JLL Hotels & Hospitality closed the sale of the 179-key hotel located in the heart of New York City
JLL Hotels & Hospitality announced today that it has closed the sale of Shoreham, a 179-key boutique hotel located in Midtown, Manhattan, just minutes from both Central Park and the 5th Ave. shopping corridor. The sale represents the fifth asset JLL Hotels & Hospitality has advised on in New York City since September 2020.
JLL represented the seller to complete the sale to a private buyer. The property was offered fully unencumbered of brand management and the buyer plans to continue operations as a hotel.
The Shoreham totals 89,681 square feet and features a fitness center, business center and is pet-friendly. The hotel also includes over 2,000 square feet of meeting space and a restaurant, Aqua 55 and benefits not only from its location, but also from proximity to various perennial demand drivers, being situated near multiple theaters, the Rockefeller Center and leading office tenants, including Fortune 500 companies, financial institutions and media companies.
New York City has shown resilience throughout the pandemic, historically being one of the fastest cities to recovery following an economic downturn. The sale represents continued investor interest in the New York City recovery story and comes as travel and visitation headwinds surrounding Manhattan grow increasingly more positive by the week.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeffrey Davis, Executive Vice Presidents KC Patel and Michele Mahl, Associate Nikhil Chuchra and Analyst Desmund Delaney.
“Manhattan remains a focal point for hospitality capital as transaction activity begins to gain momentum,” said Patel. “Strategically located on 55th and 5th Ave., the Shoreham Hotel will draw demand from all corners of the Midtown market.”
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.
