Hotels For Sale in NYC - OFF MARKET Hotel Properties For Sale in New York

Hyatt Place New York Midtown South Sold to Chesapeake

Hotel Real Estate News NYC

Chesapeake Lodging Trust (NYSE: CHSP) has entered into a definitive agreement to acquire the 185-room Hyatt Place New York Midtown South, located in New York, New York, for a purchase price of $76.5 million, or approximately $414,000 per key. The hotel is currently under development at 52-54 West 36th Street, between 5th Avenue and 6th Avenue. Closing on the proposed acquisition is expected to occur following completion of the hotel by the seller, anticipated in the third quarter of 2012, and satisfaction of customary closing conditions. In conjunction with the proposed acquisition, the Trust has agreed to provide the seller $6.5 million in bridge financing to facilitate the completion of the development of the hotel. The Trust intends to enter into a management agreement with Real Hospitality Group, the operator of the Trust’s other hotel in New York located in Midtown on 31st Street.

Upon completion, the 25-story Hyatt Place New York Midtown South will contain 185 attractively designed guestrooms with the most current Hyatt décor package, ideal for both business and leisure travelers to the dynamic midtown marketplace. Each room will contain a central HVAC system and upgraded stylish bathrooms with glass-enclosed showers and granite vanity tops. All rooms feature a 42” high definition flat panel television, the plush Hyatt Grand Bed, state-of-the-art media and work center, refrigerator, wardrobe and comfortable seating areas. The hotel room mix currently consists of 27 double-bedded rooms and 158 king-bedded rooms, including four king-bedded rooms on the top floor with access to adjacent private terraces.