On May 4, the Pennsylvania-based Hersha Hospitality Trust (NYSE: HT), owner of select service and luxury hotels in major markets, released their first quarter results ended March 31, 2011. Among other announcements, Hersha Hospitality predicts a healthy future for NYC hotels. The company is encouraged by the state of the New York City hospitality market. NYC Developments According to Hersha Hospitality’s Chief Executive Officer, Mr. Jay H. Shah, the firm has finished most of the renovations at their nine NYC hotels. The projects reflect Hersha Hospitality's standard of excellence and increase the properties' cash flow and profitability. Shah is confident about the company's NYC assets. Hersha Hospitality expects booking trends to emerge as business picks up even further during the second quarter of 2011. NYC Market Economic recovery is the source of optimism in the hospitality sector. Continued recovery makes its presence felt in the marketplace. Investors have confidence in NYC hotels. NYC Acquisitions Recently, Hersha Hospitality added to their portfolio in New York City. On March 25, 2011, the Company closed on the purchase of the 112-room Holiday Inn Express Wall Street for about $36.7 million ($328 thousand per key) plus closing costs and fees. The sale price was paid in cash and the hotel was purchased unencumbered by mortgage debt. In addition, the company purchased the 81-room Hampton Inn Financial District for $32.4 million. Hersha Hospitality Trust expects to close this deal during the second quarter of the year. This company focuses on profitable off market opportunities in core markets like New York City. Hersha Hospitality Trust has shown overall confidence in the established NYC market. New York City Portfolio
Hersha Hospitality Trust - New York City Hotels
Hilton Garden Inn Tribeca
Holiday Inn Express Wall Street
Holiday Inn Express Times Square South
Candlewood Suites Times Square South
Hampton Inn Manhattan/Times Square
Duane Street Hotel Tribeca
NU Hotel-Brooklyn
Hotel 373 Fifth Avenue
Hampton Inn Manhattan/Chelsea
Hampton Inn Manhattan/Herald Square
Hampton Inn Manhattan/Seaport
Holiday Inn Express Manhattan/Madison Square
Sheraton Hotel JFK International Airport
Hilton Garden Inn JFK International Airport
Hyatt Summerfield Suites-White Plains
Hampton Inn Brookhaven-Long Island/Farmingville
Holiday Inn Express-Long Island/Hauppauge
Holiday Inn Express Hotel and Suites-Chester
Hilton Garden Inn-Edison/Raritan Center
Courtyard by Marriott-Ewing/Princeton
Hyatt Summerfield Suites-Bridgewater
Hersha Hospitality Trust, a self-advised real estate investment trust, owns interests in 78 hotels (10,442 rooms) primarily along the Northeast Corridor from Boston to Washington as well as in Northern California and Scottsdale, Arizona. Hersha specializes in upscale, mid-scale, and extended stay hotels in major centers.
Hersha Hospitality Announces First Quarter Results
Image courtesy of thehotelinventory.com
On May 4, the Pennsylvania-based Hersha Hospitality Trust (NYSE: HT), owner of select service and luxury hotels in major markets, released their first quarter results ended March 31, 2011. Among other announcements, Hersha Hospitality predicts a healthy future for NYC hotels. The company is encouraged by the state of the New York City hospitality market. NYC Developments According to Hersha Hospitality’s Chief Executive Officer, Mr. Jay H. Shah, the firm has finished most of the renovations at their nine NYC hotels. The projects reflect Hersha Hospitality's standard of excellence and increase the properties' cash flow and profitability. Shah is confident about the company's NYC assets. Hersha Hospitality expects booking trends to emerge as business picks up even further during the second quarter of 2011. NYC Market Economic recovery is the source of optimism in the hospitality sector. Continued recovery makes its presence felt in the marketplace. Investors have confidence in NYC hotels. NYC Acquisitions Recently, Hersha Hospitality added to their portfolio in New York City. On March 25, 2011, the Company closed on the purchase of the 112-room Holiday Inn Express Wall Street for about $36.7 million ($328 thousand per key) plus closing costs and fees. The sale price was paid in cash and the hotel was purchased unencumbered by mortgage debt. In addition, the company purchased the 81-room Hampton Inn Financial District for $32.4 million. Hersha Hospitality Trust expects to close this deal during the second quarter of the year. This company focuses on profitable off market opportunities in core markets like New York City. Hersha Hospitality Trust has shown overall confidence in the established NYC market. New York City Portfolio
Hersha Hospitality Trust - New York City Hotels
Hilton Garden Inn Tribeca
Holiday Inn Express Wall Street
Holiday Inn Express Times Square South
Candlewood Suites Times Square South
Hampton Inn Manhattan/Times Square
Duane Street Hotel Tribeca
NU Hotel-Brooklyn
Hotel 373 Fifth Avenue
Hampton Inn Manhattan/Chelsea
Hampton Inn Manhattan/Herald Square
Hampton Inn Manhattan/Seaport
Holiday Inn Express Manhattan/Madison Square
Sheraton Hotel JFK International Airport
Hilton Garden Inn JFK International Airport
Hyatt Summerfield Suites-White Plains
Hampton Inn Brookhaven-Long Island/Farmingville
Holiday Inn Express-Long Island/Hauppauge
Holiday Inn Express Hotel and Suites-Chester
Hilton Garden Inn-Edison/Raritan Center
Courtyard by Marriott-Ewing/Princeton
Hyatt Summerfield Suites-Bridgewater
Hersha Hospitality Trust, a self-advised real estate investment trust, owns interests in 78 hotels (10,442 rooms) primarily along the Northeast Corridor from Boston to Washington as well as in Northern California and Scottsdale, Arizona. Hersha specializes in upscale, mid-scale, and extended stay hotels in major centers.
Hersha Hospitality Announces First Quarter Results
Image courtesy of thehotelinventory.com
Image courtesy of travelpod.com
Host Hotels & Resorts, Inc. of Bethesda, MD is buying the 775-room New York Helmsley Hotel for $313.5 million (almost $415,000 per room). The seller is the estate of Leona Helmsley who passed away in 2007. Leona Helmsley had inherited $5 billion in real estate holdings from her husband, Harry Helmsley
Image courtesy of travelpod.com
Host Hotels & Resorts, Inc. of Bethesda, MD is buying the 775-room New York Helmsley Hotel for $313.5 million (almost $415,000 per room). The seller is the estate of Leona Helmsley who passed away in 2007. Leona Helmsley had inherited $5 billion in real estate holdings from her husband, Harry Helmsley
Image courtesy of travelpod.com
Host Hotels & Resorts, Inc. of Bethesda, MD is buying the 775-room New York Helmsley Hotel for $313.5 million (almost $415,000 per room). The seller is the estate of Leona Helmsley who passed away in 2007. Leona Helmsley had inherited $5 billion in real estate holdings from her husband, Harry Helmsley
Who bought the Hotel Chelsea? ( Joe Chitrit Did ) Many people have wondered about the buyer. Several NYC investors (including Aby Rosen, Ian Schrager, and Andre Balazs) had been interested in the property.
Hotel Chelsea Sale
The new Hotel Chelsea proprietor is New York real-estate investor Joseph Chetrit. This buyer must like legendary hotels. Recently, Chetrit upgraded the Empire Hotel – another well-known NYC property. Although Chetrit is an active property investor (even during the recent recession), he shuns the spotlight.
This NYC investor owns (directly or through partnerships) dozens of NYC buildings as well as properties in other states. As well, Chetrit has a stake in America's tallest building – the Wills Tower in Chicago. According to inside information, the buyer signed a contract to buy the Chelsea for more than $80 million. Even though the Wall Street Journal reported the sale in April, the identity of the buyer remained a mystery until mid-May.
Manhattan Hotel Market
The sale occurs as the Manhattan hotel market is making a strong recovery. Of course, the Hotel Chelsea will face competition from a number of new hotels including the Harlem and High Line. Although the new Chelsea proprietor is probably not worried about the hotel's profitability. New York City continues to be a magnet for visitors and new residents.
Chetrit has not commented on the Chelsea purchase but his plans for the building have become public knowledge. Chetrit will keep the 12-floor property on West 23rd Street as a hotel. He will upgrade and modernize the 127-old building.
NYC Hotel Owners
Many people are pleased to see this famous property being renovated as a hotel. They prefer a building upgrade over a conversion to modern condominiums. If the sale of the Chelsea closes, it will mark the end of a period of ownership by three Hungarian families that extends back to 1946. In the latter years, the owners have disagreed about various issues including rent-collection and investing in the building.
During autumn 2010, they put the Chelsea up for sale after deciding that renovation would be a very difficult and expensive process. According to hotel experts, the aging lobby, retail space, and corridors need considerable renovation. Many guest rooms need a top to bottom overhaul.
The new buyer appears to be willing, however, to take on this monumental task. Whether Chetrit will continue with the hotel's liberal rent collection policies remains to be seen in the near future. Previous artistic tenants have enjoyed the lenient practice throughout the years. Yet many knowledgeable industry sources doubt that any new buyer in 2011 would keep such a rental policy in place. Hotel Chelsea has 125 guest rooms and about 100 rental apartments.
History of the Chelsea
Originally opened as one of New York City's first cooperatives, the Chelsea was converted into a hotel in 1905. Since then, Hotel Chelsea has been home to creative types from Dylan Thomas to Thomas Wolfe. Arthur C. Clarke wrote "2001: A Space Odyssey" at this hotel. Leonard Cohen wrote the song "Chelsea Hotel No. 2" in its honor. The hotel was the setting for Andy Warhol's 1966 film "Chelsea Girls." On a sad note, the hotel was the site of the stabbing of Nancy Spungen, girlfriend of punk-rocker Sid Vicio'us.
Hotel Chelsea's New Proprietor
Image courtesy of leonanrdcohenfiles.com
Especially since the beginning of 2011, NYC hotels have become the favorite of smart investors. Confidence in the NYC hotel industry is growing in leaps and bounds. TOP Hotel Brokers of NYC, a prestigious NYC company handling hotels for sale in New York, hotel acquisition/disposition, hotel financing, hotel joint venture, and 1031 exchange hotels, as well as Hotel Real Estate Investment Trust (REIT), explains the reasons behind the recent increase in transactions.
Hotels For Sale in NYC - TOP Hotel Brokers of NYC Reports on Revitalized Spring and Summer NYC Hotel Market
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10 Reasons Why NYC Hotels Appeal to Investors
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How To Find - NYC Hotels For Sale
TOP Hotel Brokers of NYC reveals that there are plenty of hotels for sale in New York City and now is the best time to invest in the industry. Hotel investment opportunities abound in this thriving metropolis. The NYC hotel sector is experiencing a never-before-seen boom in business.
Finding hotels for sale in NYC is not a complicated process. Check out the latest hotel deals with the help of TOP Hotel Brokers of NYC. With more than two decades of experience in the industry, this expert team 'know' hotels in New York City. The company is familiar with all NYC hotel properties and the different factors that would influence an investor's decision including location, significance, and profitability.
During 2011, hotel investment has been very competitive in the New York City market. Overall sales have exceeded previous estimates. The current growth is expected to continue in the coming years.
NYC Hotels For Sale Releases Details of Recent NYC Hotel Transactions
- In early June, LaSalle Hotel Properties announced their intentions to acquire the 934-room Park Central Park on Seventh Avenue in midtown Manhattan for $405.5 million. The deal should close in late 2011.
- Recently, Morgans Hotel Group Co. closed the sale of two Midtown Manhattan hotels – Royalton and Morgans. The buyer was an affiliate of FelCor Lodging Trust Inc. and the sale price was $140 million ($496,000 per room). Morgan Hotels will continue to operate both hotels under a long-term (15-year) management agreement.
- The 597-room Paramount Hotel, one of the biggest boutique hotels in the hotel industry, has been sold to developer Aby Rosen for $275 million. The Paramount is a landmark property - one of the first hotels opened by former nightclub impresarios Ian Schrager and Steve Rubell.
Contact TOP Hotel Brokers of NYC for NYC Hotel Investments
TOP Hotel Brokers of NYC Deals Directly with Principals and Investors
OFF MARKET Hotel Investment NYC
TOP Hotel Brokers of NYC ~ Tel: 646-403-4441 or email to This e-mail address is being protected from spambots. You need JavaScript enabled to view it
- Hotels For Sale in New York
- Hotel Acquisition / Disposition
- Hotel Financing
- Hotel Joint Venture
- 1031 Exchange Hotels
- Hotel Real Estate Investment Trust (REIT) Investment locating services
International hotel brands are coming to New York City. In April 2011, TRYP, part of the Sol Melia group with a huge presence among European business travelers, is opening a 173-room property near Times Square. NH-Hotels, based in Spain and well-known in Europe and Latin America, has property already in New York. This Spanish limited-service chain is also interested in the Miami Florida market. India's Taj hotels can be found in New York (the Pierre), Boston, and San Francisco.
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Image courtesy of hotelsoftherichandfamous.com |
Many Americans might be under the impression that only U.S. brands can ever break into this country's hotel market. Several internationally-based hotel companies, however, are interested in establishing themselves in the American market especially in major centers such as New York City.
Why would International Hotel Brands consider moving to New York City?
International investors will move to New York City for the same reason that local investors prefer the NYC market. Investing in hotels in the Big Apple is a smart investment. Although no ventures are 100% risk-free, investing in this global center is almost certain to be a profitable choice.
Generally, foreign buyers are interested in buying NYC hotels. The next step would be to move international hotel brands into the US. Foreign parties are interested and determined to gain a foothold in the U.S. marketplace.
Which International Hotel Companies are interested in the U.S. Market?
Most likely, many hotel companies want to move into the American market. Several international hotel brands have expressed an interest in the US. It is a safe bet that other international brands are thinking along those lines even if they did not announce that intent.
Recently, Editor-in-chief Glenn Haussman, Hotel Interactive, Inc., moderated an interesting and informative ALIS (American Lodging Investment Summit) panel. The topic for discussion centered on internationally-based brands trying to move into the hotel market in the U.S. and the Americas. The participants included Narain, director of development/the Americas for India’s Taj Hotels Resorts and Palaces, James Erlacher, from Dubai-based Jumeirah Group (ultra-luxury brand), Daniel del Olmo, brand senior vice president of TRYP, Wyndham’s new, 92-property select service (boutique brand), and Francisco Zinger Cieslik, COO of NH-Hotels, Madrid (limited-service hotels).
The panel participants represented different countries and diverse hotel brands. Yet there was one constant at this session. All the international hotel companies were interested in setting up in the US. In fact, these hotel executives even talked about a more targeted goal.
"All agreed New York City is the place to make a global statement." ~ HotelInteractive.com
Will International Hotel Brands be Successful in Moving to New York City?
Frankly, despite their will and determination, international hotel brands will find it challenging to move to the US. Of course, the foreign hotel executives are aware of the obstacles. With such a lucrative market in sight, however, especially in cities like New York City, international executives are determined to reach their goals. Daniel del Olmo summed up in one word why foreign brands are focusing on the US. "Demand," explained del Olmo.
Source: http://hotelinteractive.com/article.aspx?articleid=19665
http://www.wyndhamworldwide.com/media_center/pr/show_release.cfm?id=755
International hotel brands are coming to New York City. In April 2011, TRYP, part of the Sol Melia group with a huge presence among European business travelers, is opening a 173-room property near Times Square. NH-Hotels, based in Spain and well-known in Europe and Latin America, has property already in New York. This Spanish limited-service chain is also interested in the Miami Florida market. India's Taj hotels can be found in New York (the Pierre), Boston, and San Francisco.
|
|
Image courtesy of hotelsoftherichandfamous.com |
Many Americans might be under the impression that only U.S. brands can ever break into this country's hotel market. Several internationally-based hotel companies, however, are interested in establishing themselves in the American market especially in major centers such as New York City.
Why would International Hotel Brands consider moving to New York City?
International investors will move to New York City for the same reason that local investors prefer the NYC market. Investing in hotels in the Big Apple is a smart investment. Although no ventures are 100% risk-free, investing in this global center is almost certain to be a profitable choice.
Generally, foreign buyers are interested in buying NYC hotels. The next step would be to move international hotel brands into the US. Foreign parties are interested and determined to gain a foothold in the U.S. marketplace.
Which International Hotel Companies are interested in the U.S. Market?
Most likely, many hotel companies want to move into the American market. Several international hotel brands have expressed an interest in the US. It is a safe bet that other international brands are thinking along those lines even if they did not announce that intent.
Recently, Editor-in-chief Glenn Haussman, Hotel Interactive, Inc., moderated an interesting and informative ALIS (American Lodging Investment Summit) panel. The topic for discussion centered on internationally-based brands trying to move into the hotel market in the U.S. and the Americas. The participants included Narain, director of development/the Americas for India’s Taj Hotels Resorts and Palaces, James Erlacher, from Dubai-based Jumeirah Group (ultra-luxury brand), Daniel del Olmo, brand senior vice president of TRYP, Wyndham’s new, 92-property select service (boutique brand), and Francisco Zinger Cieslik, COO of NH-Hotels, Madrid (limited-service hotels).
The panel participants represented different countries and diverse hotel brands. Yet there was one constant at this session. All the international hotel companies were interested in setting up in the US. In fact, these hotel executives even talked about a more targeted goal.
"All agreed New York City is the place to make a global statement." ~ HotelInteractive.com
Will International Hotel Brands be Successful in Moving to New York City?
Frankly, despite their will and determination, international hotel brands will find it challenging to move to the US. Of course, the foreign hotel executives are aware of the obstacles. With such a lucrative market in sight, however, especially in cities like New York City, international executives are determined to reach their goals. Daniel del Olmo summed up in one word why foreign brands are focusing on the US. "Demand," explained del Olmo.
Source: http://hotelinteractive.com/article.aspx?articleid=19665
http://www.wyndhamworldwide.com/media_center/pr/show_release.cfm?id=755
International hotel brands are coming to New York City. In April 2011, TRYP, part of the Sol Melia group with a huge presence among European business travelers, is opening a 173-room property near Times Square. NH-Hotels, based in Spain and well-known in Europe and Latin America, has property already in New York. This Spanish limited-service chain is also interested in the Miami Florida market. India's Taj hotels can be found in New York (the Pierre), Boston, and San Francisco.
|
|
Image courtesy of hotelsoftherichandfamous.com |
Many Americans might be under the impression that only U.S. brands can ever break into this country's hotel market. Several internationally-based hotel companies, however, are interested in establishing themselves in the American market especially in major centers such as New York City.
Why would International Hotel Brands consider moving to New York City?
International investors will move to New York City for the same reason that local investors prefer the NYC market. Investing in hotels in the Big Apple is a smart investment. Although no ventures are 100% risk-free, investing in this global center is almost certain to be a profitable choice.
Generally, foreign buyers are interested in buying NYC hotels. The next step would be to move international hotel brands into the US. Foreign parties are interested and determined to gain a foothold in the U.S. marketplace.
Which International Hotel Companies are interested in the U.S. Market?
Most likely, many hotel companies want to move into the American market. Several international hotel brands have expressed an interest in the US. It is a safe bet that other international brands are thinking along those lines even if they did not announce that intent.
Recently, Editor-in-chief Glenn Haussman, Hotel Interactive, Inc., moderated an interesting and informative ALIS (American Lodging Investment Summit) panel. The topic for discussion centered on internationally-based brands trying to move into the hotel market in the U.S. and the Americas. The participants included Narain, director of development/the Americas for India’s Taj Hotels Resorts and Palaces, James Erlacher, from Dubai-based Jumeirah Group (ultra-luxury brand), Daniel del Olmo, brand senior vice president of TRYP, Wyndham’s new, 92-property select service (boutique brand), and Francisco Zinger Cieslik, COO of NH-Hotels, Madrid (limited-service hotels).
The panel participants represented different countries and diverse hotel brands. Yet there was one constant at this session. All the international hotel companies were interested in setting up in the US. In fact, these hotel executives even talked about a more targeted goal.
"All agreed New York City is the place to make a global statement." ~ HotelInteractive.com
Will International Hotel Brands be Successful in Moving to New York City?
Frankly, despite their will and determination, international hotel brands will find it challenging to move to the US. Of course, the foreign hotel executives are aware of the obstacles. With such a lucrative market in sight, however, especially in cities like New York City, international executives are determined to reach their goals. Daniel del Olmo summed up in one word why foreign brands are focusing on the US. "Demand," explained del Olmo.
Source: http://hotelinteractive.com/article.aspx?articleid=19665
http://www.wyndhamworldwide.com/media_center/pr/show_release.cfm?id=755
Associations/companies
Hotel Brokers International
American Hotel & Lodging Association
Asian American Hotel Owners Association
International Hotel & Restaurant Association
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Industry Publications - Print and Internet
Daily Lodging Report
E-Hospitality
Hotel Business
Hospitality Net
Hotel & Motel Management
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International Hotel/Motel & Restaurant Show - New York, NY
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