JLL arranges sale of Westin New York Grand Central
JLL Hotels & Hospitality advised on the sale of the Westin New York Grand Central and also secured acquisition financing for the buyer. The hotel is located in Manhattan's Midtown submarket and the sale demonstrates private equity's appetite for hotel assets.
NEW YORK, Jan. 15, 2019 – JLL Hotels & Hospitality announces that the firm, on behalf of Host Hotels & Resorts, advised on the sale of the 774-key Westin New York Grand Central located in Manhattan’s Midtown submarket. Additionally, JLL secured acquisition financing for the asset.
Senior Managing Director Jeffrey Davis and Chief Executive Officer Gilda Perez-Alvarado led the JLL team on the sales transaction, while Managing Director Kevin Davis led the financing efforts on behalf of the buyer.
“New York’s ongoing investment in infrastructure, such as East Midtown’s approved rezoning plan which will bring exciting new developments and further utilization of the area’s public space and transit is a major factor in the market’s strength and made this transaction very appealing from an investment perspective,” said Jeffrey Davis.
Perez-Alvarado added, “We’re seeing private equity continue to demonstrate its appetite for lodging product due to a strong economy, a desire to deploy capital and continued growth in leisure travel.”
The Westin New York Grand Central is located near Grand Central Terminal, the United Nations, several major corporate tenants, multiple transportation lines and attractions including Rockefeller Center, the Empire State Building and Bryant Park. The hotel features 13,000 square feet of meeting and event space, an on-site restaurant and a 3,000-square-foot fitness center.
JLL’s Hotels & Hospitality Group has completed more transactions than any other hotels and hospitality real estate advisor over the last five years, totaling more than $71 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,300 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.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com