Carlyle part of $570M hotel package sale

New York /
Jul.July 29, 2011 07:02 PM

Maritz, Wolff & Co. have sold five hotels, including the Carlyle hotel at 35 East 76th Street, to Hong Kong billionaire Cheng Yu-tung for about $570 million, Bloomberg News reported. Cash flow at the Carlyle, which debuted in 1930, never dipped below $10 million annually during the recession, Maritz, Wolff co-founder Philip Maritz said. According to its website, the hotel has a view of the Manhattan skyline, fine antiques in many rooms, as well as “lush” child-sized bathrobes and slippers for younger guests. The other hotels are in Dallas, Santa Fe, and the British Virgin Islands.

Chinese investors are increasingly interested in investing in high-end hotels in large U.S. cities with the expectation of an influx of travelers from Asia, according to Alan Reay, president of Atlas Hospitality Group in Irvine, Calif., particularly with the growing Chinese middle class and the strength of the Chinese economy. Luxury hotels are of interest because high-end lodging has had a very large recovery after 2008 economic crisis. Revenue per available room at hotels with the priciest rooms rose 13 percent nationally to $171.56 in the first quarter, according to Smith Travel Research. [Bloomberg]


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