Manhattan properties change hands for a total of $575m
In two property deals, several New York City properties were sold for a total of $575 million.
Pebblebrook Hotel Trust has sold the Manhattan NYC Hotel for $217.5 million. The buyer was a partnership comprising Patriarch Equities, the Sioni Group and Highgate.
“This sale represents our second significant step towards successfully reducing our exposure to the New York market,” said Jon Bortz, chairman, president and CEO of Pebblebrook Hotel Trust, in a statement. “The Manhattan NYC marks the fourth hotel sold under our strategic disposition plan that we initiated earlier this year, which has generated almost $500 million in gross proceeds. These dispositions have allowed us to take advantage of the imbalance between the higher private market values for our hotels and the lower value of our company as determined by the public market.”
Manhattan NYC Hotel totals 618 rooms, with ground floor commercial space, and is located at 371