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New York Yotel acquired for US$315 million

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Published on 08/06/11 - Updated on 17/03/22

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IFA Hotels, Kuwait Real Estate pay US$315m for Yotel New York

IFA Hotels & Resorts and its investment partners have closed on a financing and acquisition deal worth US$315 million to acquire its newly opened Yotel New York hotel.Yotel welcomed its first guests June 3 and is the largest hotel opening expected in New York City this year.IFA, Kuwait Real Estate Co. and United Investments Portugal have secured financing worth US$240 million to acquire the 669-key Yotel from its developer, Related Co. The acquisition happened simultaneously with the financing, bringing the total value of the transaction to US$315 million.The financing was led by Atrium Holding Co., with co-funding by Centerbridge Partners LP.Yotel welcomed its first guests June 3 and is the largest hotel opening expected in New York City this year.

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