October 2020 New York Buildings For Sale

Page 3

November 2020

October 7, 2020

Buildings For Sale:

Korean lender Shinhan Investment wants to sell its $60 million mezzanine loan on the Public Hotel at 215 Chrystie Street in the Lower East Side. The 367-room hotel has been closed since late March.

Cindat USA is looking to sell a preferred equity stake in a portfolio of seven Manhattan hotels it bought in 2016 as part of a joint-venture with Hersha Hospitality Trust. The company is eyeing pricing that would value the 1,087-room portfolio in the low-$400 million range.

Buildings Sold:

Highgate’s deal to purchase a $2.8 billion portfolio of hotels from Colony Capital will put the company into the upper ranks of the nation’s largest hotel owners.

Ashford Hospitality Trust Inc. has sold its 310-room hotel at 60 West 37th Street to Magna Hospitality Group for $115 million. That’s a 41% discount to the $195 million the real estate investment trust paid for the Embassy Suites hotel 18 months ago.

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