ASAP Holdings Acquires East Elmhurst Hotel From Rubicon Companies For $86.5M

The asset involved in this transaction is a hotel located at 102-05 Ditmars Blvd in East Elmhurst. The property was sold on January 15, 2021. The hotel is situated close to Marriott Hotels and offers a total of 443 keys. The sale price for the hotel was $86,547,452, with a price per key of $195,366. It is worth noting that the previous sale price for the property was $33,663,600 in January 2017.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $86,547,452
• Address: 102-05 Ditmars Blvd
• Market: East Elmhurst

The buyer in this transaction was ASAP Holdings, represented by Frank Yuan and Jerome Yuan. The seller was Rubicon Companies. The deal was facilitated by brokers KC Patel, Kevin Davis, and Nikhil Chuchra from JLL.