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Preferred Equity Proposals Sought For 1,087-key Manhattan Hotel Portfolio

September 2, 2020

NEW YORKJLL Hotels & Hospitality is seeking preferred equity proposals for a seven-property select service hotel portfolio totaling 1,087 rooms in Manhattan. The portfolio is currently owned by a partnership between Cindat USA LLC and Hersha Hotels & Resorts, which invested in the portfolio in 2016.

The portfolio consists of upscale, select service hotels in prime Manhattan neighborhoods, including the Candlewood Suites in Times Square, Hampton Inn Chelsea, Hampton Inn MSGA, Hampton Inn Times Square South, Holiday Inn Times Square South, Holiday Inn Express Times Square, Holiday Inn Express Wall Street and the Holiday Inn Wall Street.

The offering will provide an investor with the opportunity to invest in a portfolio of high-quality, fee simple non-union select service assets at an attractive basis, with long-term committed ownership. Historically, the New York market has shown unparalleled resilience following economic downturns, demonstrating 30%+ RevPAR growth in the subsequent years, further enhancing the attractiveness of this offering. Additionally, JLL anticipates a 20%+ decrease in Manhattan hotel supply, resulting in favorable long-term market dynamics.

JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling $83 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 7,350 advisory, valuation and asset management assignments. Our hotel valuation, brokerage, asset management and consultancy services have helped more hotel investors, owners and operators achieve high returns on their assets than any other real estate advisor in the world.

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