10:00 AM
Newmark Grubb Knight Frank (NGKF) Hotels has sold two Best Western Plus locations to a regional owner/management firm in New England for a combined $22.5 million, less than a year after it began marketing the properties as part of an eight-hotel portfolio. The Best Western Plus Roundhouse Suites, with 92 oversized suites in a historic building at 891 Massachusetts Avenue in Boston, was purchased by Dev Hospitality LLC; and, the Best Western Plus Black Rock, a 60-room hotel at 100 Kings Highway Cutoff in Fairfield, Conn, was purchased by Black Rock Acquisition LLC.
Bhavesh “B.J.” Patel, Rick Besse, Jonathan Kule and Garett Stoffels marketed the hotels and represented the seller, WNW Hospitality Group, a hotel owner and operator based in Great Neck, N.Y.
“This is an interesting combination of very well located assets in high barriers to entry markets,” Mr. Patel said. “The buyer plans to continue the hotels’ affiliation with Best Western, make upgrades at both properties and position them well to benefit from the healthy lodging demands in both markets and nationally. The buyer believes that Best Western is the best available brand for the locations and physical aspects of the assets.
“Both hotels gained significant interest during the marketing process and a limited number of properties generally come up for sale in these two areas,” he added. “Our client gained a healthy selling price that emerged from a competitive process.”
The Boston hotel is a six-story brick building distinctive for its round shape. Built in 1828, the hotel was redeveloped in 2001, features more than 1,800 square feet of meeting space, a fitness room and on-site parking. The interior corridor hotel enjoys an excellent location off I-93 and the Massachusetts Avenue Connector, only two blocks away from the Boston Medical Center. The property is convenient to Fenway Park and downtown Boston, and just 3.6 miles from the Boston Logan International Airport.
WNW Hospitality Group developed the Fairfield property in 2006. The award-winning interior corridor hotel features a business center, fitness room and guest laundry. The two-story property is off I-95 and the Black Rock Turnpike, where it is convenient to five universities including Fairfield University, downtown Fairfield, Beardsley Zoo, Port Jefferson Ferry, the Maritime Aquarium, Jennings Beach, Penfield Beach, the Webster Bank Arena at Harbor Yard, and numerous shopping and dining venues.
WNW Hospitality Group retained NGKF Hotels in early 2013 to market and sell the two hotels and six others in a portfolio totaling 830 rooms. The remaining assets are in the states of New York, New Jersey and Connecticut.
Newmark Grubb Knight Frank (NGKF) Hotels, a specialized group serving the needs of the hotel and lodging industry, provides innovative real estate solutions and support for all types of hotel and leisure properties, including luxury, resort, boutique, independent, fractional ownership, extended stay, full-service and limited-service, as well as golf courses and mixed-use assets. NGKF Hotels’ highly experienced team offers a vast array of services including acquisitions and dispositions, market research, equity financing, debt financing, appraisals and feasibility.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.