NEW YORK CITY-The hotel industry is certainly buoyant as 2012 unfolds, as GlobeSt.com recently reported, and the Brooklyn market seems to be no exception. The local Hotel Williamsburg sold for $33 million, positing the transaction as the highest price-per-key valuation to date in the area, according to a Graves Hospitality release. King & Grove purchased the hotel property.
The boutique hotel has 64 guestrooms which cost around $520,000 per room. Other hotel amenities include a rooftop bar, underground parking and outdoor pool.
Concerning the transaction, Graves Hospitality president Benjamin Graves says, "This transaction showcases our skills at understanding the intricacies of specific locations and submarkets, identifying the right concept and developing relevant, high-quality projects to drive demand and profitability. This sale is a testament to those abilities."
The company could not be reached for direct comment at press time.
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