The insatiable demand for hotel properties has not abated since a banner year in 2013, according to Newmark Grubb Knight Frank (NGKF).
NGKF arranged the sale of the Best Western Plus Seaport Inn in downtown Manhattan to Gemini Real Estate Advisors for an undisclosed sum. The federal-style hotel built in the late 1800s comprises 72 guestrooms and suites with unmatched views of the Brooklyn Bridge and East River. There is opportunity to fill a vacant ground-floor retail/restaurant space and/or to redevelop into an upscale boutique hotel.
“Last year saw increases in both portfolio and single-asset sales of hotel properties and all factors are pointing to an even better year in 2014 with improving operating fundamentals, a better economy and strong debt markets,” said NGKF President James Kuhn, who heads the firm’s Capital Markets group. “This sale is indicative of that and reveals that buyers want well-located properties with significant upside potential.”
Garett Stoffels and Jonathan Kule, senior members of the NYC-based NGKF Capital Markets transaction team, collaborated with NGKF Hotels experts Rick Besse and B.J. Patel, to successfully negotiate the closing on behalf of seller WNW Hospitality Group, and liaise with the buyer and its financing source.
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 emergingproperty 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.