By Al Barbarino
Cushman & Wakefield Sonnenblick Goldman is brokering the sale of two New York City Marriott hotels.
The first is the Marriott Courtyard, a 15-floor, 226-room hotel on the Upper West Side, located at 410 East 92nd Street. The other is the LaGuardia Airport Marriott, an 11-floor, 438-room hotel.
The Upper East Side Marriott Courtyard is the subject of a court-ordered Chapter 11 bankruptcy, with an auction scheduled for Mid-April on behalf of owner Madison Equities. The successful bidder has the option to rebrand the hotel or operate unbranded, continue with Marriott through franchise, or to renegotiate the terms of the existing management agreement, according to the Cushman & Wakefield Hotel Transactions Group.
The LaGuardia Marriott features 15,300 s/f of meeting and banquet space, the largest in the market, as well as a concierge floor, two food and beverage outlets, a fitness center with indoor pool, a business center and 24-hour shuttle service to LaGuardia Airport. The airport hotel is being sold on behalf of a bank group that paid roughly $61 million for the hotel last year, according to city records.
“It’s probably the highest quality airport hotel in the city,” said Tom McConnell, head of Cushman & Wakefield’s Hotel Transactions Group. Both deals are being handled primarily by McConnell, Daniel Falvey and Jared Kelso, members of Cushman & Wakefield’s Hotel Transactions Group.
“Hotels around the country are a hot commodity because they sprung back more than any other asset class when the economy started improving,” McConnell said. “They’ve risen on the radar screen for a lot of national investors.”
