RobertDouglas Advises On The $38,300,000 Sale Of The Best Western Seaport Inn, New York, NY
RobertDouglas announced today that it advised 33 Peck Slip Acquisition LLC, a subsidiary of Gemini Real Estate Advisors, in the sale of the Best Western Seaport Inn. The sale, which closed on January 29, 2016, was the result of a Chapter 11 proceeding administered by the U.S. Bankruptcy Court for the Southern District of New York. The 72-key hotel, located in the heart of the Seaport District in lower Manhattan, was purchased for $38,300,000 by the Howard Hughes Corporation.
“The historic Seaport Inn is a unique asset in one of Manhattan’s most exciting neighborhoods offering a number of value creation opportunities,” commented Douglas Hercher, a Managing Director with RobertDouglas. “The Seaport District is currently in the midst of a $1.5-billion transformation being led by the Howard Hughes Corporation, so their interest in acquiring this hotel, which will be incorporated into their sweeping vision for the Seaport District and the South Street Seaport, is understandable.
Dante Massaro, a principal with Gemini Real Estate Advisors, observed that we are pleased to have been able to complete the sale of the Best Western Seaport Inn, and are excited to see its full potential realized by the Howard Hughes Corporation, a firm with a substantial stake in the surrounding area.”
“The Seaport District and the adjacent Financial District are experiencing a wave of positive development that will fundamentally change these neighborhoods in the next several years and drive substantial lodging demand,” said Evan Hurd, a Senior Director with RobertDouglas. “A broad range of domestic and international investors expressed interest in the hotel, and the final sale price of over $530,000 per room is a testament to the property’s appeal as an attractive long-term investment to capitalize on the neighborhood’s anticipated growth.
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry pre‐eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact info@robert‐douglas.com or go to www.robert-douglas.com.