Cobby Pourtavosi Of Capital Insight Holdings Acquires Hotel From Leonard Stern For $65.5M

The 358-room Sheraton Lincoln Harbor Hotel is located at 500 Harbor Boulevard in Weehawken, New Jersey. The property was sold for a total of $65.5 million. The buyer assumed a $65.5 million CMBS loan linked to the hotel, which has seen a significant rebound post-pandemic, achieving an occupancy rate of 90% and generating an annual cash flow of $4 million.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $65,500,000
• Buyer: Cobby Pourtavosi - Capital Insight Holdings
• Seller: Leonard Stern - Hartz Mountain Industries
• Keys: 358
• PPK: $182,961

Cobby Pourtavosi represented Capital Insight Holdings in the acquisition, while Leonard Stern represented Hartz Mountain Industries in the sale of the property. The transaction highlights the active participation of Capital Insight affiliate Weehawken Holdings LLC in the hotel market, emphasizing their recent investment in the hospitality sector.