Empire, Gorham Hotels Hit the Market

NEW YORK CITY-Insignia/ESG has confirmed for GlobeSt.com that Midtown’s Gorham Hotel is for sale at an unofficial asking price of $25 million to $30 million, which would translate to $217,000 to $260,000 per key, respectively. Another property, the 375-room Empire Hotel, is also on the block, according to an industry source.

Insignia/ESG is handling the Gorham sale, which went into high-gear marketing mode earlier this week. The 115-room boutique property’s unnamed owners have been working out legal kinks for the last six months while Insignia has been quietly talking to potential buyers. Now it’s full steam ahead.

“We just got the green light as of Monday and we’re aggressively marketing it as of right now,” Insignia senior managing director Paul Fitzpatrick tells GlobeSt.com. “There’s been a tremendous amount of interest. Over the last six months we’ve probably talked with 30 to 35 potential buyers. We just had some legal and title issues with the ownership.”