Hotel demand is on the rise. There is every reason to be optimistic about the future of New York City hotels. Buyers and sellers of NYC hotels – 2011 is your year.
(PRWEB) February 02, 2011
New York, NY (PRWEB) February 2, 2011 -- Domain Properties, an expert team offering hotel acquisition and disposition services in New York City, have expanded their investments and extended the company's portfolio to meet the growing demand of the Manhattan market. This professional and experienced group take pride in providing OFF market discreet acquisition and dispositions services - with or without exclusive non obligation agreement. Domain Properties work with buyers and sellers in an ever-growing NYC hotel industry. Their team points to recent transactions in NYC hotel real estate as proof of this dynamic market.
Barry Sternlicht’s Starwood Capital has purchased 1414 Ave. of Americas in Manhattan for $72 million. Starwood Capital plans to convert the 110,000 sq ft, 18-story, almost 100 year-old building into a hotel. This purchase marks the first time in years that Starwood Capital has bought property to convert for the hospitality industry.
- The famous New York Helmsley has been sold for $310 million to Host Hotels and Resorts. The company plans to spend $50 million on renovations. The 773-room E. 42nd St. hotel near Third Ave is part of the Harry Helmsley real estate legacy.
- On January 26, boutique hotel owner and operator Morgans Hotel Group Co (MHGC.O) announced that they were selling two of its NYC hotels. Jones Lang LaSalle Hotels is handling the sale of the Royalton and Morgans hotels for the company which had total liabilities of $801.2 million (as of November 30, 2010). According to Reuters data, its market cap is $282.2 million.
- On January 25, Choice Hotels International announced that the first two Cambria Suites would open in Chelsea and Times Square, NYC, in early 2013. With 194 suites, the Times Square hotel will be the largest Cambria Suites hotel to date.
- On January 18, the DiamondRock Hospitality Company announced that it would acquire a NYC hotel property upon its completion in 2013. The development is underway at West 42nd Street in Times Square. Depending on the final number of guest rooms, the purchase price will range from $112.5 million to $135 million or almost $450,000 per room.
- In early January, RLJ Development bought the Doubletree Metropolitan Hotel in Midtown for $335 million. The hotel sellers, Highgate Holdings, Goldman Sachs Group Inc.'s Whitehall Real Estate Funds and Rockwood Capital LLC, made a hefty profit. The Whitehall-led group bought the hotel in 2003 for $110.5 million and spent $35 million on renovations.
Obviously, it is easy to understand why Domain Properties is confident about the NYC hotel industry. Indeed, this knowledgeable team has backed up their belief in New York City hotels with action.
Domain Properties has allocated funds of more than $100 million for immediate investment opportunity specifically for short notice.
Of course, having faith in the New York City hotel scene and making things happen in the industry is nothing new to Domain Properties. Their recent reports noted the renewed interest in the Manhattan hotel market.
"Hotel demand is on the rise. There is every reason to be optimistic about the future of New York City hotels. Buyers and sellers of NYC hotels – 2011 is your year." ~ 'Domain Properties Delivers 'New Year' Edition – Successful Start for NYC Hotels'
"Investors are looking forward to revenue gains and a promising future in the NYC hotel industry," ~ 'Domain Properties Releases Investors' Strategy for Growth in Manhattan Hotels'
Domain Properties has a portfolio of over 30 active buyers in the NYC hotel real estate market with funding of over $2 billion. At present, this acclaimed company is accepting more representation contracts for discreet OFF market lodging sale of New York City hotels. Requested hotels include 3 and 4 star hotels, high end hotels, boutique hotels, and hotel development sites.
For immediate opportunities, buyers and sellers of New York City hotels can contact Haim Yagen. Visit http://www.domain-properties.com for the newest developments in New York City hotels. Hospitality investments are the wise choice in a thriving market.
About Domain Properties:
Domain Properties, a professional team of industry experts, are changing the face of New York City real estate. Their experienced staff specializes in sales and leasing of NYC properties. This established company handles sales for OFF MARKET hotels and Selected Class A Properties, residential buildings, Office Buildings, as well as 1031 exchange properties.
Domain Properties offer exemplary service in all areas of NYC hotel real estate including:
- Investing in New York City Hotels
- Brokering - OFF Market ONLY (Discreet Dealings - Direct to our Buyer)
- Hotel Financing
- Hotel Portfolio Representation
- Hospitality Approved Development Sites
Recommended by clients as a trusted source, this trained team prides itself on its confidential dealings with buyers and sellers. Domain Properties buys hotels in New York City. With their expertise and knowledge, Domain Properties always discovers the best deals in New York City real estate.
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