RobertDouglas Advises On The $60,000,000 Sale Of The Wyndham Garden Manhattan Chelsea West In New York, NY
RobertDouglas announced today that it advised Gemini 37 West 24thStreet MT, LLC, a subsidiary of Gemini Real Estate Advisors, in the sale of the Wyndham Garden Manhattan Chelsea West. The sale was arranged pursuant to a Chapter 11 proceeding and closed on Feb. 29, 2016. The 124 key hotel, located steps from Madison Square Park in the heart of the dynamic Flatiron District, was purchased by Fortuna Realty Group, LLC for $60,000,000, or approximately $485,000 per key, following a lively auction administered by the U.S. Bankruptcy Court for the Southern District of New York.
“This sale creates an opportunity for Fortuna to add to its already impressive portfolio of lifestyle hotels,” said Evan Hurd, Senior Director at RobertDouglas. “The property’s high quality facilities and ideal location at the heart of New York’s technology and media scene make it well positioned to take advantage of the ongoing growth of the Midtown South submarket.”
“The transaction was completed after a complex bankruptcy process at an attractive purchase price, and is an excellent outcome for our investors,” said Dante Massaro, president of Gemini Real Estate Advisors. “We are excited to see a group with a long-term stake in this neighborhood execute its vision for this quality property. This is the third closing and brings us one step closer to completing the sale of the four properties from the Chapter 11 proceeding.”
“This deal speaks to the resiliency of the market for high quality lodging assets in New York City,” commented David Smith, a Senior Associate at RobertDouglas. “The final purchase price of over $480,000 per key represents a significant premium to the stalking horse bid, creating a favorable outcome for our client and underscoring the confidence that long-term investors have in this one-of-a-kind market.”