LIC Holiday Inn sells for almost $40M less than original listing

After Long Island City's (Queens) Holiday Inn Manhattan View hit the market in June for $59 million, the 136-room hotel has now finally sold, but for $21.9 million, or just over one third of its asking price, according to property records and as reported by The Real Deal.

U.S. Realty Advisors purchased the hotel from developer Queens Plaza North. The 13-story hotel opened in 2009.

Eastern Consolidated brought the property to market in June, The Real Deal reports.

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Queens Plaza North acquired the property in 2005 for $2.5 million and, as The Real Deal writes, initially planned a luxury hotel project, but changed course during the financial crisis and opted for a 10-year franchise agreement with Holiday Inn instead.

The hotel reportedly operates at about 86-percent capacity, and includes a ground-floor restaurant.

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