New York's Gramercy Park Hotel considered for sale

The Gramercy Park Hotel in New York is coming up for grabs.

Real estate investors Aby Rosen and Michael Fuchs hired brokerage firm Eastdil Secured to market the 186-room hotel. Rosen and Fuchs developed the property in the mid-2000s with boutique hotelier Ian Schrager before the recession brought it into default. The pair are also considering a refinancing of the hotel or the sale of a partial interest in it.

Rosen and Fuchs estimate the property is worth $260 million or more, which would work out to at least $1.4 million per room. The record price came in 2012, when the Plaza New York sold for $2 million a room.

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Rosen, Fuchs and Schrager purchased the property in 2003 and invested more than $200 million into a gut-renovation. It reopened in 2006.

Suggested Articles

The investment firm wants both the hotel and the nearby residential land.

Mori Building Co.'s Toranomon-Azabudai Project will include office, residential and lodging components.

While Milan posted positive growth in occupancy, ADR and RevPAR, Amsterdam was down in all three metrics.