For sale: Jolly Madison hotel on East 38th Street

April 18, 2012 12:00PM

The Jolly Madison, a hotel at Madison Avenue and 38th Street, is up for sale, Crain’s reported. Madrid, Spain-based NH Hotels, the current owner, has tapped Jones Lang LaSalle to sell the 242-room property, Crain’s said.

No reason was given for why the Spanish company is exiting its only American asset.

Tom McConnell, an executive managing director for Cushman & Wakefield Sonnenblick Goldman’s global hospitality group, said the asset will likely draw significant interest, and estimated it would fetch near $500,000 per room, or $121 million.

“On an overall basis it is cheaper to buy than to build [a hotel],” McConnell said. [Crain’s]