Hotel Purchase Update

* Park Hyatt purchase: Hyatt Hotels Corporation purchased 100 percent of the 210-room Park Hyatt New York for approximately $390 million, inclusive of pre-opening and related costs. The hotel is located within the 90-story glass tower that also houses One57.

* China investment: China-based Shenzhen Hazens Real Estate Group purchased the Luxe City Center Hotel and two adjacent parcels for $105 million. The hotel property was sold by Beverly Hills developer Emerik Properties Corp. The 178-room hotel was once a Holiday Inn, and opened four years ago after a $10-million renovation. The firm plans to spend at least $250 million to develop condos and an office tower on the adjacent vacant land.

California Marriott: Laurus Corporation, a U.S.-based private real estate investment and development firm, acquired the Marriott Warner Center hotel in Woodland Hills, Calif. Laurus will be investing in a $10-million renovation of the hotel’s public areas and guestrooms.

Virtual Event

Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.

New Orleans buy: New York real estate investment firm Garrison Investment Group purchased the O’Keefe Plaza Hotel for $10.75 million in New Orleans. The 129-room hotel at 334 O’Keefe Ave. was purchased from the Chauhan and Kansagra families. Laxmi Hotel, the ownership entity of the hotel, owed $58,250 in taxes. With interest, penalties and audit costs added, the debt comes to $108,815.