American Realty Capital New York Recovery REIT Purchases Viceroy Hotel
Monday November 25th, 2013 - 9:46AM EO
| | | | | | | | | | |
These are shortcuts to your favorite social networking and bookmark sites. Add this story to your Facebook page, del.icio.us, DiggIt, and many others!
NEW YORK—American Realty Capital New York Recovery REIT, Inc. has acquired a leasehold interest in Viceroy New York located here for $148.5 million.
Located on West 57th Street, between 6th and 7th Avenues, in Manhattan, this newly constructed hotel commenced operations and opened to guests in October 2013, with 240 rooms in 29 stories.
The hotel was designed by architectural firm, Roman and Williams, and is managed by Viceroy Hotel Group, which currently manages luxury hotels in locations including Santa Monica, Miami, Beverly Hills, Snowmass, Anguilla, Abu Dhabi and the Maldives.
Michael A. Happel, Chief Investment Officer of American Realty Capital New York Recovery REIT, Inc., stated, “This acquisition adds our first hotel asset to our portfolio, which is now over $2.1 billion, including previously announced acquisitions that are closed or under contract. The Viceroy is located in a prime midtown location that we believe will only get better with time. We are thrilled to be working with both the Viceroy Hotel Group as manager of the hotel and the Gerber/Murphy Group as operator of the Kingside Restaurant."
Kingside, a new Marc Murphy and Gerber Group restaurant, is based in the hotel at street level. A rooftop lounge is expected to open in 2014. The property includes a fitness center, an indoor pool and meeting spaces.
Tags: Viceroy Hotel • American Realty Capital • Hospitality • Acquisitions • Management Companies •
When you hear all the lodging industry projections for the months and years to come, much of the robust growth is forecast to be the result of the expected influx of travelers from China. In what could only be seen as good news for the industry, that expectation moved a little closer to reality when President Obama signed a visa waiver extension for Chinese travelers earlier this month.