Some investors are looking to kick off the New Year with a New York City hotel in their pockets, indicating a possible uptick in the market come 2014.
Among them is American Idol producer Simon Fuller, whose sights are set on the Standard High Line, developed by Andre Balazs, for which he’ll reportedly pay roughly $450 million. The London New York hotel at 151 West 54th Street is also on the block, with owner the Blackstone Group looking for at least $500 million, as The Real Deal reported.
Simon: “Some of them won’t close by the end of the year but I haven’t seen this many large assets on the market in a long time,” Justin Magazine, vice president of Savills Hospitality Group, told the New York Observer. Balazs hired Savills to find an investor for the Standard.
Banks are offering up to 75 percent lending in hotel deals, the Observer reported. [NYO] — TRD