Updated Oct 28, 2024
Sonesta International Hotels Acquires Denihan Hospitality Group Hotel Portfolio For $324.2M
155 East 50th Street, New York City, New York 10022, United States
$324,200,000
$20,320/SF
Building Size
15,954 SF
Asset Type
Commercial
Closing
May 5, 2022
About this deal
AI
The property involved in the transaction is a hotel located at 155 East 50th Street, 303 Lexington Avenue, 215 East 64th Street, and 557 Lexington Avenue in Midtown East, Murray Hill, and Lenox Hill. The hotel has a total square footage of 587,259 and was sold for a price of $324,200,000, resulting in a price per square foot of $552.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $324,200,000
- Buyer: Sonesta International Hotels
- Seller: Denihan Hospitality Group
- Square Footage: 587,259
- Price per Square Foot: $552
Sonesta International Hotels is the buyer of the property, while Denihan Hospitality Group is the seller. The transaction took place on 05/06/2022. The property is situated in a prime location, spanning across three neighborhoods: Midtown East, Murray Hill, and Lenox Hill.
On the Map
$324,200,000
$20,320/SF
Commercial
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.05%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93