RobertDouglas Advises KHP Capital Partners on the Sale of 70 Park Avenue Hotel, New York, NY
New York, NY – RobertDouglas announced today that it advised KHP Capital Partners in the sale of the 70 Park Avenue Hotel. The 205-room boutique hotel, located on Park Avenue at 38th Street in the heart of Manhattan's Park Avenue South neighborhood, was purchased by a Spanish real estate investment company. The property will be managed by Mallorca-based Iberostar Hotels & Resorts – it will be their first U.S. hotel property – and will be renamed the Iberostar 70 Park Avenue.
"The 70 Park Avenue Hotel is located in one of Manhattan's most exciting neighborhoods. Long known as an esteemed residential address featuring tree-lined streets and classic architecture, Park Avenue South is transforming into a dynamic neighborhood squarely in path of development pushing south from Midtown and north from Madison Square Park," commented Evan Hurd, a Senior Director with RobertDouglas. "The property's prestigious address and strong reputation, combined with the planned renovation and dynamic neighborhood, position the property to be among New York's premier boutique hotels."
"There is still deep interest among hotel investors in acquiring assets in Manhattan. However, identifying the most aggressive buyers today, generally private U.S. investors and offshore groups, requires a more committed marketing effort than was the case when the large REIT and institutional investors dominated the market between 2012 and 2015," said Doug Hercher, a Managing Director with RobertDouglas. "In the case of 70 Park Avenue, a broad range of domestic and international investors expressed interest in the hotel, and the final sale price is testament to Manhattan's attractiveness as a place to invest for the long term."
RobertDouglas is a real estate investment banking firm with offices in New York, Los Angeles and San Francisco that specializes in the sale, financing and equity capitalization of hotel, resort and gaming properties throughout North America. Founded by two of the hotel industry's pre-eminent finance professionals, Rob Stiles and Doug Hercher, RobertDouglas offers exceptional domestic and international institutional investor and lender relationships. RobertDouglas combines the capital markets sophistication of top-tier investment banks with detailed hotel underwriting and asset management experience, providing the firm with unique capabilities in an underserved market. For more information, contact [email protected] or go to www.robert-douglas.com.
Douglas Hercher
Managing Director & Principal
+1 (212) 993-7424
