The Real Deal New York

Posts Tagged ‘Manhattan hotel market’

  • Waldorf Astoria Hotel

    UPDATED, Feb. 25, 3.45 p.m.: The tide may be finally beginning to turn for Manhattan hotel investors, thanks to a dip in the supply pipeline.

    Hersha Hospitality Trust, an owner of 12 New York City hotels, posted 1.2 percent growth in RevPAR — or the revenue pulled in from each available room — in the fourth quarter, driven by a 1.7 percent increase in daily room rates and 94 percent occupancy. The uptick is a welcome relief for the company, which had reported dips in both rates and occupancy levels over the past several years.  [more]

  • Sam Chang and Club Quarters Hotel Wall Street

    Just months after buying two Club Quarters hotels in Midtown, Sam Chang picked up a third in the Financial District.

    The hotel developer paid $95 million for the Club Quarters Hotel Wall Street, the Commercial Observer reported. The seller, Rockwood Capital, bought the 20-story property at 52 William Street for $92.1 million in 2006. [more]

  • From left: Ben Ashkenazy and the New York Marriott East Side on Lexington Avenue

    From left: Ben Ashkenazy and the New York Marriott East Side on Lexington Avenue

    Ashkenazy Acquisition and Deka Immobilien put the New York Marriott East Side hotel on the market a mere 17 months after buying. [more]

  • Hampton Inn Times Square (inset: Greg Peng)

    Hampton Inn Times Square (inset: Greg Peng)

    Chinese investment firm Cindat Capital Management financed its $571 million purchase of a majority stake in seven Manhattan hotels with $335 million in loans from Natixis Real Estate Capital and Oaktree Capital Management. [more]

  • Office-condos
    From the October issue: Despite a stable office leasing market, few developers are looking to create office condominium units. The number of filings for office condo units in New York City is far lower this year, at 97, than the 151 units filed for in 2014. Office building owners and developers continue to favor leasing, so few plan to create office condos. The scant recent filings are an increase from zero ap- plications in 2011, and slightly ahead of 2012.“We have seen a little pickup of conversions and expect more to come,” said Michael Rudder, a principal with Rudder Property Group. [more]