New York, June 28, 2000-Jones Lang LaSalle Hotels has arranged the sale of The Sutton, an 84-room, luxury hotel and townhouse located on Manhattan's Upper East Side. The property was sold on behalf of The Hongkong and Shanghai Hotels Ltd. - owner of the Peninsula Hotel Chain -- to Glenwood Management.
Glenwood Management owns more than 15 luxury, residential properties in Manhattan. With this acquisition, Glenwood is the proprietor of three buildings on the same block - The Bamford at 333 East 56th Street, The Bristol at 300 East 56th Street and The Sutton at 336 East 56th Street.
According to Arthur Adler, Managing Director, Americas, of Jones Lang LaSalle Hotels, The Sutton is a hybrid
between a five-star hotel and an elegant residential property. It fills a niche in the long-term stay and executive relocation market. It is an excellent investment since it is less subject to fluctuation in market wide occupancies.
Per Mark Vollmer, Senior Vice President of Jones Lang LaSalle Hotels, The Sutton is well positioned between Midtown's office core and Sutton Place and is an ideal complement to Glenwood's existing portfolio of luxury residential buildings. The Sutton also attracted investment interest from transient hotel operators and condominium converters, but the market for residential hotels offered the best returns.
Built in 1928, The Sutton completed a $17 million renovation in 1991. Saks Fifth Avenue, Bergdorf Goodman and Tiffany's are among many marquee retailers within a ten-minute walk of the property. The United Nations, Memorial Sloan Kettering Cancer Center, New York-Presbyterian Hospital and Grand Central Terminal are equally close by.
Jones Lang LaSalle Hotels, the leading hotel investment banking services group in the world, provides clients with
value-added investment opportunities and advice. Jones Lang LaSalle Hotels' services include transactions, mergers and acquisitions, financial advice and capital raising, valuation and appraisal, asset management, strategic planning, operator assessment and selection and industry research. Jones Lang LaSalle (NYSE: JLL) is the world's leading real estate services and investment management firm, operating across more than 100 key markets on five continents.
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