Algonquin Hotel may be sold

New York /
Jun.June 02, 2011 09:03 AM

The Algonquin Hotel, the landmarked, 174-room property that’s been bought and sold four times in the last 15 years, may be about to change hands once again. According to the Post, HEI Hotels & Resorts is negotiating to sell the 59 West 44th Street property to Cornerstone Real Estate Advisers, a MassMutual-owned investment group that manages 37 hotels and has a debt portfolio of 34 loans on 45 hotels. The Algonquin — famous for its feline mascot (Mathilda now has her own email address), and for the one-time daily Round Table writers’ meetings begun by Dorothy Parker, Robert Benchley and Robert Sherwood — last changed hands in 2005 for $74 million, or $425,000 per room. HEI’s $35 million mortgage on the property was on a Real Estate Alert watch list last year, when the hotel also joined the Marriott brand as part of its Autograph collection. Room rates for this weekend range from $229 to $359 per night. [Post]


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Five Jamaica Estates homes fit for a king (of Queens)
Five Jamaica Estates homes fit for a king (of Queens)
Five Jamaica Estates homes fit for a king (of Queens)
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
City’s tallest warehouse could be coming to Queens
(Getty)
Weekly home listings hit record low
Weekly home listings hit record low
Bromley Companies CEO Neal McGraw (Bromley, 122 Fifth Ave)
Microsoft’s Manhattan landlord scores $170M loan
Microsoft’s Manhattan landlord scores $170M loan
Facebook parent grabs another 1M sf in Bay Area
Facebook parent grabs another 1M sf in Bay Area
Facebook parent grabs another 1M sf in Bay Area
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...