Apollo Real Estate Advisors LP

Michael Stoler, one of New York’s most recognizable real estate pundits, is out as a senior principal at Apollo Real Estate Advisors, an investment firm he joined in 2006. The Observer on Monday received a tip that Mr. Stoler had been fired, but efforts to reach him have been unsuccessful and Apollo has not responded to phone calls from earlier today. A call to Mr. Stoler was answered by someone at Apollo who told The Observer that Mr. Stoler is, “no longer affiliated with Apollo.”  read more »

The deal is in contract and is expected to close in February. A 73 percent share of the Time Warner Center hotel has been sold to Istithmar. According to the release from Mandarin Oriental International Limited, the luxury hotel is worth $340 million.

That puts the average room price at $1.37 million, which exceeds the $1.05 million per room that the W Hotel Union Square sold for in October (but less than the $1.4 million to $2 million range that was floating about last week). The Dubai-based Istithmar bought the W, too.

Mandarin Oriental will retain 25 percent of the Mandarin Oriental Hotel, down from 50 percent. And Apollo Real Estate and the Related Companies, which together once owned 50 percent as well, will now hold a (very) minority share. Mandarin will continue to manage the hotel under a long-term contract.