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New York

NYC hotel sales up 148 percent in 2011

New York City’s hospitality market may be recovering from the recession, according to data from PropertyShark.com, which shows that sales in New York’s hospitality sector in 2011 were at a five-year high, up 148 percent over 2010 and 524 percent over 2009.

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There were 38 hotel sector transactions during the year totaling $3.2 billion, with an average selling price per transaction of $84 million, the highest value over the past seven years. Large transactions, of over $100 million, accounted for $2.3 billion in volume alone.

The median selling price per room, $207,511, dropped 23 percent compared to 2010. However, hotels like the Carlyle, which sold for $319 million in July, were sold at about $1.7 million per room. — Katherine Clarke

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Hotel Market