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William Vale Hotel in BK Sells Out of Bankruptcy for $177M
Eastdil Secured and advisory firm A&G Real Estate Partners has marketed the William Vale Hotel in Williamsburg. EOS Hospitality, a New York-based hospitality company, acquired the 183-key, 21-story hotel for $177 million. Following a three-year ownership restructuring and litigation process led by Asaf Ravid of All Year Holdings Ltd., the sale resulted in full payment of all outstanding secured bonds.
The transaction, approved by the U.S. Bankruptcy Court for the Southern District of New York, closed on June 18. The William Vale Hotel, developed by Yoel Goldman and Zelig Weiss, features eateries by Andrew Carmellini, 7,300 square feet of function spaces, and multiple storefronts and offices.
Chief Bankruptcy Judge Martin Glenn dismissed the final dispute between Goldman and Weiss, overruling Goldman’s objection to a settlement agreement. EOS plans to introduce its management team to run the hotel. EOS Hospitality operates other properties like L’Ermitage in Beverly Hills and the Hamilton Hotel in Washington, D.C.
- ◦Financing
