Wednesday May 7th, 2014 - 9:14AM
Gemini R.E. Advisors recently acquired the Best Western Plus Seaport Inn in NYC.
NEW YORK—Gemini Real Estate Advisors recently acquired the Best Western Plus Seaport Inn in downtown Manhattan for an undisclosed sum from WNW Hospitality Group.
Newmark Grubb Knight Frank (NGKF) arranged the sale of the 72-room property, which features a vacant ground-floor retail/restaurant space.
"Last year saw increases in both portfolio and single-asset sales of hotel properties and all factors are pointing to an even better year in 2014 with improving operating fundamentals, a better economy and strong debt markets," stated NGKF President James Kuhn, who heads the firm's Capital Markets group. "This sale is indicative of that and reveals that buyers want well-located properties with significant upside potential."