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Stephen A. Schwarzman & Michelle Gelshteyn Of Blackstone Inc Acquire Kimpton Hotel Eventi For $175M
SOLD
$175,000,000
New York
See Similar DealsHotel
Sold 01/21/2025
SOLD
Stephen A. Schwarzman & Michelle Gelshteyn Of Blackstone Inc Acquire Kimpton Hotel Eventi For $175M
851 6th Avenue
See Similar DealsHotel
Sold 01/21/2025
Summary
NEW YORK
Asset Type:Hotel
Transaction Type:Sale
The Kimpton Hotel Eventi, located at 851 6th Avenue in Manhattan, features 292 keys and is situated in a market characterized by strong travel demand and limited hotel supply. The property was acquired by Blackstone Inc for a sale price of $175,000,000, reflecting a price per key of $599,315.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $175,000,000
- Buyer: Stephen A. Schwarzman & Michelle Gelshteyn - Blackstone Inc
- Seller: John Lien - DLJ Real Estate Capital
- Keys: 292
- PPK: $599,315
This transaction showcases the proactive approach of Blackstone Inc towards securing properties in Manhattan. This follows their recent acquisition of a four-property retail portfolio in SoHo for $200 million, indicating a strong investment strategy focused on prime real estate opportunities.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$9,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$621,738.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$829,589.28
Annual Debt Service$9,955,071.37
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