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KSL Capital Partners Acquires Six Hotels In Greenwich Village, Midtown East, And South Ozone Park For $317.8M

Property Image
SOLD
$317,792,634
ER
Neil H. Shah

New York

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Hotel
Sold 11/28/2023
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Property Image
SOLD

KSL Capital Partners Acquires Six Hotels In Greenwich Village, Midtown East, And South Ozone Park For $317.8M

132 4th Avenue, 206 East 52nd Street & 148-18 134th Street

See Similar Deals
Hotel
Sold 11/28/2023
ER
Neil H. Shah
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Hotel
Transaction Type:Sale

KSL Capital Partners, represented by Eric Resnick, has acquired six hotels from Hersha Hospitality Trust for a total price of $317,792,634. The properties are located in Greenwich Village, Midtown East, and South Ozone Park. The transaction was completed by KSL Capital Partners' subsidiary, 1776 Portfolio Investment, LLC.

Summary of transaction details

  • Property Type: Hotel
  • Transaction Amount: $317,792,634
  • Buyer: Eric Resnick - KSL Capital Partners
  • Seller: Neil H. Shah - Hersha Hospitality Trust
  • Address: 132 4th Avenue, 206 East 52nd Street & 148-18 134th Street
  • Market: Greenwich Village & Midtown East, Manhattan; & South Ozone Park, Queens

Eric Resnick, representing KSL Capital Partners, has successfully acquired the hotels from Neil H. Shah, the seller from Hersha Hospitality Trust. The deal marks a significant investment by KSL Capital Partners in the hospitality sector in New York City.

Players

ER
KSL Capital Partners
Eric Resnick
4 deals$579M volume
BUYER
Neil H. Shah
Hersha Hospitality Trust
Neil H. Shah
3 deals$410.4M volume
SELLER

Details

SOLD
IMAGE: Eric Resnick & Neil H. Shah DATE: 11/28/2023 ADDRESS: 132 4th Avenue, 206 East 52nd Street & 148-18 134th Street MARKET: Greenwich Village & Midtown East, Manhattan; & South Ozone Park, Queens ASSET TYPE: Hotel BUYER: Eric Resnick - KSL Capital Partners SELLER: Neil H. Shah - Hersha Hospitality Trust SALE PRICE: $317,792,634 NOTE: KSL Capital Partners, via 1776 Portfolio Investment, LLC, has completed a $317.8 million deal to acquire six hotels from Hersha Hospitality Trust, including properties in Greenwich Village, Midtown East, and South Ozone Park.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$16,948,940.47

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$1,129,050.11
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,506,499.22
Annual Debt Service$18,077,990.58