East Side Marriot sold to fund for $287m.In a hotel market that is experiencing a tightening of supply and an increasing demand, Morgan Stanley's Prime Property Fund has bought the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Marriott East Side for $287 million. The fund acquired the 646-room hotel from SHC SHC Sears Holdings Corporation (Hoffman Estates, ILt) SHC Self-Help Clearinghouse (Valley Cottage, NY) SHC Spring Hill College (Mobile, AL, USA) SHC Solar Heating and Cooling New York Eastside II, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a subsidiary of the Chicago-based Strategic Hotel Capital, LLC. Hodges Ward Elliott negotiated the sale for SHC New York, while Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. was repped in-house. "The addition of this premier hotel property to the PRIME portfolio increases the fund's exposure to the lodging sector, which is experiencing significant growth in occupancy, average daily rates and revenue per available room," said David Hardman, managing director and head of U.S. real estate investing Real estate investing involves the purchase of real estate for profit. Profits are accumulated slowly by renting out properties in a cashflow method, or are generally improved and resold for a capital gain. at Morgan Stanley. "Additionally, it allows PRIME to gain entry into the supply-constrained New York market with Marriott International's leading full service brand." Supply in the Manhattan hotel market, one of the strongest in the country, has been limited due to residential conversions. Future growth in the sector is also limited because of a lack of available land and high construction costs. A spokesperson for Morgan Stanley declined to disclose how long it took to negotiate the deal and whether or not the company is looking to acquire more hotels in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The New York Marriott East Side is Morgan Stanley's first hotel in New York. The 35-story hotel is located in Midtown Manhattan, on Lexington Avenue at 49th Street, was built in 1924 and is central to New York's businesses and attractions. The hotel also features 629 rooms, 17 suites and 19 meeting rooms. |
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