The Historic Algonquin Hotel Sold By Cushman & Wakefield
21 Sep, 2005, New York, NY
The famed Algonquin to remain a Hotel
Cushman & Wakefield, the world's largest privately held commercial real estate services firm, today announced the sale of the 174-key Algonquin Hotel, located in Midtown Manhattan.
Cushman & Wakefield represented the seller, Miller Global Properties, in the transaction, which closed on September 21, 2005. Denver-based Miller Global Properties (Fund IV), has been developing, acquiring, operating and owning office buildings, hotels and mixed-use properties and real estate operating companies since 1995.
"This asset generated significant international interest from hotel companies, REITs and other real estate investors," said Tom McConnell, a senior managing director of Cushman & Wakefield's Hospitality group. "The Algonquin is one of the true jewels of the Manhattan lodging market, with an extraordinary history as a literary and cultural landmark."
The buyer, HEI Hospitality, is headquartered in Norwalk, Conn. HEI has an ownership interest in and operates approximately 25 other full-service properties. The hotel will be managed by Merritt Hospitality, a wholly-owned subsidiary of HEI Hospitality.
"HEI is a perfect fit for the Algonquin," said Nolan Hecht, a director at Cushman & Wakefield. "They are experienced hoteliers who understand the uniqueness of the property. It is a good day for New York - the Algonquin will remain a hotel for the foreseeable future, in the hands of operators with a track record of success."
Cushman & Wakefield, the world's leading provider of real estate services, established Cushman & Wakefield Hospitality with services devoted exclusively to the lodging and gaming industry. The group's professionals combine extensive hotel analysis, operations and real estate experience with local market insight, national and international coverage.
Bringing together a team of experienced hospitality professionals with various service specialties, Cushman & Wakefield tailored its hospitality service line to address the particular needs of hotel real estate investors. Cushman & Wakefield Hospitality professionals offer core services in Hotel Transactions, Valuation and Investment Advisory, Gaming Investment Advisory, Project Management and Development Advisory.
Cushman & Wakefield is the world's largest privately held real estate services firm. Founded in 1917, the firm has 175 offices in 50 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-800-376-3133.