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Partnership Seeks Preferred Equity for 7-Property Hotel Portfolio
JLL Hotels & Hospitality is seeking preferred equity proposals for a seven-property select service hotel portfolio totaling 1,087 rooms in Downtown and Midtown Manhattan. The portfolio has been owned since 2016 by a $571-million partnership between Cindat USA LLC and Hersha Hotels & Resorts.
The portfolio includes upscale, select service hotels: the Candlewood Suites in Times Square, Hampton Inn Chelsea, Hampton Inn MSGA, Hampton Inn Times Square South, Holiday Inn Express Times Square, Holiday Inn Express Wall Street and Holiday Inn Wall Street.
JLL says the offering will provide an investor with the opportunity to invest in a portfolio of high-quality, fee simple non-union assets at an attractive basis, with long-term committed ownership. Historically, the New York market has shown “unparalleled resilience following economic downturns,” with 30%-plus RevPAR growth, says JLL.
Additionally, JLL anticipates a 20%-plus decrease in Manhattan hotel supply, resulting in favorable long-term market dynamics.
For comments, questions or concerns, please contact Paul Bubny
- ◦Financing
