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

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NYC Hotels

Hotel rates in NYC

During last year the hotel rates in NYC saw a period of real low when it was termed as the greatest depression since the 1930s. Now that the economy has recovered and started towards the positive, hotel rates in New York City have started surging upwards. New York City has always been volatile in terms of property rates and the hotel rates are no exception to this rule. If you are thinking of acquiring a hotel in the city then this is time to invest before the rates touch the sky.

 

The good news for hotel owners is that the city is expecting a 12 percent hike in the hotel capacity. More and more visitors are expected to throng the Big Apple and they are going to find it a pleasant surprise having more rooms to choose from and at great rates. As the hotels try and recover from the losses they sustained during the recession, they will now try to woo in their customers with some very beneficial gains.

We here at hotelnewsresource.com (http://www.hotelnewsresource.com) are all set to provide you with the support you may need when it comes to sale or purchase of NYC hotels.

 

Hotels recently sold in NYC

Some prospective hotel owners have already become the proud possessors of some of the finest properties in New York City. Some of the well known hotels in the city have exchanged hands and are now run under the aegis of a new management.

W New York – The Court & The Tuscany changed hands as recently as April of this year. The hotels were bought by St. Giles Hotels LLC from the previous owners Starwood Hotels & Resorts Worldwide. Located on 120 East 39th Street, W New York – The Court & The Tuscany fetched a total price of $78,000,000, an average of $244,000 per room.

St. Giles – The Tuscany

Helmsley Carlton House, located on 680 Madison Avenue, also changed hands from Helmsley Hotels to Angelo, Gordon & Company and Extell Development Company. The exchange price was $170,000,000, a whopping $1,063,000 per room. The reason for this could be attributed to the fact that Madison Avenue is home to some of the most famous advertising firms in the country and is also known for its upscale shopping boutiques. Some of the famous names adorning this place include Bulgari, Baccarat, Asprey, Bally, Brooks Brothers and Blue Tree.

The McSam Hotel Group has gone into a selling spree and since August 2009, has sold four of their properties. All the four hotels have been bought by the Hersha Hospitality Trust. The four properties that were sold include –   Hilton Garden Inn, TriBeCa (http://hiltongardeninn.hilton.com/en/gi/hotels/index.jhtml?ctyhocn=NYCTRGI&ctyhocn=NYCTRGI) on 6 York Street.   Holiday Inn Express Times Square South on 343 West 39th Street.   Hampton Inn Times Square South on 337 West 39th Street.   Candlewood Suites Times Square South (http://www.hershahotels.com/new-york/new-york-city-ny0016-home.aspx ) on 339 West 39th Street.

Candlewood Suites Time Square, NYC

The total price paid for the four hotels was $227,000,000 at an average of about $320,000 per room. Of course, the fact that the Times Square is home to the  Broadway and is probably the most famous area in NYC has helped clinch such a great deal for the McSam Hotel Group.

The market for new hotels in NYC

 

2009 saw New York City pip Orlando as the most popular tourist destination in the United States, a first time in 20 years. Only Manhattan showed an occupancy level of more than 80%. With the overall hotel industry showing an upward trend in terms of occupancy and revenue, more hoteliers are now thronging the city in search of new properties. And the local hotel owners as well as the realtors are putting up their hotels for sale and asking for good rates. Some of the prominent hotel realtors in the city that can be connected for the purchase of new hotels in the city include Trump Organization, Andre Balazs Properties, Metropolitan Hotel Realty LLC and Mandarin Oriental Management USA.

 

Where do we fit in?

Mr. Jonathan Hopkins was recently in the Big Apple, looking for a hotel to buy. Mr. Hopkins had made it big in the speculations market and now wanted something to invest in. His father was the owner of a small motel near Cleveland, OH and that is where Hopkins junior grew up. He was always fascinated with the idea of running a hotel of his own and what better place than New York to start? He approached us with his investment plan.

Our team of experts sat down with Mr. Hopkins and took all the relevant details from him. We wanted to know the amount of his investment. Based on what he told us, we could plainly see that he had enough money on him to buy luxury hotels, one of the Sheraton hotels for instance. On his part, Mr. Hopkins was not choosy at all. He just wanted to start off. It didn’t matter whether he got a no flag hotel, 2, 3, 4 or 5 star hotel, a choice hotel or even a condo hotel. A motel he was not too keen on.

Based on our conversation with him and simultaneous exploration and research of the New York City hotels up for sale, we suggested one that was located in Manhattan. We told Mr. Hopkins that Manhattan is an excellent choice because of the history attached to the place and the huge population, both local and tourist, in the area. We took along Mr. Hopkins to see the property and he liked it immediately.

We suggested that he get the hotel financed because of the benefits in the long run. We arranged a financer and helped close the deal. We also helped Mr. Hopkins with the hiring of some additional staff members and helped him with the startup program of the new management. Mr. Hopkins has started off well and he has promised to get in touch with us when he is in the mood for buying some additional properties or if he feels like selling off this one.

 

Now, if you have one such vision we would advise you to contact us at the earliest so that we can locate the best property, residential or commercial, in NYC.