Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate has gained control of a seven-hotel portfolio for what appears to be a major discount. The...
Hotel Market
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National
Electra America, AKA launch $500M hotel fund
A multifamily investment firm and a luxury hotel residences company have partnered to launch a $500 million hotel investment...
National Issue
Underwater hotel owners are walking away from their properties
With its hotels business battered by the pandemic, Ashford Hospitality Trust took a cold, hard look at its portfolio...
National
Manhattan job losses in Q3 worst of any large county in the US
The average wage that workers earned in the third quarter of 2020 rose 7.4 percent from the previous year...
Toby Moskovits’ Williamsburg Hotel enters bankruptcy
Toby Moskovits’ distressed Williamsburg Hotel has entered into bankruptcy. Heritage Equity Partners, under the LLC 96 Wythe Acquisition, filed...
LaGuardia Marriott and development site combo sell for $100M
New York LaGuardia Airport Marriott and a massive development site have sold for a combined $103 million. The 443-key...
German lender forecloses on East Side Marriott hotel
How do you say “unhappy marriage” in German? Frankfurt-based DekaBank moved this week to foreclose on the former New...
Recipe for success? Ghost kitchens cut deals with empty hotels
Hotel operators have come up with all sorts of ways to use their empty spaces during the pandemic, such...
National
Real estate stocks hold gains even as market doesn’t
Real estate stocks ended the week in positive territory while the broader market gave up its gains after President-elect...
From lender with love: Bond-themed hotel sued for $40M
It’s a view to a bill: A lawsuit says a Midtown hotel with a James Bond-themed bar owes $40...