InterContinental Hotels Group has sold an overwhelming majority stake of its historic InterContinental New York Barclay for $240 million, which values the hotel at $300 million prior to refurbishment.
Constellation Barclay Holding US, LLC?an affiliate of Constellation Hotels Holding Ltd.?purchased 80% of the 685-room hotel in a transaction arranged by JLL. IHG will hold the remaining 20% of the property, which is located at 111 E. 48th St.
The JLL Hotels & Hospitality Group was led by Mark Wynne-Smith, global CEO; Arthur Adler, managing director and CEO, Americas; Jeffrey Davis, managing director and Gilda Perez-Alvarado, EVP.
?The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,? says Wynne-Smith.
According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its affiliation with InterContinental Hotels, and its location in one of Manhattan?s strongest lodging sub-markets.
Source: Rayna Katz (2014). IHG Sells Big Stake in InterCon NY Barclay, GlobeSt http://www.globest.com/news/12_830/newyork/hotel/IHG-Sells-Big-Stake-in-InterCon-NY-Barclay-Hotel-344557.html published Apr 04, 2014. Viewed Apr 08, 2014.