Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that it has completed the acquisition of the 310-room Embassy Suites by Hilton New York Midtown Manhattan for $195 million ($629,000 per key). continue reading →
Hilton Grand Vacations purchased the 17-story property with plans to convert the existing 208 hotel rooms into 212 studios and one- and two-bedroom timeshare units. continue reading →
Westgate Resorts announced yesterday the acquisition of the former Hilton New York Grand Central, a 23-floor, 300-room, two-tower hotel located in the historic Tudor City neighborhood within the heart of Midtown Manhattan's East Side that has been rebranded Westgate New York City. continue reading →
According to reports, the hotel is set to sell on June 25 to Shahal Khan and Kamran Hakim. Khan is the founder of Dubai-based White City Ventures, while Hakim founded the NYC based real estate company the Hakim Organization. continue reading →
Sapir Corp Ltd. announces the acquisition of additional 49% interest in the NoMo-SoHo Hotel, located in SoHo, Manhattan, New York from a trust-owned corporation for the benefit of Mr. Gerard Guez and his wife, Mrs. Jacqueline Rose. continue reading →
FelCor Lodging Trust Incorporated (NYSE: FCH) yesterday announced that it has sold its 168-room Royalton New York hotel to a joint venture between Rockpoint Group and Highgate for gross proceeds of $55 million. continue reading →
FelCor Lodging Trust Incorporated (NYSE: FCH) yesterday announced that it has sold its 117-room Morgans New York hotel for gross proceeds of $37 million. FelCor will use net proceeds to repay borrowings under its line of credit. continue reading →
The sale price of $217.5 million reflects a 19.9x EBITDA multiple and a 4.1% net operating income capitalization rate (after an assumed annual capital reserve of 4.0% of total hotel revenues) based on the hotels 2016 projected operating performance. continue reading →
Pebblebrook Hotel Trust (NYSE: PEB) today announced that it has executed a purchase and sale agreement to sell the 618-room, upper upscale, full-service Manhattan NYC in New York, New York for $217.5 million to a third party. continue reading →