First Cendant Corp., based here, reported it acquired Holiday Cottages Group Limited. HCG is the leading rental cottage in the United Kingdom. The deal represents the continuing trend of diversification abroad and the continuing faith in the British market. Steve Holmes, chairman of Cendant's Travel Division, comments, "HCG's product offering and business model are a great complement to our existing European travel operations."
Last week Olympus Real Estate confirmed it has enlisted Eastdil Realty to broker the sale of the Algonquin Hotel on West 44th Street. While hotel officials would not confirm the price tag, published reports estimate the asking price at $55 million. The hotel was purchased in 1997 for $32.6 million and in 1998 several million dollars were invested on renovations, with further updates made this month. The 165-room hotel was built in 1902 and is considered a significant part of the city's history.
The latest hotel deal, the sale of the Best Western MacArthur Hotel, demonstrates not only the role of city firms in the market in Insignia/ESG's brokering of the deal, but also the strength of the suburban hotel market. The Best Western MacArthur Hotel is located in Holtsville in the Town of Brookhaven on Long Island and named for the local airport. Remington Hotel Corp. of Dallas, TX is the buyer and Island Hospitality LLC, represented by Insignia, was the seller.
The hotel will likely be renamed and made a Radisson franchise after a significant capital improvement program is launched. It was originally a Days Inn when it opened in 1989. It had 134 rooms originally and 55 more were added in a new wing in October 1999. Paul Fitzpatrick and Nolan Hecht were the Insignia brokers on this deal.
"Long Island is one of the strongest hotel markets in the United States. Limited new hotel supply, the depth of corporate demand generators and continued positive economic and demographic fundamentals have contributed to double-digit RevPAR percentage increases for Long Island hotels over the past year. Remington, a major national hotel operator, was attracted to the Long Island market and the strong operating history of the Best Western," announced Paul Fitzpatrick, senior managing director for Insignia/ESG Hotel Partners, when the deal was reported.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
