New York REIT to sell the Viceroy New York

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New York REIT is now selling its leasehold interest in the Viceroy New York hotel.

The news comes amid reports that competitor SL Green Realty is nearly finished with a deal to acquire New York REIT and its portfolio of 23 properties. The details of that deal have yet to be disclosed, but New York REIT acquired the Viceroy New York two years ago for $148.5 million, or $618,000 a key.

The 29-story, 240-room hotel was built in 2013, and was the first ever hotel acquisition made by New York REIT, which at the time was known as New York Recovery REIT.

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The additional steps are meant to ensure the long-term success of its owners as COVID-19 restrictions begin to ease and guests return to hotels.

The hotel is located in downtown West Palm Beach, two blocks from the Intracoastal Waterway to the east and the Palm Beach County Convention Center to the west.