Beachfront Allegria Hotel in Long Beach purchased
JLL Hotels & Hospitality closed the sale and financing of the luxury, beachfront hotel located in Long Beach, New York, a prominent drive-to leisure destination
NEW YORK, May 6, 2021 – JLL Hotels & Hospitality announced today that it has closed the sale and an acquisition financing for the Allegria Hotel, a 156-key luxury, beachfront hotel located in Long Beach, New York.
JLL represented the seller, Stabilis Capital Management, LP, to complete the sale to the buyer, Linchris Capital Partners, LLC. JLL also represented Linchris Capital Partners, LLC to arrange the fixed-rate acquisition loan through the lender.
The hotel was offered fully unencumbered of brand and management and, in addition to being the only beachfront hotel between New York City and The Hamptons, boasts one of the only beachfront food and beverage operations in Long Beach.
Converted to a hotel from a senior-living facility in 2009, the Allegria Hotel features a rooftop pool, fitness center and multiple lounge and food and beverage outlets, including Jack’s on the Rocks Lounge, the 8,800-square-foot Atlantica Restaurant and the L’Onda Bar. The hotel also serves as one of Long Island’s pre-eminent wedding venues, featuring a 3,182-square-foot grand ballroom with complimentary pre-event space.
Located at 80 W. Broadway, the Allegria Hotel is proximate to downtown New York City and is touted as a beach getaway destination. Located on Long Island’s south shore, the hotel is situated directly on the Long Beach boardwalk, within walking distance of 3.5 miles of beautiful white sand.
Amidst the pandemic, there has been increased travel to drive-to leisure destinations, according to JLL’s 2021 Hotel Investment Outlook. The Allegria Hotel was the beneficiary of a secular shift where New Yorkers who were unwilling to travel by air, due to the COVID-19 pandemic, frequented Long Beach and other beach destinations.
The JLL Hotels & Hospitality team representing the seller was led by Senior Managing Director Jeffrey Davis, Executive Vice President KC Patel, Associate Nikhil Chuchra and Analyst Desmund Delaney. Financing was led by Managing Director Greg Labine and Senior Director Martha Nay.
“Investor demand for drive-to destinations in high-density markets continues to grow as evidenced by the sale of the Allegria Hotel,” said Patel. “Located within a 50-mile radius of more than 18 million people, the asset is positioned for growth in a post-pandemic environment.”
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.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.