JLL arranges sale, secures financing for Kimpton Ink48 Hotel
Hotel located in growing Midtown West submarket, near high-profile developments
NEW YORK, October 03, 2019 –JLL Hotels & Hospitality announced that the firm advised a global real estate investment manager on the sale of the 222-key Kimpton Ink48 Hotel, located in Manhattan’s Midtown West submarket. JLL also secured acquisition financing for the buyer.
Senior Managing Director Jeffrey Davis and Senior Vice President Stephany Chen led the JLL team on the sales transaction. Managing Director Kevin Davis and Vice President Barnett Wu led the financing efforts.
“Manhattan’s West side is experiencing tremendous growth and needle-moving developments such as Hudson Yards and Manhattan West,” said Jeffrey Davis. “All of this activity bodes well for lodging product demand.”
“Kimpton Ink48 is an institutional-quality hotel asset backed by proven sponsorship, which elicited an incredible amount of interest from lenders,” said Kevin Davis.
Kimpton Ink48’s amenities include more than 6,000 square feet of meeting space and a 24-hour fitness center. The hotel also offers two comprehensive food and beverage operations: The Press Lounge, a rooftop bar offering 360-degree views of Manhattan, and PRINT, a full-service restaurant, both operated and owned by a third-party.
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 $63.2 billion worldwide. The group’s 350-strong global team in over 20 countries also closed more than 5,420 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 nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com