Preferred equity proposals sought for 1,087-key Manhattan hotel portfolio
JLL launches preferred equity raise on behalf of Cindat
NEW YORK, September 2, 2020 – JLL Hotels & Hospitality is seeking preferred equity proposals for a seven-property select service hotel portfolio totaling 1,087 rooms in Manhattan. The portfolio is currently owned by a partnership between Cindat and Hersha Hotels & Resorts, which invested in the portfolio in 2016.
The portfolio consists of upscale, select service hotels in prime Manhattan neighborhoods, including the Candlewood Suites in Times Square, Hampton Inn Chelsea, Hampton Inn MSGA, Hampton Inn Times Square South, Holiday Inn Express Times Square, Holiday Inn Express Wall Street and the Holiday Inn Wall Street.
The offering will provide an investor with the opportunity to invest in a portfolio of high-quality, fee simple non-union select service assets at an attractive basis, with long-term committed ownership. Historically, the New York market has shown unparalleled resilience following economic downturns, demonstrating 30%+ RevPAR growth in the subsequent years, further enhancing the attractiveness of this offering. Additionally, JLL anticipates a 20%+ decrease in Manhattan hotel supply, resulting in favorable long-term market dynamics.
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
For more news, videos and research resources on JLL, please visit our newsroom.
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.