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2011 Record Hotel Transactions in NYC with $3.5 Billion

Hotel Real Estate News NYC

In 2011, had its best year ever, reaching a record high of $3.5 billion in dollar volume, reports Jones Lang LaSalle Hotels. The number accounts for a total of 18 transactions and represents a 150-percent increase over the $1.4 billion in hotel transactions recorded in 2010. The number also shattered JLL's prediction of $2.4 billion worth of hotel deals for 2011.

"New York transaction activity in 2011 was driven by the perfect combination of strong operating fundamentals, quality product being brought to market and unprecedented real estate investment trust appetite," said Arthur Adler, managing director and Americas CEO of Jones Lang LaSalle Hotels.

Real Deal reports that "New York was the most liquid hotel market in the world, and totaled 20 percent of the country’s entire hotel sales volume." JLL expects New York to retain its crown in 2012, though REITs may still be on the sidelines if their stock prices don't jump.

Institutional investors and private equity firms will contribute to the 12 hotels trades JLL expects for 2012, which should total between $2.2 billion and $2.6 billion—approximately 15 percent of America’s total—the firm forecasts.

One of the larger transactions of 2011 was HEI Hotels & Resorts' sale of the Algonquin Hotel, which is part of Marriott's Autograph Collection.

Other transactions:

• In June, Gehr Development purchased the Four Points by Sheraton Midtown Times Square for almost $112 million ($460,000 per room).
• FelCor Lodging Trust closed a $140 million sale with New York City-based Morgans Hotel Group. The deal involved the 20-story, 114-room Morgans Hotel and 168-room Royalton Hotel.
• In May, DiamondRock Hospitality agreed to buy the Radisson Lexington Hotel from seller, Lexington Hotel Real Estate LLC, for $335 million ($477,888 per room). In addition, DiamondRock agreed to purchase the former Knickerbocker Hotel at 1466 Broadway from Highgate Holdings, for between $112.5 million and $135 million.

2012 is off to a fast start. LaSalle Hotel Properties kicked off the new year by purchasing the Park Central Hotel for $396.2 million.

Source:

http://www.hotelnewsnow.com/articles.aspx/7418/NYC-hotel-transactions-hit-US$35b-in-2011

http://www.Domain-Properties.com

http://www.hospitalitynet.org/news/4054674.html

Hotel Investment - On the Rise in New York City

Hotel Real Estate News NYC

Especially since the beginning of 2011, NYC hotels have become the favorite of smart investors. Confidence in the NYC hotel industry is growing in leaps and bounds. Domain Properties, a prestigious NYC company handling hotels for sale in New York, hotel acquisition/disposition, hotel financing, hotel joint venture, and 1031 exchange hotels, as well as Hotel Real Estate Investment Trust (REIT), explains the reasons behind the recent increase in transactions.

New Summer Market Report Hotels For Sale in NYC - Domain Properties Reports on Revitalized Spring and Summer NYC Hotel Market

10 Reasons Why NYC Hotels Appeal to Investors New York City can support countless hotels in several categories - from budget to luxury properties. New York City is an expansive metropolis with the largest population in New York State. The Big Apple is the business center of the US. NYC industrial and business growth exceed expectations on a consistent basis. Further economic development is expected within New York City in the future. As the hub of industrial and business activities, this global center will continue to attract visitors. NYC attractions draw millions of tourists on an annual basis. The demand for hotels continues to grow in New York City. Investing in NYC hotels is not a risky move. New York City is an established, historically-sound market.

How To Find - NYC Hotels For Sale

Domain Properties reveals that there are plenty of hotels for sale in New York City and now is the best time to invest in the industry. Hotel investment opportunities abound in this thriving metropolis. The NYC hotel sector is experiencing a never-before-seen boom in business.

Finding hotels for sale in NYC is not a complicated process. Check out the latest hotel deals with the help of Domain Properties. With more than two decades of experience in the industry, this expert team 'know' hotels in New York City. The company is familiar with all NYC hotel properties and the different factors that would influence an investor's decision including location, significance, and profitability.

During 2011, hotel investment has been very competitive in the New York City market. Overall sales have exceeded previous estimates. The current growth is expected to continue in the coming years.

Domain Hotel Properties Releases Details of Recent NYC Hotel Transactions

• In early June, LaSalle Hotel Properties announced their intentions to acquire the 934-room Park Central Park on Seventh Avenue in midtown Manhattan for $405.5 million. The deal should close in late 2011.
• Recently, Morgans Hotel Group Co. closed the sale of two Midtown Manhattan hotels – Royalton and Morgans. The buyer was an affiliate of FelCor Lodging Trust Inc. and the sale price was $140 million ($496,000 per room). Morgan Hotels will continue to operate both hotels under a long-term (15-year) management agreement.
• The 597-room Paramount Hotel, one of the biggest boutique hotels in the hotel industry, has been sold to developer Aby Rosen for $275 million. The Paramount is a landmark property - one of the first hotels opened by former nightclub impresarios Ian Schrager and Steve Rubell.

Contact Domain Properties for NYC Hotel Investments

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