Pebblebrook, Denihan split portfolio of 6 Manhattan hotels

Deal values the properties at a combined $820M

New York /
Oct.October 20, 2016 02:19 PM

Pebblebrook Hotel Trust and Denihan Hospitality Group have split up their portfolio of six Manhattan hotels in an agreement that values the properties at a combined $820 million.

Pebblebrook, the Bethesda, MD-based real estate investment trust, walked away with the 618-room Manhattan NYC hotel near Madison Square Garden and the 252-key Dumont NYC in Kips Bay, according to a press release issued Thursday.

The two properties were valued at $342.5 million.

“We are actively marketing these two hotels for sale and continue to be encouraged with the interest shown by the investment community, from both domestic and international investors, in high-quality Manhattan real estate,” Pebblebrook CIO Thomas Fisher said in a statement.

Pebblebrook, which owns 31 hotels throughout the country, bought a 49 percent stake in the portfolio for $152 million in 2011.

Denihan, a family firm headquartered in Midtown, now owns 100 percent of the Benjamin near the Waldorf-Astoria, Fifty NYC in Midtown East, Shelburne NYC in Murray Hill and Gardens NYC in Lenox Hill. Hunton & Williams’ Carl Schwartz and Anthony Bonan advised Pebblebrook. – Rich Bockmann


Related Articles

arrow_forward_ios
(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Hudson Yards megadevelopment inspires a new line of sex toys
Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio
Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
(Super Gen via Twitter/ArjunKharpal, Getty)

Ready players: 5M-sf e-sports complex rises in Shanghai

Ready players: 5M-sf e-sports complex rises in Shanghai
News of President-elect Biden’s $1.9T stimulus plan held promise for employment and economic activity. (Getty)

Real estate stocks hold gains even as market doesn’t

Real estate stocks hold gains even as market doesn’t
Tommy Hilfiger and his recently sold estate in Greenwich, CT. (Getty, Janet Milligan)

Tommy Hilfiger’s Greenwich estate sells for $45M

Tommy Hilfiger’s Greenwich estate sells for $45M
Jenna Ryan was part of a group who flew on a private plane from Denton, TX, to Washington, D.C., with the intention of joining the protestors (Twitter.com/DotJenna)

Texas Realtor faces criminal charges for role in Capitol attack

Texas Realtor faces criminal charges for role in Capitol attack
Kirk Goodrich, president of Monadnock Development, is opposed to the bill sponsored by Bran Lander. (Getty, Monadnock Development)

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers

Council bill favoring nonprofits for affordable housing will hurt minority-led firms: developers
arrow_forward_ios

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

Loading...