On behalf of Dubai Investment Group, Jones Lang LaSalle Hotels today announced it has arranged the sale of the historic 509-room Essex House Hotel, located at 160 Central Park South in Manhattan, New York. The firm also secured the acquisition financing on behalf of the new owner, Strategic Hotels & Resorts.
Arthur Adler, Managing Director and CEO of Jones Lang LaSalle Hotels, Americas; Managing Director Jeffrey Davis and Senior Vice President Gilda Perez-Alvarado led the Jones Lang LaSalle Hotels team on this transaction. Mathew Comfort, Executive Vice President of the firm’s Real Estate Investment Banking group, led the team on the acquisition financing.
“New York City has rebounded strongly from the recession and the market continues to be high on investors’ list of cities to target for acquisition in 2012,” said Adler. “We expect the New York hotel market to be the leading market for investments in the United States, as evidenced by the year-to-date deal volume, which has reached $1.2 billion. Overall in 2012, acquisition activity is expected to reach $2.4 billion, equaling the second most liquid year on record. The overall New York market experienced a 6.1 percent RevPAR jump through year-to-date July 2012, and still ranks as the number one market in terms of overall RevPAR.”
According to Adler, The Essex House attracted strong interest from investors throughout the world by virtue of its Central Park South location, its long-standing reputation in the Manhattan market and the extremely high quality of its guest rooms and public spaces.
About Jones Lang LaSalle Hotels
Jones Lang LaSalle Hotels is a global real estate services firm focused exclusively on hotels & hospitality. We provide acquisition and financing advice, valuations, investment sales and asset management for luxury hotels, select service and budget hotels, smaller hotels and pubs, from single assets to large portfolios and mixed-use developments.
In the last five years, Jones Lang LaSalle completed nearly 4,000 advisory and valuation assignments and more sale, purchase and financing transactions than any other hotels real estate firm in the world worth more than $30 billion. With 42 offices in 20 countries, no other firm is better connected. Through the firm’s depth and breadth of research and experience, Jones Lang LaSalle Hotels knows the market at every level, knows the players and knows how to get results: www.joneslanglasallehotels.com