JLL 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 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 percent-plus RevPAR growth in the subsequent years,
