NEW YORK CITY—Noted hotel brokerage firm Hodges Ward Elliott has branched out into commercial investment sales, across all property types, and has opened its first office here at 1140 Ave. of the Americas to do so.
The new location will house the firm's first practice dedicated to commercial investment sales brokerage beyond the hospitality asset class, including retail, office, multifamily properties along with land, company officials state. The firm has been involved in $1.5 billion in hotel transactions in New York City this year. Recent transactions include the $535-million sale of the Manhattan Times Square to an affiliate of Al Faisal Holdings and the $343-million sale of the New York EDITION Clocktower to ADIA.
The New York City office is headed by managing director Will Silverman, who joined the firm in June from Savills Studley. At his previous firm, Silverman closed approximately $6 billion of sales transactions comprising nearly 18 million square feet. Notable transactions Silverman worked on include selling the office portion of 100-104 Fifth Ave. twice, the record-breaking sale of 111 Kent Ave. in Brooklyn and the sale of the retail at 465 Broadway three times in four years. Prior to joining Savills Studley in 2003, he worked for Insignia/ESG and J.P. Morgan Securities.
“More than half of our clients who maintain a large hotel exposure trade in commercial real estate assets, and we look forward to offering our firm's exceptional sales, recapitalization and debt-placement services across an expanded spectrum of property types,” states Bill Hodges, the firm's CEO and founder. “This move is not about adding a dot on a map, it is about delivering on our commitment to serving our clientele with the depth of talent, reach and intellectual rigor to which they've become accustomed.”
Hodges Ward Elliott also has offices in Atlanta, Los Angeles and London. HWE has sold or financed over the past five years more than $17 billion of hotels and resorts across the US and Europe, including more than $2.4 billion since Jan. 1, 2015.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
