JLL Hotels & Hospitality completed the sale of the 336-key hotel in the rebounding Manhattan market
JLL Hotels & Hospitality announced today that it has closed the sale of the Gallivant Times Square hotel, a 336-key hotel located in the heart of New York City.
The Gallivant Times Square totals 209,851 square feet, stands 16 stories tall and has various amenities for guests, including a fitness center, concierge service, business center and about 300 square feet of meeting space. The hotel also offers two ground-floor retail spaces with coveted frontage, currently occupied by the An’nam and Ding Szechuan restaurants.
Located at 234 W. 48th St., the Gallivant Times Square offers unmatched access to Times Square and Broadway’s renowned theaters. Times Square continuously demonstrated strong fundamentals year-after-year, with New York City being one of the most dynamic, diverse and dense cities in the United States. Showing immense resiliency throughout the COVID-19 pandemic, New York City is poised for a rebound as the city remains a major travel hub, both domestically and internationally, welcoming an estimated 66.5 million visitors recorded in 2019.
The JLL Hotels & Hospitality team representing the seller is led by Senior Managing Director Jeff Davis, Executive Vice President KC Patel, Executive Vice President Michele Mahl and Associate Nikhil Chuchra. The sale represents the fourth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
“The sale of the Gallivant Hotel represents a small fraction of the investor appetite seeking hospitality assets in Manhattan as confidence in both corporate and transient travel returning to pre-COVID levels begins to grow,” said Patel.
According to JLL’s 2021 Hotel Investment Outlook, the global lodging industry is poised to rebound due to the industry’s continued resilience and trends emerged as a result of the COVID-19 pandemic.
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.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
