Hyatt Hotel Update

ByDon

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

Similar Posts

  • Latest New School Construction Update

    ByDon

    Next week (January 30 to February 3), Superstructure work will continue at and 3rd, 4th and 5th floor levels.

    The following week (February 6 to February 10), we will continue superstructure concrete and slabs on 4th and 5th floor levels.

    This weekend the site will be open on Saturday, January 28th for superstructure related activities between the work hours of 7AM and 5PM as permitted by the City. To control noise levels within the site, work activities will be limited to the placement of formwork and concrete, plumbing and electrical work, rebar for concrete placement, using the crane and equipment to support all activities. Safety horns are used, and required by law, to coordinate lifting with the crane and to alert the workers of the danger overhead. We have directed the operators to limit the use of horns to one short sounding and to use the crane later in the day so as to avoid any excess noise.

    In addition to the normal work this Saturday we will be disassembling the small crane and removing it from the site. During the demobilization 13th St. will be closed as well as some lanes on 5th Ave. Pedestrian traffic will also be temporarily closed on the east side of 5th ave. for safety.

    Please do not hesitate to contact me if you have any concerns or questions. Thank you

    Jane R. Crotty
    Senior Vice President
    George Arzt Communications, Inc.
    123 William Street, 22nd Fl.
    New York, NY 10038
    T (212) 608-0333

  • 65 University Place Is Built Like a Brick ———

    ByDon
    65 University Place, between East 10th and 11th Streets, is very much on the rise, with its pricey 28 residential units above. The project represents Indian-based developer Bsafal’s first foray into the United States. The firm, in partnership with Argo Real Estate, purchased the site for $30 million in July 2019 and in February 2021, demolition permits were filed to take down the nondescript four-story commercial building at 64-66 University Place. While the offices on upper floors were long vacant, the ground-floor retail tenant, gourmet grocer Agata & Valentina, had announced plans to close following a dramatic rent increase at the end of 2019.
    While designer Kohn Pedersen Fox‘s New York City portfolio includes such skyscrapers as Two Waterline Square and 111 Murray Street, the new building is rising to a more moderate scale of 125 feet high. Renderings depict a context-sensitive structure that holds University Place’s strong streetwall and faces its main facade with oversized arched windows framed by corbelled brickwork.
    One can only guess at what the condo prices will be.