Belvilla Signs 15-Year Lease For 72-Unit Hotel With Tenant Peter Papamichael In Long Island City

The property asset involved in this transaction is a 50,000-square-foot hotel located at 45-06 Pearson Street in Long Island City. This hotel features 72 units and is positioned in a prime market area. Belvilla has signed a 15-year lease for the property, marking its first U.S. establishment as part of a new venture.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: Not specified
• Lease Duration: 15 years
• Square Footage: 50,000
• Address: 45-06 Pearson Street
• Market: Long Island City
• Landlord: Belvilla
• Tenant: Peter Papamichael - Vorea Group
• Broker: Adam Joly - Igloo

The transaction represents Belvilla's entry into the U.S. market, taking over a site that was previously operated by Sonder, which ceased operations in November. The individuals involved include Peter Papamichael, representing Vorea Group as the tenant, and Adam Joly, who brokered the deal for Igloo. This lease is part of the establishment of Belvilla District 6.