Four Points Midtown Times Square Sold to The Gehr Group $460k Per Key

Thursday, 02 June 2011 17:02

Hotel Real Estate News NYC

The Gehr Group Acquires Manhattan Hotel as Part of a $170 Million Portfolio Financing

NEW YORK--(BUSINESS WIRE)--The Gehr Group (www.gehr.com) announced today that Gehr Development, its real estate division which acquired the Fairfield Inn by Marriott Times Square in 2009, has completed the hotel acquisition of the adjacent Four Points by Sheraton Midtown Times Square for $112 million, or approximately $460,000 per key. The transaction was part of a $170 million portfolio financing secured by both hotels.

The Hotel transaction closed late yesterday with Tom McConnell, Jared Kelso and Ernest Lee of Cushman & Wakefield.

Sonnenblick Goldman's U.S. hospitality group representing Gehr in arranging a $170 million portfolio hotel financing secured by both hotels.

326 W 40th St, New York, NY 10018 http://www.starwoodhotels.com/fourpoints/property/overview/index.html?propertyID=1713

“New York is the best hotel market in the United States and we will continue to grow our portfolio in Manhattan”

"New York is the best hotel market in the United States and we will continue to grow our hotel portfolio in Manhattan," says Alfred Somekh, President of Gehr Development. “This latest addition to our real estate holdings is part of an ongoing strategy of acquiring high-quality hospitality assets in gateway U.S. cities," added David Lifschitz, President of The Gehr Group.

The Gehr Group Executives: David Lifschitz (left), Norbert Gehr (middle), Alfred Somekh (right) (Photo: Business Wire)

This latest acquisition brings Gehr Development's total rooms in Manhattan to 488. The company's New York portfolio also includes Sky Room Times Square, Manhattan's highest rooftop lounge. The Sky Room (www.skyroomnyc.com) is located on the 33rd and 34th floors of both hotels, offering stunning views of the Manhattan skyline.

The Gehr Group, founded by its Chairman & CEO Norbert Gehr, is a diversified holding company headquartered in Los Angeles, California.

Its principal business units are engaged in international trade, commercial real estate, manufacturing, wholesale and distribution.

In the past 25 years, Gehr Development has owned and operated over 1,000 residential units and over 1.2 million square feet of industrial, office, hospitality and retail space in California, New York and Florida.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6746242&lang=en

About Four Points by Sheraton
Four Points by Sheraton, with 130 properties in 22 countries, is offers the self-sufficient traveler a new kind of style and comfort combined with a spirited "can-do" service -- all at an honest value. Four Points by Sheraton hotels are located in easy-to-reach areas – close to major airports, suburban centers, urban hot spots and resort and vacation destinations. Four Points’ Simple PleasuresSM program celebrates the little things in life that make a big difference in guests’ travel such as a great beer, a free bottle of water, and a tasty treat at the end of a long day. It’s those little extras that score big points with Four Points by Sheraton customers.