The luxury William Vale Hotel in Brooklyn's Williamsburg neighborhood sold for $177 million in a bankruptcy sale to stalking horse bidder EOS Hospitality. The transaction, which closed earlier this week, was approved by the US Bankruptcy Court for the Southern District of New York on May 29 and resulted in full payment of all outstanding secured bonds.
The transaction followed a three-year ownership restructuring and litigation process led by Asaf Ravid, Chief Restructuring Officer of All Year Holdings. Eastdil Secured and advisory firm A&G Real Estate Partners marketed the 183-key, 21-story tower.
Located at at 111 N. 12th St., it is one of just four luxury hotels in Brooklyn.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
