Helmsley Hotel to be sold for $310M


Leona Helmsley and New York Helmsley Hotel
Host Hotels & Resorts, the real estate investment trust that owns the Four Seasons in Philadelphia, the St. Regis in Houston and 102 other luxury properties, has struck a deal to buy the New York Helmsley Hotel for between $310 million and $315 million, the Wall Street Journal reported. The deal, which works out to at least $401,000 per room, is the latest in a slow-moving liquidation process of the estate of Leona Helmsley, who died in 2007. Host, which was formed out of the spin off of Marriott International’s real estate holdings in 1993, is planning a $50 million-plus renovation of the 773-room property, at 212 East 42nd Street, though it will have to wait until the sale closes around the end of the quarter. CB Richard Ellis is representing the estate in the deal. [WSJ]

Sign Up for the undefined Newsletter