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Hotel transactions expected to accelerate

New York City Images | The London HotelWith a number of large assets on the market, the trade of New York hotels is expected to pick up in 2014, according to market participants.

?Some of them won?t close by the end of the year but I haven?t seen this many large assets on the market in a long time,??Justin Magazine, vice president at?Savills, told?The Commercial Observer.

Among the properties currently on the market include the?Standard High Line?and?The London New York.?The Blackstone Group, owner of the London, is seeking?at least $500 million?for its leasehold interest in the hotel, according to previous reports, while?Simon Fuller, the producer behind American Idol, isreportedly eyeing?the Standard High Line for around $450 million.

Andr??Balazs Properties, the hospitality company behind?The Standard, selected Savills Hospitality Group to represent the brand in identifying an investment partner and exploring the sale of High Line hotel. Mr. Magazine declined to comment on the status of the Standard High Line.

?I can?t get into detail on the Standard High Line, but that has been on the market,? he said.

Demand is coming from both domestic and offshore investors interesting in buying institutional quality flag assets or bringing new brands to the New York market. The Lower East Side, Lower Manhattan and Nomad are among the markets generating the most interest from potential buyers.

?It?s no secret that New York City is the top hotel market in the world in terms of transactions,? Mr. Magazine said.

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Source Commercial Observer, http://commercialobserver.com/2013/12/hotel-transactions-expected-to-pick-up/