GlobeSt.com - February 13, 2004
The 306-room Sofitel Hotel near Rittenhouse Square and the 398-room Sofitel at 45 West 44th St. in New York's theatre district, are being marketed for sale by New York-based CB Richard Ellis Hotels. Both assets are leased under long-term, bonded, triple-net leases to Miotel Corp., a subsidiary of France-based Accor SA.
The total value of the transaction, including assumption of debt on the properties, is between $175 and $200 million acording to Steven Bardsley of CB Richard Ellis Investment Sales. The sale represents an unprecedented opportunity to own two luxury, class A assets in CBDs in two major cities without having to participate in their respective hospitality operations. The leases run to 2022 and rents are guaranteed by Accor which is an investment-grade firm.
The sellers are a partnership owned by Pitney Bowes (PREFCO) and Finova Capital Corp. The Philadelphia property was a conversion and expansion of the former Philadelphia Stock Exchange building at 120 South 17th St. The New York hotel was newly developed.
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Monday, February 16, 2004
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Our client broker's customer looking urgently to purchase property or lease of/on small existing hotel in Manhattan from 40's to 80's streets
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