The New York Helmsley Hotel has drawn 15 different bidders — Tishman Hotel & Realty, for one, according to Crain’s, as the 773-room hotel clears its first round of bidding. Several of those potential buyers made offers exceeding $300 million, as industry insiders predict the second round of bidding for the hotel at 212 East 42nd Street near Third Avenue will be due by mid-December. Sean Hennessey, chief executive of Lodging Advisors market analytics group, said that the aggressive bids for the Helmsley are a good sign for the overall hospitality market in the city. “There are a lot of hotel-specific funds out there looking to put money to work,” Hennessey said. News that the Helmsley had hit the market first emerged in September. [Crain's]
Posts Tagged ‘lodging advisors’
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From the October issue: Keeping heads in beds has not been easy for New York City’s hotel
industry in this economy. Not only are tourists cutting back on
expenses, but companies — including those that not too long ago
readily put up their employees at five-star hotels — are also
massively scaling back.
In this month’s Q & A, hotel experts and operators talked to The Real Deal about why the hospitality industry has fallen further here than it has nationally.
They said revenue per room, or RevPAR, is down between 20 and 30
percent and that the luxury hotel market (not surprisingly) is getting
crushed hardest. -
Despite the weak hospitality market, a Japanese hotel company is moving ahead with plans to build a 699-unit hotel across the street from the Citibank tower in Long Island City, Queens, which if built would become the city’s largest hotel in the outer boroughs. The hotelier Toyoko Inn filed an application this month with the Department of City Planning seeking approval for a floor area bonus in exchange for building subway improvements, according to agency documents. The company bought the five parcels, with addresses 24-05 to 24-19 Jackson Avenue near 45th Avenue, in October 2007 for $17.75 million, records show. In May 2008, the hotel filed plans with the city Department of Buildings for the towering structure. [more]
