Shoreham, Mansfield hotels hit the market

TRD New York /
Mar.March 14, 2011 10:19 AM
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]


Related Articles

arrow_forward_ios
William Shanahan (Photo by Studio Scrivo)

The Closing: Bill Shanahan

Who needs New York? Garden State multifamily portfolio trades for $146M

Who needs New York? Garden State multifamily portfolio trades for $146M

The CVS at 99 Greenwich Avenue in Greenwich, Connecticut (courtesy of Midwood).

How much for that CVS building? In Greenwich, the price is $30M

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Vineyard Vines HQ sold in Stamford, Avon inks Rye deal & more Westchester and Fairfield real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

New heights for Everest as insurer inks North Jersey’s largest lease deal of 2019

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

Multifamily properties trade in Bridgeport, Toll Brothers buys in White Plains and more Westchester & Fairfield real estate news

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

Have no fear? Debt brokers say Deutsche Bank quelled concerns about real estate lending

arrow_forward_ios