The 89-key, limited-service, non-union hotel offers guests a contemporary product. Today, the locality is undergoing a rapid transformation; what historically included auto dealerships and tourist attractions has become a thriving commercial and residential community. The Hotel’s location, surrounded by a diverse group of demand generators, is perhaps one of the most dynamic in the city, with landmarks such as Javits Center, New York Cruise Terminal, and the Intrepid Air & Sea Museum creating a thriving base of demand beyond the already established, nearby attractions such as Times Square, Broadway Theater District, Lincoln Center, Columbus Circle, Central Park and more than 80 million square feet of adjacent office space. The Hotel is also blocks from dining establishments, including the famous “Restaurant Row” along 46th Street and the popular Gotham West Market. The Property provides an investor the unique opportunity of an attractively sized, ideally located hotel with strong and consistent cash flow in one of New York’s fastest growing areas, perfect for an expanding portfolio in the market or a new investor to the City.
Opened in March 2013 and newly renovated in 2023 and Q1 2024, the nine-story hotel has a crisp, chic design and efficient layout, providing guests with all the necessary amenities for a trip to New York City. Guests are welcomed into the pristine, newly renovated lobby, which boasts an expansive breakfast area offering complimentary hot breakfast and a lobby marketplace. Guestrooms feature a contemporary design package and modern amenities, which exceed those found at most hotels and could also fit well in a boutique hotel. Currently, the hotel's affiliation provides 40% of reservation contribution; however, it heavily impacts the Hotel’s ability to drive ADR. The franchise affiliation can be terminated at no cost in September 2025, so long as notice is given by September 2024, providing an investor with the opportunity to reposition the Hotel with a brand that has greater international distribution channels, a proprietary brand, or operates as an independent boutique, saving roughly $550,000 annually in franchise and affiliation fees. Lastly, activating the 1,000-square-foot patio area at the rear of the hotel and potentially converting guestrooms on the lobby level into a dining venue can provide a private amenity and/or profit center.
