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Algonquin Hotel may be sold to Cornerstone Real Estate Advisers

Hotel Real Estate News NYC

The Algonquin Hotel, the landmarked, 174-room property that's been bought and sold four times in the last 15 years, may be about to change hands once again.

The Algonquin Hotel | 59 West 44th Street | Between Fifth and Sixth Avenues | New York, NY 10036

http://www.marriott.com/hotels/travel/nycak-the-algonquin-hotel-autograph-collection/
The Autograph Collection by Marriott features unique and historic hotels in New York. Stay at the Algonquin Hotel, Autograph Collection

According to the Post, HEI Hotels & Resorts is negotiating to sell the 59 West 44th Street property to Cornerstone Real Estate Advisers, a Mass Mutual-owned investment group that manages 37 hotels and has a debt portfolio of 34 loans on 45 hotels.

The Algonquin -- famous for its feline mascot (Mathilda now has her own email address), and for the one-time daily Round Table writers' meetings begun by Dorothy Parker, Robert Benchley and Robert Sherwood -- last changed hands in 2005 for $74 million, or $425,000 per room.

HEI's $35 million mortgage on the property was on a Real Estate Alert watch list last year, when the hotel also joined the Marriott brand as part of its Autograph collection.

Room rates for this weekend range from $229 to $359 per night. [Post] http://www.nypost.com/p/news/business/historic_algonquin_hotel_may_change_TTyQ5jRUrNZtwcPLgczSCN

Source: http://therealdeal.com/newyork/articles/hei-hotels-may-sell-landmarked-algonquin-hotel-in-midtown-to-massmutual-s-cornerstone-real-estate-advisers