A spokesperson for Apple REIT Cos. confirms to GlobeSt.com that they are in negotiations at this time, but is unable to disclose further information until closing. The spokesperson could not detail who was handling the negotiations, nor could she estimate when the deal will close. An unidentified source tells GlobeSt.com that the hotel will be "changing ownership in about two weeks, with possible reflagging to Renaissance."
Hotel 57 is located at 130 E. 57th St. and is 17 stories high. According to the filing, the initial deposit under the purchase contract was $5 million and is refundable to Eight Hospitality Ownership should it elect to terminate the purchase contract during 'review' period. The property that the hotel is constructed on is subject to the terms and conditions of a ground lease. Under the contract, Eight Hospitality Ownership would assume the ground lease if a closing occurs.
Certain closing conditions must be met before or at the closing and are not currently satisfied, according to the filing. They include the following: the seller must perform and comply with all material respects with the agreements under the contract; all third party consents have to be obtained as well as the assignment and assumption of the ground lease. If any of the closing conditions are not satisfied by the seller, the buyer can terminate the contract and receive a refund of any of the deposits it has made. Hotel 57 press office was unable to be reached for comment by deadline.
As GlobeSt.com recently reported, Apple REIT Eight is reportedly buying the Residence Inn Boston Marlborough on Donald Lunch Boulevard. The purchase price was estimated at $20.2 million.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
