The Real Deal New York

The world’s tallest Holiday Inn is being shopped around

Chinese developer Jubao Xie looks to sell 50-story hotel in FiDi
By Mark Maurer and Will Parker | December 11, 2017 01:37PM

The hotel at 99 Washington Street (Credit: Google Maps and Hilton)

The tallest Holiday Inn in the world is up for grabs.

Chinese developer Jubao Xie is looking to sell the 50-story, 492-key Holiday Inn Manhattan-Financial District, The Real Deal has learned. There is no official asking price for the hotel, which opened in 2014, but sources said Xie is looking for just north of $300 million for the property.

Xie, who is based in China’s Jiangsu Province, developed the hotel at 99 Washington Street with Sam Chang and then bought him out in September 2014, property records show. The four-star hotel received a $135 million refinancing from UBS in October of that year.

Chang, who has developed several Holiday Inns in New York City, said he is no longer affiliated with the hotel. Xie couldn’t be reached, and the general manager for the property declined to comment.

The price per key, if it sells in the $300 million range, would be just over $600,000. Marcus & Millichap is marketing the property. The firm declined to comment.

Apart from his investment in the Holiday Inn, Xie developed a hotel in Redmond City, Washington through a company called HDS Investments, LLC, according to a report in the Beijing Review.

The hotel may be the tallest Holiday Inn, but it’s not the biggest. At a whopping 5,154 rooms, that crown goes to the Holiday Inn in Mecca, Saudi Arabia.

The hotel investment sales market has had a slow year, but it’s been buoyed by a few recent big-ticket deals. Those trades include Hong Kong investor Gaw Capital Partners’ $340 million purchase of the Standard High Line and Highgate’s nearly $200 million pending purchase of Gansevoort Park Avenue NYC.