Buying & Selling: NYC Boutique Hotel Is Sold to Chinese Firm

NATIONAL REPORT—In a deal around one of New York City’s standout West Side properties, JLL’s Hotels & Hospitality Group arranged the sale of The Standard High Line in Manhattan’s Meatpacking District.

Reports indicate Hong Kong’s Gaw Capital acquired the hotel for $323 million. Asia real estate intelligence website, Mingtiandi, noted, “The private equity firm acquired the Standard Hotel through the limited liability company GC SHL on Oct. 27, according to city records cited by Real Estate Weekly.”

JLL Hotels & Hospitality Group, which represented the seller, AB Green Gansevoort LLC (operating under the name The Standard New York), wouldn’t confirm the buyer.

The 338-room property, which opened in 2008, will continue to be managed by Standard International.

All guestrooms feature a full wall of floor-to-ceiling windows with views of Manhattan and/or the Hudson River. The hotel’s public spaces include a German beer garden at ground level, the rooftop discothèque Le Bain, the Top of The Standard, and an outdoor public plaza with rotating art installations and a winter ice rink.

In addition, there are five food and beverage outlets, including the Standard Grill.

JLL’s International Director Jeffrey Davis, Managing Director Gilda Perez-Alvarado and VP Brady Rice led the JLL team on the transaction.

Postcard Inn on the Beach Sold in Florida

Holliday Fenoglio Fowler LP (HFF) arranged the sale and financing of the Postcard Inn on the Beach, a 196-room, recently renovated, beachfront hotel in the Tampa-area community of St. Pete Beach, FL.

The HFF team marketed the property on behalf of the seller, The Carlyle Group.

Procaccianti Companies purchased the asset free and clear of debt and unencumbered of management. TPG Hotels & Resorts, the firm’s hospitality management affiliate, will manage the property, which is located on an 8.02-acre oceanfront site at 6300 Gulf Blvd.

In addition, working on behalf of the new owner, the HFF team placed a seven-year, fixed-rate loan with BankUnited, FSB.

Originally constructed in 1957, the Postcard Inn on St. Pete Beach recently completed a series of substantial renovations to modernize the guestrooms and common areas. The pet-friendly boutique hotel features “surfer chic” guestrooms, 300 ft. of beach frontage on the Gulf of Mexico, an outdoor pool, Tiki pavilion, two fitness centers, beach volleyball, pool and ping pong tables and books and board games in the lobby. There’s also 4,684 sq. ft. of indoor and 9,856 sq. ft. of outdoor meeting space, as well as several food and beverage options.

Additionally, an adjacent 1.24-acre lot has been approved and permitted for a structured parking facility to provide 346 parking spaces and 4,460 sq. ft. of additional conference and meeting space.

The HFF investment advisory team included Senior Managing Director and head of HFF’s Hotel Group, Daniel C. Peek, Directors Preston Reid and Alexandra Lalos and Associate Wyatt Krapf. The debt-placement team included Senior Directors Scott Wadler and Lauren O’Neil.

A Motel 6 Ready for Best Offer

Amber Hotel Co. has a Motel 6 up for sale for the best offer in South Haven, KS. The 36 -key, two-story, exterior-corridor property is located off of Interstate 35 at 880 East 160 St. South. Amber noted the property has completed the brand’s Phoenix renovation program.

1 Comment

  1. Pingback: Nyc Hotel Firm | List of Hotels