Holiday Inn Express - 126 Water St Lower Manhattan Sold For 36.7MM

Thursday, 14 April 2011 08:05

Hotels Sold New York

Hotelier Sam Chang’s Metro Six Hotel LLC, an affiliate of McSam Hotel Group, has sold a Holiday Inn Express Wall Street at 126 Water Street for $36.7 million, and Hampton Inn Financial District according to city records.

Sold: $36.7 million

Rooms: 112

PER Room: $ 327,678.571

The buyer was a subsidiary of Pennsylvania-based Hersha Hospitality, which owns fourteen other hotels in the city.

The 26-story hotel, located at the corner of Wall Street, was completed in the summer of 2010 and has 112 guest rooms, according to the Lower Manhattan Construction Command Center.

And the 81-room Hampton Inn Financial District 320 Pearl Street New York, New York

The Hampton Inn Financial District New York/Seaport hotel is located in the southern Manhattan Seaport area.

The New York hotels “were acquired in separate off-market transactions from third party developers and are being purchased unencumbered of debt,” Hersha said.Read more: Hotel owner Hersha which expands its New York City holdings to 15 properties, according to the company.

The company closed on the Holiday Inn deal at the end of March. Hersha said it expects to close on the Hampton Inn deal in the second quarter.

Read the Article Source: http://www.rew-online.com/2011/04/14/sam-chang-sells-holiday-inn-express-at-126-water-street-for-36-7-million/ and now also in TRD