Bayrock Capital Buys LIC Holiday Inn for $77M
Bayrock Capital, a private investment firm based in Valley Stream, LI, has acquired a Holiday Inn hotel in Long Island City for $76.5 million from the McSam Hotel Group.
The 381-room hotel spans 114,000 square feet with amenities such as a business center, 24-hour fitness center, and a snack market. Bayrock Capital plans to invest further in the hospitality sector in the coming months.
The acquisition was financed through an all-cash private debt fund deal. The off-market deal, facilitated by Jake Blatter of KFIR Capital, was priced at approximately $671 per square foot.