Shoreham, Mansfield hotels hit the market

March 14, 2011 10:19AM

From left: The Shoreham Hotel, the Franklin Hotel and the Mansfield hotel

Ark Investment Partners’ Willow Hotels portfolio, which includes three Manhattan properties, has hit the block after hungry investors convinced the company to explore a sale, according to Crain’s. Willow’s Shoreham Hotel, at 33 West 55th Street, the Mansfield hotel, at 12 West 44th Street, and the Franklin Hotel, at 164 East 87th Street, contain a total of nearly 350 rooms. Also included in the five-property portfolio are the Hilton Embassy Row in Washington, D.C. and a hotel in Quebec City. CB Richard Ellis’ William Shanahan, Bradley Burwell and Ron Danko have been tapped to help Willow sell, recapitalize or find joint venture partners for the properties. Burwell said his team, which began marketing the portfolio a week ago, is hoping to close a deal by mid-summer after having already received multiple inquiries from private equity firms and hotel operators. Not included in the sale is a 250-room hotel development at 120 West 57th Street, where Ark is hoping to break ground within six weeks. Slated to open in 2013, the company is considering calling it the Willow hotel. [Crain’s]