JLL Hotels & Hospitality arranged the sale of the 443-key New York LaGuardia Airport Marriott, Queens’ only full-service Marriott hotel. JLL represented the seller, Rubicon Companies, in the sale of the hotel to California-based ASAP Holdings.
Although deal terms weren’t disclosed, Crain’s New York Business reported the property traded at between $100 million and $200 million.
The JLL Capital Markets team representing the seller was led by EVP KC Patel, senior managing director Kevin Davis and associate Nikhil Chuchra. The sale represents the third asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
“This transaction represents confidence within the investor universe targeting the recovery in the New York City market,” said Patel. “Throughout the pandemic, the asset remained open and grew market share relative to other competing assets and is positioned to grow as transient and corporate travelers return to New York.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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