Hotels in Manhattan continue to trade for bargain-basement prices as investors bet they'll be able to turn a profit when tourism and business travel eventually resume at full strength in NYC.
Apollo Global Management and investor Newbond Holdings this week announced a deal to buy the Hilton Times Square for $85M, roughly 35% of the $243M California-based REIT Sunstone Hotel Investors paid to acquire the 478-room hotel in 2006.
Recent Manhattan hotel trades involving steep discounts include the Sheraton New York Times Square, which reportedly sold for half the price the owner paid when it was last acquired in 2006. MCR and Island Capital Group said they paid $373M for the Sheraton.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
