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Times Square-Area Hotel Sells as Investor Confidence Begins Returning
JLL Hotels & Hospitality closed the sale of the Gallivant Times Square hotel, a 336-key hotel at 234 W. 48th St. The seller, buyer and other deal terms weren’t disclosed, but published reports say the property came to market via a special servicer’s auction.
The JLL Hotels & Hospitality team representing the seller was led by senior managing director Jeff Davis, EVPs KC Patel and Michele Mahl and associate Nikhil Chuchra. The sale of the 95-year-old lodging property represents the fourth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
“The sale of the Gallivant Hotel represents a small fraction of the investor appetite seeking hospitality assets in Manhattan as confidence in both corporate and transient travel returning to pre-COVID levels begins to grow,” said Patel.
- ◦Sale