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From: Online.WSJ.com: Companies Pay $280 Million in Deal That Values Miami...
Carmel suffers from a paradox that many places would beg to have: It has so many quaint, historic homes, so many gleaming galleries filled with rare artworks, so many beautiful beaches and sweeping cliff-side vistas that the area seems almost a fantasy. But if you work it just right, as my sweetheart, Alice, and I did for a recent stay, you can dodge some of the area’s high lodging prices, break an actual sweat charging up those cliffs and even live it up a bit with the locals.
When you take over something, especially something this big, there is a lot of renovation involved. Basically, it’s being built from the ground up. According to Mr. Sheetz, what makes the project so challenging, is the name itself. The Chelsea Hotel is one of the largest.
The company has been at the forefront of overseas investments as well with more than 80 individualized investments in Europe, Asia, South America and North America. The firm was founded by Pierre F. Lapeyre, Jr. and David M. Leuschen who are famed for their association with Goldman Sachs Global Energy & Power Group back in the mid-1980s when this partnership was credited with boosting investor commitments over the $1 billion mark.