Hotel Market


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Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

Investors are betting that trouble in New York City’s commercial real estate market will spread nationwide. Prices for debt...

New York’s CRE woes could spread nationwide: investors
Magna CEO Robert Indeglia with the Courtyard by Marriott 307 West 37th Street and the Fairfield Inn & Suites at 325 West 33rd Street (Google; Magna)

Magna Hospitality emerges as New York’s hotel vulture

A New England private investment firm is quickly becoming the biggest vulture feasting on New York City’s distressed hotels....

Magna Hospitality emerges as New York’s hotel vulture
Ashkenazy Acquisition's Ben Ashkenazy and Marriott East Side at 525 Lexington Avenue (Google Maps)

Lawsuit accuses Marriott of misappropriating funds at East Side hotel

UPDATED, Oct. 14 2020, 3:30 p.m.: Marriott Hotels was sued by a Manhattan landlord for the alleged misappropriation of $12...

Lawsuit accuses Marriott of misappropriating funds at East Side hotel
Ian Schrager and the Pulic Hotel at 215 Chrystie Street (Getty; Google)

$60M mezz loan on Ian Schrager’s Public Hotel is for sale

Korean lender Shinhan Investment wants to sell its $60 million mezzanine loan on the Public Hotel on the Lower...

$60M mezz loan on Ian Schrager’s Public Hotel is for sale
The Martinique hotel (Wikipedia, Google Maps)

Operator of Martinique Hotel in Manhattan files for bankruptcy

UPDATED, Sept. 23, 4:45 p.m.: The operator of the Martinique hotel in Manhattan has filed for Chapter 11 bankruptcy...

Operator of Martinique Hotel in Manhattan files for bankruptcy
Courtyard by Marriott in Herald Square and Marriott CEO Arne Sorenson (Google Maps, Getty)

Courtyard by Marriott in Herald Square to close permanently

The wave of closures hitting New York City hotels has claimed another victim: Herald Square’s Courtyard by Marriott. The...

Courtyard by Marriott in Herald Square to close permanently
From left: Embassy Suites at 60 West 37th Street, Ashford Hospitality Trust CEO Douglas Kessler, Magna Hospitality Group CEO Robert Indeglia and Royalton Hotel at 44 West 44th Street (Ashford, Magna Hospitality, Google Maps)

Royalton, Garment District hotels sell at discounts

Some investors are seizing on the opportunity to snatch up hotels at significant discounts. Ashford Hospitality Trust Inc. has...

Royalton, Garment District hotels sell at discounts
Hilton CEO Christopher Nassetta and the hotel at 234 West 42nd Street (Google Maps; Getty; Hotel Planner)

Hilton Times Square to close permanently

The Hilton hotel in Times Square is closing its doors permanently. The 478-room hotel at 234 West 42nd Street disclosed its plans to permanently shutter in a filing with the New York State Department...

Hilton Times Square to close permanently
From left: Holiday Inn Express at Wall Street, Cindat CEO Greg Peng and Holiday Inn Express at Times Square (Credit: IHG/Booking and Cindat)

Cindat looks to sell stake in Manhattan hotel portfolio at discount

A Chinese private equity firm is looking to sell a stake in its large Manhattan hospitality portfolio at a...

Cindat looks to sell stake in Manhattan hotel portfolio at discount
Thor Equities’ Joseph Sitt and Palmer House Hilton at 17 East Monroe Street (Google Maps)

Joe Sitt’s Thor faces massive foreclosure suit at trophy Chicago property

Joe Sitt’s Thor Equities is facing a $338 million foreclosure suit at the Palmer House Hilton in Chicago, after...

Joe Sitt’s Thor faces massive foreclosure suit at trophy Chicago property

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