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Stabilis Capital Taps Hospitality Industry Leader Highgate To Turn Allegria Into World Class Destination
Hotel receives a number of upgrades and improvements over the past year
Oceanfront property ready for summer season with new food and entertainment options


Stabilis Capital, a New York-based investment firm with a specialty in rejuvenating commercial properties, has named industry-leader Highgate to manage the Allegria Hotel as it continues to transform the property into a world class destination. Highgate, a premier real estate investment and hospitality management company whose growing portfolio includes more than 100 properties in gateway cities worldwide, will oversee all operations of the 124,000 square-foot luxury oceanfront hotel.

"A world class luxury hotel needs world class management, and that is exactly what Highgate brings to the table," said Salman Khan, CEO and Managing Principal of Stabilis. "We're proud to take this property and turn it into something very special, both for the community and for visitors, who can now enjoy beautiful Long Beach with first rate accommodations, events and amenities."

"Since opening to much fanfare in 2009, The Allegria has proved to be a staple along the boardwalk in Long Beach," said Charlie Oddone, general manager, Allegria Hotel.  "Under our management, Highgate will further elevate the property with superior service and amenities for local residents and guests."  

Since taking over the hotel in late 2016, Stabilis has invested heavily in turning The Allegria into a jewel on the Long Beach Boardwalk.  The renovations will include updating guest rooms and common areas, a new heating and air conditioning system, opening rooftop pool service, a new coffee shop in the lobby, and upgraded menus and dining options, among other initiatives.

Open 365 days a year and situated just 25 miles from Manhattan in the picturesque city of Long Beach, Long Island, The Allegria is located at 80 West Broadway, Long Beach, NY 11561.  The deluxe beachfront hotel features 143 guest rooms, including 31 suites, an onsite restaurant & bar plus 12,000 square feet of meeting and event space.  Additional onsite amenities include a rooftop pool, poolside lounge chairs, direct beach access and on-site valet parking.

The hotel's contemporary and upscale dining venues include The Atlantica Restaurant and L'onda Lounge, which both face the boardwalk for sweeping views of the Atlantic Ocean. Every Saturday and Sunday, Allegria continues to host its famous brunch at The Atlantica, featuring delightful dishes and American classics by Executive Chef John Maffei.  A favorite among Long Beach locals and hotel guests, The Atlantica offers the only ocean view along with great food and drink specials. Outdoor seating is available seasonally.   

Allegria's ultra-modern event space includes the Grand Ballroom (which is divisible into two separate rooms), Jack's Rooftop Ballroom (with three walls of windows that have direct ocean views), the Atrium and several unique breakout rooms.  With a space for every occasion, the spectacular backdrop of the Atlantic Ocean is what sets the Allegria Hotel apart from all other venues in the vicinity.  Weddings on the beach, receptions on the Rooftop, conferences and executive retreats and dinners in the Grand Ballroom may all be customized for your special occasion.  The hotel also has the ability to accommodate upscale Bar & Bat Mitzvah's with facilities available for outside Kosher caterers to execute a special affair.

The hotel is perfectly situated only 11 miles from JFK International Airport, only three blocks from the Long Island Rail Road (LIRR), and is surrounded by activities such as surfing, paddle boarding, yoga & volleyball.  Also within walking distance to Long Beach's many restaurants and famous nightlife, Allegria is Long Island's premier luxury oceanfront hotel ideal for families, friends and business travelers looking for a convenient and luxurious retreat.  Under Stabilis' ownership and Highgate's management, Allegria will offer a world class experience as it hosts guests, locals and large scale events for many years to come.

ABOUT HIGHGATE

Highgate is a premier real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in U.S. gateway markets including New York, Boston, Miami, San Francisco and Honolulu. Highgate also has an expanding presence in key European markets through properties in London, Paris, Barcelona, Vienna and Prague. Highgate's portfolio of global properties represents an aggregate asset value exceeding $10B and generates over $2B in cumulative revenues. The company provides expert guidance through all stages of the hospitality property cycle, from planning and development through recapitalization or disposition. Highgate has created a portfolio of bespoke hotel brands and utilizes industry leading proprietary revenue management tools that identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the industry's most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, London, Dallas, Chicago and Seattle. For more information, visit highgate.com.

ABOUT STABILIS CAPITAL MANAGEMENT

Founded by Salman Khan in 2010, Stabilis specializes in asset oriented debt and other special situations, primarily in the United States.  Stabilis has completed hundreds of transactions with various counterparties, including regional, community and money-center banks, CMBS lenders and special servicers, and direct lending to borrowers.  Mr. Khan was formerly the head of the commercial and industrial loans group at Silver Point Capital LP and, prior to that, spent 12 years at Goldman Sachs in various leadership roles, investing firm capital in similar asset classes. 

TRB Advisors LP (TRB) has been an investor and strategic partner of Stabilis since its founding. TRB is the family office of Timothy Barakett and Mr. Barakett serves as the non-executive Chairman and Co-Founder of Stabilis with Mr. Khan.  Prior to forming TRB, Mr. Barakett was the Founder, Chairman and CEO of Atticus Capital LP, a global investment management firm.  

— Highgate

Source: PR Newswire, July 6, 2017
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Stabilis Announces Close for Fund V
Stabilis Fund V closed with $525 million in commitments from investors, taking the firm’s total raised funds to $1.7 billion since its founding 


Stabilis Capital Management, LP today announced it closed its Fund V with $525 million in commitments from investors. The closing of Fund V takes the firm’s raised funds to a total of $1.7 billion since its founding in 2010. The strong demand for Fund V at $525 million demonstrates not only the success of Stabilis, but also its investors’ confidence in the firm.

Stabilis’ success stems from innovative investments primarily in loans secured by commercial real estate with a prudent loan-to-value acquisition point. The firm focuses on identifying and creatively structuring new investment opportunities with high risk adjusted returns while mitigating downside risk.

"I am pleased with Stabilis' success and delighted by our continued ability to serve our investors. We look forward to continuing to use our specialized focus to invest in high return opportunities that are primarily secured by real estate and where we believe a compelling loan-to-value acquisition point helps protect against downside risk," said Stabilis co-founder and Managing Principal Salman Khan. "Despite the nearly decade long economic recovery in the US, Stabilis continues to find opportunities to purchase or originate high return opportunity loans secured by strong real estate assets where borrowers or sellers need access to liquidity quickly, allowing us to invest in attractive opportunities regardless of macroeconomic conditions."

Identifying, analyzing and structuring these opportunities are key to Stabilis' success and have enabled the firm to create an attractive niche investment platform in the market. Stabilis plans to build on its record of success established with its previous Funds.

“Salman has built a first-class organization with a talented team and a strong pipeline of transaction flow and investment opportunities that is commensurate with the growth of the Funds. I believe that this, coupled with the strong returns that Stabilis has produced to date, is reflected in the increasingly positive response to the last several capital raises,” said Tim Barakett, Chairman of TRB Advisors LP (TRB). “All of these factors are hallmarks of Stabilis’ accomplishments to date and indicators of what we see for the future of Stabilis.”

"Stabilis continues to provide TRB and all of its investors with consistent, attractive and stable returns,” said Tim Barakett. “TRB has witnessed firsthand the growth of Stabilis and I am proud of what Salman has built. As I like to say, ‘performance is the product’ and Salman continues to deliver a great product. TRB's continued confidence in Stabilis' investment strategy is evidenced by it continuing to be one of the largest investors in Stabilis Fund V."

About Stabilis’ Investment Management:

Founded in 2010, Stabilis purchases and originates high return opportunity secured commercial loans with a strong margin of safety primarily in the United States. The firm is able to identify and invest in attractive opportunities because of the experience, expertise and long track record Managing Principal and co-founder, Salman Khan, and Stabilis’ 24-person investment team. Mr. Khan was formerly the head of the commercial industrial loan group at Silver Point Capital LP and, prior to that, spent 12 years at Goldman Sachs in various leadership positions leading to several successful investments in the US and Latin America.

TRB Advisors LP (TRB) has been an investor and strategic partner of Stabilis since its founding. TRB is the family office of Timothy Barakett and Mr. Barakett serves as the non-executive chairman and cofounder of Stabilis with Mr. Khan. Prior to forming TRB, Mr. Barakett was the Founder, Chairman and CEO of Atticus Capital LP, a global investment management firm. 

— Stabilis Capital Management, LP

Source: PR Newswire, July 5, 2017
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Stabilis Fund IV Launch

Stabilis Capital Management, the New York fund manager backed by the family office of former hedge fund manager Timothy Barakett, has closed its fourth distressed debt fund oversubscribed at $540 million.
The fund sponsor set a $500 million target for the vehicle, it said in an e-mailed statement in response to questions regarding the fundraising. The fund had a hard cap of $600 million, according to regulatory filings.
Amid strong investor demand for distressed opportunities, the fund eclipsed the sponsor's previous vehicle, its third, which secured $350 million in commitments.
TRB Advisors, Barakett's family office, is the fund's biggest investor and Barakett serves as Stabilis's non-executive chairman. Stabilis spokesman Andrew Moesel at Weber Shandwick declined to say how much TRB had committed to the vehicle.
Barakett founded and built hedge fund manager Atticus Capital LLC before returning investors' money and winding down the firm in 2009. He established TRB in 2010.
Stabilis had performed impressively and has an exciting investment pipeline, Barakett said in a separate e-mail response.
Stabilis, based in New York, had tapped 36 investors at the time of its first close, according to a January regulatory filing. These included a $50 million investment from the University of Michigan’s endowment, according to university documents.
Investors included a range of public and private pensions, family offices, financial institutions and endowments, the firm said.
University of Michigan interim executive vice president and chief financial officer Douglas Strong did not respond to an e-mailed request for comment. Stabilis Capital is run by co-founder and Chief Investment Officer Salman Khan, who spent six years as the head of Silver Point Capital LP's commercial and industrial loans business.
Stabilis will invest in debt secured by hard assets including real estate, and other opportunistic deals. The fund will focus on the U.S. but may opportunistically invest in Northern Europe, according to documents from the University of Michigan.
Stabilis raised a $350 million fund, its third, in 2013 following a $180.6 million fund the year before, according to data compiled by Bloomberg.  

—Ainslie Chandler 
 
Source: Bloomberg Brief: Private Equity, February 11, 2015
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Stabilis Fund III Launch
 

Stabilis Starts Third Fund with $350 Million Stabilis Capital Management LP, the New York-based firm that invests in distressed commercial real estate loans, started its third fund with $350 million in commitments last month, according to a person familiar with the matter.  Stabilis Fund III, run by Managing Partner Salman Khan, invests in the distressed commercial whole-loan market and in non- performing commercial loans in the $1 million to $25 million range, and has closed to new commitments, said the person.  About 30 percent of the portfolio can be in performing loans, real estate and European investments, the person said.  The firm’s Stabilis Fund I and II are similar strategies also run by Khan.  The first closed to new investments in October 2011 with about $50 million in commitments and the second closed in June with around $200 million, the person said.  The first two funds are currently liquidating existing investments, which typically have an 18-month investment period.  Fund I has resolved more than two-thirds of the capital invested and Fund II about 14 percent of the money.  Khan has managed Stabilis since September 2010.  He was formerly head of the commercial and industrial loans group at Silver Point Capital LP.  Konstantin Shishkin, a spokesman for Stabilis, declined to comment on the start of the fund.
 

—Kelly Bit
 
Source: Bloomberg Brief: Hedge Funds, July 23, 2013
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Stabilis Fund II Launch

TRB Advisors Seeds New Stabilis Capital Fund
 

TRB Advisors LP, the family office founded by Tim Barakett, seeded Stabilis Capital Management LP, the $200 million New York-based distressed commercial real estate loans hedge fund, according to a person familiar with the matter.  The fund started with $150 million in commitments, including TRB’s seed investment.  The firm started Stabilis Fund II, which makes investments in the distressed commercial whole-loan market, on Oct. 28, said the person.  The fund invests in smaller nonperforming commercial loans and is open to outside investors. The firm’s Stabilis Fund I is a similar strategy that has more than $50 million in commitments and closed in Sept.  2010.  Salman Khan, managing principal at Stabilis, manages the funds.  He was formerly head of the commercial and industrial loans group at Silver Point Capital LP for six years and a vice president at Goldman Sachs Group Inc. for 12 years.

—Kelly Bit

Source: Bloomberg Briefs November 29, 2011
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