Hotel Sofitel New York, which hit the headlines in 2011 with the "DSK" affair, has been sold at a price of $273 million. This appears to be a clean getaway for former property owners given this is well above the asset's 2007 market value.
Current state of affairs show that hotel owners did not blow their money on a now worthless property: through this latest deal, the hotel has been bought by Keck Seng Investments from 44th Street OwnerCo at a price of $273 million, or about $686,000 per room.
Hotel Sofitel New York had originally been purchased in 2007 from the French hotel operator Accor by a consortium of investors (GEM Realty Capital, Whitehall Real Estate Fund and Accor) through a deal that included hotels Sofitel New York and Sofitel Philadelphia, or 704 rooms together bought for a portfolio price of $255 million. As the hotel Sofitel New York alone (398 rooms) was sold for $273 million in 2014, it appears that hotel owners who faced the DSK affair did manage to keep their house in order.
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