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Two Midtown Hotels Sell for $151M

NEW YORK CITY-On behalf of Irish investors, the Anglo Irish Bank purchases the Beekman Tower Hotel and Eastgate Tower Hotel. The company will reposition both properties beginning in early 2007.

By Katie Hinderer | Updated on October 26, 2006

NEW YORK CITY-Anglo Irish Bank has acquired and financed two hotels for Irish investors interested in the US marketplace. The Beekman Tower Hotel and Eastgate Tower Hotel, both located in Midtown Manhattan, were purchased for $151 million from the Denihan Hospitality Group, according to Eddie Byrne, executive vice president and head of lending for Anglo Irish Bank’s North American operations.

The hotels were acquired for the Peninsula Real Estate Fund I LP, an equity fund of Anglo Irish Bank Private Banking and Timothy Haskins. “This fund provides our Irish investors with an attractive investment opportunity to participate in the value created by renovating and repositioning these major hotel assets in Manhattan,” says Peter Butler, managing director of Anglo Irish Bank Private Banking, in a statement.

The renovations and repositioning of the property should begin sometime during the first quarter 2007, Byrne tells GlobeSt.com. While the budget is still in the working stages, he estimates the company will spend about $40 million on the renovations.

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