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JLL Sells Boutique Hotel Near Fifth Avenue Shopping Corridor
JLL Hotels & has closed the sale of Shoreham, a 179-key boutique hotel located at 33 W. 55th St. in Midtown Manhattan. nearby both Central Park and the Fifth Avenue shopping corridor. Deal terms weren’t disclosed; a special servicer reportedly foreclosed on the property in 2017.
A JLL Hotels team of Jeffrey Davis, KC Patel, Michele Mahl, Nikhil Chuchra and Desmund Delaney represented the seller to complete the sale to a private buyer. The property was offered fully unencumbered of brand management and the buyer plans to continue operations as a hotel.
“Manhattan remains a focal point for hospitality capital as transaction activity begins to gain momentum,” said Patel. “Strategically located on 55th and Fifth Avenue, the Shoreham Hotel will draw demand from all corners of the Midtown market.”
The sale represents the fifth asset JLL Hotels has advised on in New York City since last September.
- ◦Sale