Queens Plaza North LLC put the 16-story, 136-key hotel’s leasehold interest up for sale, according to the Commercial Observer. There are 96 years remaining on the lease, and the ground owner is U.S. Realty Advisors.
The 63,839-square-foot hotel was built in 2008 and includes the Juquila Bar & Lounge, as well as a fitness center and meeting space. Daniel Peek and KC Patel of HFF are listing the property.
U.S. Realty Advisors bought the property in 2014 for $22.4 million, and it could fetch between $34 and $40.8 million on the market, one source told the publication.
The 50-story, 492-key Holiday Inn in the Financial District is on the market as well. It is the tallest Holiday Inn in the world, and developer Jubao Xie hopes to get more than $300 million for it.
An analysis by The Real Deal found that Long Island City was the most popular outer borough neighborhood for hotels by a long shot, with developers planning 45 new hotels in the area since 2010. [CO] – Eddie Small
Correction: Due to an error in the source material, this post originally misstated the company that had put the hotel’s leasehold on the market.