DiamondRock Hospitality Company Sells Leasehold Interest In 189-Room Hotel For $33 Million

The leasehold interest in the 189-room Courtyard by Marriott located at 3 East 40th Street, Manhattan, has been sold for $33 million. This hotel asset is strategically positioned on Fifth Avenue, facilitating significant visibility within the market. The transaction reflects the property's status as a valuable asset within the hospitality sector in a prominent area.

Summary of transaction details:

• Property Type: Hotel
• Transaction Amount: $33,000,000
• Address: 3 East 40th Street
• Market: Manhattan
• Asset Keys: 189
• Seller: Jeffrey J. Donnelly - DiamondRock Hospitality Company

Jeffrey J. Donnelly, representing DiamondRock Hospitality Company, facilitated the sale as part of a strategic portfolio cleanup. The decision was based on future capital needs and rising costs, which influenced the assessment that the asset no longer met expected return thresholds.