Richard Lou Of Palette Hotels Acquires Hotel From Stephen Field Of Synergy Hospitality For $72M
104-04 Ditmars Boulevard
$72,000,000
$203/SF
Building Size
354,254 SF
Asset Type
Hotel
Closing
Sep 21, 2026
About this deal
AI
A hotel property located at 104-04 Ditmars Boulevard in East Elmhurst, Queens, was sold for $72 million, making a notable transaction in the real estate market. The asset spans a total of 354,254 square feet, resulting in a price per square foot of approximately $203.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $72,000,000
- Square Footage: 354,254
- Price Per Square Foot: $203
- Buyer: Richard Lou - Palette Hotels
- Seller: Stephen Field - Synergy Hospitality Management
- Transaction Date: September 21, 2026
The acquisition was executed by Richard Lou, representing Palette Hotels, who acquired the asset from Stephen Field, the representative of Synergy Hospitality Management. The transaction showcases the ongoing activity in the hotel sector within the Queens market.
On the Map
$72,000,000
$203/SF
Hotel
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Players
East Elmhurst Hotel Market Snapshot
Boundary boundary · Hotel · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93