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Prime Property Seeks to Sell New York Marriott East Side

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Published on 12/09/12 - Updated on 17/03/22

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Prime Property Fund is looking for a buyer for its New York Marriott East Side, which it has put up for sale for $350 million. Approximately $26 million has been spent on renovating the property which was acquired for $287 million in 2005.

Prime Property, run by Morgan Stanley, has put up the New York Marriott East Side for sale. The fund, which typically invests in larger, less volatile real-estate assets such as offices buildings rather than hotels, purchased the property in November 2005 from Strategic Hotel Capital for $287 million. $26 million was subsequently spent on renovation. The seller is now looking for $350 million, approximately $542,000 per room. The hotel is operated by Marriott International under a long-term management agreement and generates annual net operating income in the range of $10 million to $11 million.

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Marriott International

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  • Marriott International United-States
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