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.
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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!