payment of $50 million, and another $53.5 billion in short-term high-interest loans and $1.2 billion in mortgage loans.
With the outbreak of the financial crisis, this building that was taken over at a high level became a hot potato. Even Kushner, the number one in the United States, was unable to get rid of the high-value repayment pressure brought by purchasing the building.
As the subprime mortgage crisis swept the United States, the New York real estate market took a sharp decline. The Kushner family, who had a tight capital chain, had paid off high bank debts by selling the equity of Building 666 and most other asset portfolios in order to prevent the office building from being taken away by the bank.
In 2011, Kushner also sold 495% of the equity in the commercial shopping area and high-rise office area on the ground floor of Building 666 to real estate trust Vrnad Alty Trust, which helped Kushner repay short-term loans, but still had $600 million in mortgage loans left.
Since then, Kushner contacted Bernard Arnault, CEO of France's richest man LVMH, South Korea's sovereign wealth fund, National Bank of Israel, Qatar billionaire Sheikh Hamad bin Jassim Al Thani, etc., and even targeted Chinese retail investors, but the investment is still not settled, and the remaining loans will expire on February 19, 2019.
So by counting this way, the Skyscraper at 666 Fifth Avenue, New York is not necessarily a good project!
It's okay.Ivanka Zhanyan smiled and said: Life is fulfilling, everything is orderly. Marriott International has its own professional team. In fact, there are not so many things I need to worry about.
Are there any new projects in the hotel recently?Chen Hao asked.
There is Ah, ready to build a brand new hotel in New York.Ivanka thought for a while and said: However, I think with the current hotel scale of Marriott International, it may not be just about developing a hotel, but also about real estate business.
Chen Hao smiled and said: You want to go back to your old career.
No, real estate projects are an indispensable economic industrial chain in any country.Ivanka smiled and said: If Marriott International can make achievements in real estate, it will be very helpful to the company's influence and business expansion, and it can also diversify the company's industrial chain.
It is a good thing that the company has a diversified industrial chain, but Marriott International Hotel mainly focuses on operating hotels, and does not distinguish between the primary and secondary.Chen Hao reminded.
I know, of course I understand this.Ivanka's beautiful eyes shine: So do you consider buying a landmark in New York?
Is it what you mean?Chen Hao asked.
This project is the first project I have promoted since taking over Marriott International, so I hope you can support me.Ivanka blinked his almond eyes twice.
Have a goal?Chen Hao asked, patting Ivanka's jade hand.
Skyscraper, 666 Fifth Avenue, New York.Ivanka said.
Tell me why you want to buy this building?Chen Hao asked.
Ivanka said: This is a 40-storey office building built in the 1950s with aluminum panel facade. The 39th floor of this building is one of the top ten private clubs in the United States. So buying this building is very helpful for us to establish a deeper and wider connection, and we can also renovate the building and transform it into a skyscraper with shopping malls, hotels and residences.
Cindy Crawford lamented Ivanka's big investment. Ivanka's way of doing this is considered a big investment in Ah. Her and her husband's venture capital company, and those so-called investments are just small fuss.
What is the budget for buying this building?Chen Hao played with Ivanka's slender jade fingers, and his eyes glanced at her neckline without looking, with the snowy fragrant skin, and the seductive curve.
Ivanka's pretty face turned red and gave Chen Hao a blank look, as if she was saying that there was someone else. She continued to speak: The budget is about $1.5 billion, and it may continue to increase by $1.00 billion. After all, the two companies that own this building are Tieshimen Real Estate and Germany's TMW Company, so we can't get any advantage.
Chen Hao tapped the dining table with his fingers, as if he was seriously thinking about how feasible the project proposed by Ivanka was.
Ivanka is also waiting for Chen Hao's decision. She knows that although she is the CEO of Marriott International Hotel Group, if Chen Hao disagrees, she can't do anything.
In fact, Chen Hao was checking the information of the Skyscraper at 666 Fifth Avenue in New York through the system. He didn't know if he didn't check it, and he was shocked when he checked it.
Chen Hao looked at Ivanka meaningfully, which made Ivanka a little strange, why did her boyfriend look at her like this?
It turned out that this skyscraper at 666 Fifth Avenue was acquired by Kushner Real Estate Company in his previous life, and Kushner Real Estate Company is the family industry of Ivanka's husband Jared Kushner in another time and space.
Ivanka actually chose to buy this building by such a coincidence. What should Chen Hao say? It’s a little unhappy, but he won’t be angry with Ivanka for something that hasn’t happened yet.
However, from a purely commercial perspective, Ivanka's acquisition is not necessarily a wise choice.
Kushner, which acquired the Skyscraper at 666 Fifth Avenue in New York, announced in 2018 that it would lease the Skyscraper at 666 Fifth Avenue in New York to Brookfield Asset Management for a lease term of 99 years.
Brookfield Asset Management will control the building with a 100% lease and will pay the entire 99-year rent in advance to ensure that Kushner can repay the remaining mortgage loans previously closed to the skyscraper.
The central Manhattan building makes the deal attractive, said Richard BClark, senior managing partner of the company:
With its main location, convenient transportation and the improvement of related facilities, the 666 Fifth Avenue skyscraper is likely to be one of the most iconic and successful office buildings in New York City.
Brookfield Asset Management, which took over, is planning a massive renovation of the 41-story building built in the 1950s.
In 2007, Kushner Real Estate bought the skyscraper at 666 Fifth Avenue, New York for a record sale price of $1.8 billion.But at that time, Kushner only paid a down payment of $50 million, and another $53.5 billion in short-term high-interest loans and $1.2 billion in mortgage loans.
With the outbreak of the financial crisis, this building that was taken over at a high level became a hot potato. Even Kushner, the number one in the United States, was unable to get rid of the high-value repayment pressure brought by purchasing the building.
As the subprime mortgage crisis swept the United States, the New York real estate market took a sharp decline. The Kushner family, who had a tight capital chain, had paid off high bank debts by selling the equity of Building 666 and most other asset portfolios in order to prevent the office building from being taken away by the bank.
In 2011, Kushner also sold 495% of the equity in the commercial shopping area and high-rise office area on the ground floor of Building 666 to real estate trust Vrnad Alty Trust, which helped Kushner repay short-term loans, but still had $600 million in mortgage loans left.
Since then, Kushner contacted Bernard Arnault, CEO of France's richest man LVMH, South Korea's sovereign wealth fund, National Bank of Israel, Qatar billionaire Sheikh Hamad bin Jassim Al Thani, etc., and even targeted Chinese retail investors, but the investment is still not settled, and the remaining loans will expire on February 19, 2019.
So by counting this way, the Skyscraper at 666 Fifth Avenue, New York is not necessarily a good project!
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