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After a lengthy saga that wound up with RFR Holding's eviction from the Gramercy Park Hotel, owner-operator MCR Hotels signed a ground lease for the property.
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Arden Group provided the $57M loan piece in 2021 for the hotel.
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Interest rates are hammering transaction volume, and a new tax in Los Angeles is keeping deals down.
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The firm, owned by Israeli billionaire Eyal Ofer, bought the $115M mortgage on the property in 2021.
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Beyoncé and Taylor Swift had a significant impact on Houston's hotel occupancy and average daily rate when they brought their tours through the city.
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The purchase of The Shelbourne Hotel was the 10th largest in Europe.
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Christy Reuter, partner at Blank Rome and chair of its Hospitality Practice, discusses hotels' strategic partnerships and considerations for development.
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Bayside Yarmouth LLC acquired the Bayside Resort Hotel in West Yarmouth for $10.7M, plus the rest of the top transactions this week in Greater Boston CRE.
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The hotel industry is still recovering from the pandemic. Hilton has an answer for struggling owners hoping to renovate and rebrand under its umbrella.
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The hospitality REIT announced it reached a deal to sell the 390-room hotel as part of its plan to repay $2.6B of debt.
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