{"id":1004267567,"date":"2018-09-26T04:30:17","date_gmt":"2018-09-26T12:30:17","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004267567"},"modified":"2022-12-08T04:31:49","modified_gmt":"2022-12-08T12:31:49","slug":"host-hotels-resorts-announces-two-major-nyc-sales","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/host-hotels-resorts-announces-two-major-nyc-sales\/","title":{"rendered":"Host Hotels & Resorts Announces Two Major NYC Sales"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"\"<\/a>

New York Marriott Marquis<\/p><\/div>\n

Vornado Realty Trust has acquired an approximately 46 percent interest in the retail condominium located at the base of the New York Marriott Marquis Times Square hotel from Host Hotels & Resorts Inc., for $442 million.<\/p>\n

The company had previously acquired the other 54 percent interest and redeveloped the property<\/a>, which is located at 1535 Broadway. It now owns the entire 45,000 square feet of retail in the building, which has a tenant roster of T-Mobile, Invicta, Swatch, Levi\u2019s and Sephora.<\/p>\n

The deal also included the 1,611-seat Marquis Theater, which is leased to the Nederlander Org., and the largest digital sign in New York with a 330-linear-foot, 25,000-square-foot display.  <\/p>\n

Host Hotels & Resorts Inc. also completed the sale of the 20-story W New York \u2013 Union Square for $171 million, to Westbrook Partners. Located at 201 Park Ave. S, and originally built in 1911, the W New York \u2013 Union Square offers 270 guestrooms.<\/p>\n

\u201cToday\u2019s announcements demonstrate our continued ability to identify, execute, and effectively monetize investment opportunities within our portfolio at very attractive pricing,\u201d <\/em>James Risoleo, Host Hotels & Resorts\u2019 president & CEO, said in a prepared statement. \u201cBased on 2018 forecasts, the sale price for these transactions represent a 26x EBITDA multiple.\u201d<\/em><\/p>\n

Host Hotels & Resorts now owns 88 properties in the U.S. and six properties internationally, totaling approximately 52,400 guestrooms.<\/p>\n

According to Risoleo, both transactions allow the company to take advantage of the remaining like-kind exchange benefits from its Hyatt portfolio purchase that occurred earlier in 2017.<\/p>\n

\u201cThe proceeds continue to strengthen our investment grade balance sheet and enhance our ability to make strategic investments that ultimately drive long-term value creation for our stockholders,\u201d<\/em> he said.<\/p>\n

A major NYC player<\/strong><\/h2>\n

Vornado currently owns and operates more than 20 million square feet of prime office properties. In August, the company refinanced 4 Union Square South<\/a>, a 206,000-square-foot retail building located on E. 14th St. in Manhattan, for $120 million.<\/p>\n

Its Manhattan office portfolio also consists of the global headquarters of Bloomberg LP at 731 Lexington Ave., more than 9 million square feet in Penn Plaza and Amazon\u2019s inaugural headquarters in New York City at 7 West 34th St.<\/p>\n

Image courtesy of Ricardo Gomez Angel via Unsplash<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The company sold the New York Marriott Marquis retail, theater and signage in a $442 million deal, as well as the W New York \u2013 Union Square, in a separate transaction.<\/p>\n","protected":false},"author":451,"featured_media":1004267612,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21751,21783,1600,21742,10],"tags":[39205,33030],"class_list":["post-1004267567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-hotel","category-investment","category-new-york","category-latest","category-northeast","tag-host-hotels-resorts-inc","tag-vornado-realty-trust"],"acf":[],"yoast_head":"\nHost Hotels & Resorts Announces Two Major NYC Sales - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/host-hotels-resorts-announces-two-major-nyc-sales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Host Hotels & Resorts Announces Two Major NYC Sales\" \/>\n<meta property=\"og:description\" content=\"The company sold the New York Marriott Marquis retail, theater and signage in a $442 million deal, as well as the W New York \u2013 Union Square, in a separate transaction.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/host-hotels-resorts-announces-two-major-nyc-sales\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-09-26T12:30:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T12:31:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/New-York-Marriott-Marquis.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Keith Loria\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/host-hotels-resorts-announces-two-major-nyc-sales\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/host-hotels-resorts-announces-two-major-nyc-sales\/\",\"name\":\"Host Hotels & Resorts Announces Two Major NYC Sales - 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