The end of the week brings with it a smattering of hotel transactions and new supply to hit the open market. Let's take a look at what's new—on the market and now off.
In Long Island City, Queens, the 13-story Holiday Inn Manhattan View (pictured) on the corner of 39th Avenue and 29th Street is on the market now with the owner looking for $59 million. Queens Plaza North opened the hotel at the beginning of 2009. Crain's reports that the firm had initially planned to open a luxury hotel, but the financial crisis forced the group to enter into a 10-year franchise agreement with IHG's Holiday Inn. The agreement will expire in five years.
"You will have the opportunity to rebrand it, perhaps as an independent boutique," said Marion Jones, of Eastern Consolidated, which is brokering the sale.
The 136-room hotel has a ground-floor restaurant and a lounge, and currently operates at a reported 86-percent occupancy. The $59-million asking price equals about $430,000 per key. Jones said comparable properties are fetching a minimum of $500,000 per room.
Meanwhile, in Glasgow, Scotland, the Gleddoch House Hotel and Golf Course, within a short driving distance of Glasgow International Airport, has been put on the market for around $4.2 million.
The hotel was constructed in the 1920s and is located upon 360 acres of countryside. There is also a large leisure, gym and spa facility. It also has an 18-hole golf course.
London-based property developers have owned the site since 2005, and are now seeking to sell up in order to focus on other business interests.
From the dubious department, word is the so-called "Dirtiest Hotel in America," the 600-room Hotel Carter in New York's Times Square, is for sale.
The Hotel Carter is a three-time winner of Tripadvisor's dirtiest hotel in America's survey and it sits on West 43rd Street. The hotel sale is being handled by Lawrence Wolfe, reports the Examiner.
Wolfe is expecting the winning bid for the hotel to come in at about $180 million, but the hotel will need more than $100 in renovations.
Once the hotel is purchased, it will either close completely for renovations or stay open and do the renovations in stages. Soon, the Hotel Carter will have a new owner and hopefully be restored to yesteryear's glory!
On the sold side, the 220-room DoubleTree by Hilton Deerfield Beach-Boca Raton was sold for a reported $14 million to Garrison Deerfield Propco. CBRE Hotels brokered the deal. The seller was CS Hospitality.
CS Hospitality bought the property for $15.4 million in early 2005. The hotel underwent a brand conversion from a Hilton to DoubleTree in November 2012.
"We received tremendous interest in the DoubleTree given its strong franchise affiliation and location in South Florida, as well as the upside potential from market growth and property improvements," said Robert Taylor, CBRE SVP in Miami.
Atlanta-based HVMG has been retained as the management company.
Word is the new owner will invest around $5 million in renovations.
South Florida remains a hot market for transactions. Earlier this week, real estate firm Holliday Fenoglio Fowler announced it had recently closed the sale of the Sheraton Fort Lauderdale Airport & Cruise Port hotel in Dania Beach and the DoubleTree by Hilton Hotel Sunrise-Sawgrass Mills.
The 250-room hotels sold for more than $32 million each to separate buyers, reports the Sun Sentinel.