Search
 

Algonquin Sale Signals Rebound for NY Hotel Market

NEW YORK CITY-Year-old investment partnership Miller Global Fund IV, an affiliate of Denver-based Miller Global Properties LLC, buys the 12-story, 174-room hotel from Dallas-based Olympus Real Estate. Miller Global president Jim Miller tells GlobeSt.com that now is a good time to buy into the hotel market in Manhattan.

By Michael Gilliard | Updated on June 26, 2002

NEW YORK CITY-Miller Global Fund IV, a year-old partnership under Denver-based Miller Global Properties LLC, has purchased the 12-story, 174-key Algonquin Hotel, located at 59 W. 44th St. Dallas-based Olympus Real Estate was the seller in the principal-to-principal transaction. Miller Global president Jim Miller tells GlobeSt.com that Downtown is currently a buyers market for hotels.

“This is a prime window to be acquiring property in New York,” says Miller. “We expect the property values to come back soon.” Miller says the group aims to increase the average daily rates within the hotel, which currently stand in the $200-$220 range. The value of the sale was not disclosed.

Destination Hotels & Resorts has been selected to manage the property. They will immediately begin renovations to upgrade rooms and install Internet lines in guest and meeting areas, an undertaking that Miller estimates to cost “a few million dollars.” A significant portion should be completed when peak hotel season hits New York later this summer, he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.