Walsh Associates To Manage Renovations At Deerhurst Resort, Hilton Woodcliff Lake
RYE, NY – May 23, 2002 – Walsh Associates, an industry leader in hotel project management and furniture, fixtures and equipment (FF&E) purchasing, has been tapped by New Castle Hotels to manage more than $2 million in renovations at two premier properties managed by the company: Deerhurst Resort in Huntsville, Ontario, and Hilton Woodcliff Lake in Woodcliff Lake, NJ.
At the 100-year-old Deerhurst Resort, Walsh Associates will manage a $2.7 million (Canadian) renovation and FF&E purchasing project for the resort’s privately owned condominiums. Walsh is providing turnkey services, including construction, FF&E purchasing and installation. The project is being funded by the condos’ private owners.
In order to secure the condo owners’ participation, Walsh made minimum cost assumptions, priced the project and presented the owners with a guaranteed final price, all without knowing the final number of owners who would participate. Because Walsh handles both project management and FF&E purchasing, the company is able to combine costs and provide owners with an economical, lump-sum project package. The project is expected to be completed in December 2002.
Walsh is also managing a $1.1 million renovation of the Hilton Woodcliff Lake’s Grand Ballroom. The project, to be completed in just 22 working days, will include replacing the ceiling and installing state-of-the-art lighting and controls in the ballroom, and renovation of meeting rooms, pre-function area and public restrooms.
Walsh will achieve the tight time frame through early planning, firm budgeting, purchasing FF&E and long lead items early, and closely monitoring the project schedule, according to William Walsh, president of Walsh Associates. The project is the first phase of a two-phase renovation at Hilton Woodcliff Lake.
New Castle Hotels of Shelton, CT, manages Deerhurst Resort and Hilton Woodcliff Lake on behalf of Cornerstone Real Estate Advisers of Hartford, CT, the asset management arm of Massachusetts Mutual Life Insurance Company.
Founded in 1994, Walsh Associates has managed and/or provided purchasing services on more than 80 projects, and managed over $100 million in construction projects and $80 million of FF&E. Walsh Associates’ singular expertise lies in providing both project management and FF&E purchasing services, creating seamless project solutions that save owners time and money. For more information, contact William Walsh at
(914) 690-9790, or visit their website at www.walshworks.com.
Cornerstone Real Estate Advisers, Inc. (Cornerstone) is a Registered Investment Advisor headquartered in Hartford, Connecticut. It maintains regional offices in Chicago, Hartford, and Los Angeles, and a REIT securities office in New York City. As of December 31, 2001, Cornerstone managed over $3.5 billion of equity real estate assets located throughout the United States, with a limited number of real estate assets located in Canada. Cornerstone was established in 1994, as an indirect, wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual) of Springfield, Massachusetts.
The MassMutual Financial Group – with over $200 billion in assets under management – is a global, growth-oriented, diversified financial services organization whose companies offer a broad portfolio of asset management and insurance products and services. Our family of companies provide life insurance, annuities, disability income insurance, long term care insurance, retirement planning products, trust services, money management and other financial products and services. The MassMutual Financial Group is a marketing name for Massachusetts Mutual Life Insurance Company (MassMutual) and its subsidiaries, which include: OppenheimerFunds, Inc.; David L. Babson & Company Inc.; Cornerstone Real Estate Advisers, Inc.; MassMutual International, Inc.; MML Investors Services, Inc; Persumma Financial LLC; The MassMutual Trust Company, FSB; Antares Capital Corporation; MML Bay State Life Insurance Company and C.M. Life Insurance Company. MassMutual's web site is www.massmutual.com.
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