Cushman & Wakefield Advises On Sale Of Courtyard By Marriott On Upper East Side
1 Jun, 2012, New York
Cushman & Wakefield announced today that it advised Madison 92nd Street Associates ("Madison"), the owners of the Courtyard by Marriott Upper East Side, in the sale of the hotel to RLJ Acquisitions LLC, a subsidiary of RLJ Lodging Trust ("RLJ"). The property was sold pursuant to a plan of reorganization in a bankruptcy proceeding.
The 226-room Courtyard is the pre-eminent lodging establishment on Manhattan's Upper East Side and has the unique position as the only nationally-branded hotel in this prestigious neighborhood. Located in one of the City's most upscale residential enclaves, the hotel serves the lodging needs of local residents, as well as that of the New York's most dense concentration of healthcare establishments, including Sloan Kettering Cancer Center, New York Presbyterian Hospital (Cornell/Weill), Mount Sinai Hospital and Rockefeller University.
Cushman & Wakefield's Tom McConnell and Jared Kelso represented Madison in the transaction.
"We were excited to be able to support Madison in the sale of the Courtyard UES," said Tom McConnell, a Cushman & Wakefield Executive Managing Director and co-head of the firm's Global Hospitality Group. "This was a complex transaction that represented a true win-win for both buyer and seller."
"We view this transaction as a major financial commitment by RLJ, firmly recognizing the current strength of the hotel itself as well as the ongoing growth of the lodging market in New York City," said Jared Kelso, a Cushman & Wakefield Senior Managing Director.
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