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

New York /PRNewswire/ - 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.