139 Orchard \ Allen Street Hotel Development - For Sale

Hotels Sold New York

Tuesday, 15 March 2011 00:00

so-called “Allen Street Hotel,” going up at 139 Orchard/138 Allen Street. Now an interesting item has popped up on LoopNet

92 hotel rooms and 6 large suites, 44,260 total square footage and a two-story restaurant - and mentioned an available loan of $24 million with along side of additional property including the apartment building fully occupied in the corner which the air rights were bought from for the hotel development.

16-story, 98 room hotel to prospective buyers

Read more in the Real Deal - The Curbed

Breaking News - For Sale - Paramount Hotel Midtown Landmarked Hotel

Hotels Sold New York

NYC Hotels Hot Industry - Investor No. 1 Destination

Hotels Sold New York

NYC Hotels Hot Industry Room and occupancy rates highest in U.S.

With 48 million tourists visiting the city in 2010, New York City was the No. 1 tourist destination in America two years running. Hotel development is a lucrative business in spite of economic decline.

“Demand in that city is frankly insane,” said Depatie. “We’re focused on areas in Manhattan where you typically don’t have many hotels, like the Meatpacking District, Chelsea, or Tribeca.”

Occupancy as High 88.4 percent in New York City

New York had the highest hotel occupancy rate among the top 25 U.S. markets as of March 2010, cited HotelNewsNow.com from a report by STR Global, a company that tracks supply and demand data for the hotel industry.

ADR as High $276.07 in New York City

The occupancy rate was at 88.4 percent.The cost of a room for the night has increased more dramatically in New York than the rest of the country. In March 2010, the revenue per available room rose 19.1 percent from the end of 2009 to $178.60 a night on average.

The rate increased an additional 8.2 percent as of December 2010, the greatest increase in the nation. The average rate for a hotel room in New York City is now $276.07.

Helmsley Hotel Sold For $310M to Host Hotels & Resorts

Hotels Sold New York

Tuesday, 25 January 2011 12:52

The estate of Leona Helmsley has reached a deal to sell the New York Helmsley hotel to Host Hotels & Resorts Inc. for more than $310 million in the latest move the estate is taking to liquidate the real-estate empire Harry Helmsley took decades to build, according to people familiar with the matter

http://www.newyorkhelmsley.com

$407,503 Per Room

Host will pay between $310 million and $315 million for the 773-room hotel, amounting to at least $401,000 a room, one person familiar with the deal said. That's less than the city's average of $424,150 a room for the 12 months ended in September, but the hotel needs a pricey upgrade due to years of being operated without significant capital investment, people said.

Host, based in Bethesda, Md., was formed when Marriott International Inc. spun off most of its real-estate holdings in 1993. The company converted to a real-estate investment trust in 1999. Its properties include trophy hotels such as the Four Seasons in Atlanta and Philadelphia, the Fairmont Kea Lani in Hawaii and a St. Regis in Houston.

ABOUT HOST HOTELS & RESORTS

Host Hotels & Resorts, Inc. is an S&P 500 and Fortune 500 company and is the largest lodging real estate investment trust and one of the largest owners of luxury and upper upscale hotels. The Company currently owns 104 properties in the United States and nine international properties totaling approximately 62,000 rooms.  The Company also holds a non-controlling interest in a joint venture that owns 11 hotels in Europe with approximately 3,500 rooms and a second joint venture in Asia that is developing seven properties in India with approximately 1,750 rooms.  Guided by a disciplined approach to capital allocation and aggressive asset management, the Company partners with premium brands such as Marriott®, Ritz-Carlton®, Westin®, Sheraton®, W®, St. Regis®, The Luxury Collection®, Hyatt®, Fairmont®, Four Seasons®, Hilton®, Accor®, Swissotel® and Le Meridien®* in the operation of properties in over 50 major markets worldwide. For additional information, please visit the Company's website at www.hosthotels.com.

212 East 42nd Street New York NY 10017