158 KEY THREE STAR FULL SERVICE HOTEL IN NEW YORK NY
******THIS IS A UNION HOTEL******
The hotel offers a fitness center, executive boardroom and a popular ground floor restaurant off the lobby called Westside Brew house which also operates the outdoor bar and patio.
This is an exceptional opportunity to own and operate a recently renovated select-service hotel branded as a Four Points by Sheraton, within the Starwood family of brands. The hotel enjoys an established presence in Chelsea, which is arguably one of the most sought after locations for hotels in Manhattan given the incredible growth Chelsea has been experiencing over the past several years, and the proximity of the neighborhood to desirable areas such as Times Square, the Highline, the Flatiron District and Hudson Yards.
Located on the south side of West 25th Street between Sixth and Seventh Avenues, the Four Points located six blocks south of Penn Station and Madison Square Garden, and is in a convenient location in terms of accessibility to other areas. Chelsea is in close proximity of other popular areas of Manhattan, such as Hell' s Kitchen, Times Square, the Garment District, Flatiron District, Union Square and the Meatpacking District.
(EXCLUSIVE OFF MARKET LISTING) THERE ARE FAR TOO FEW UPSCALE MANHATTAN HOTELS THAT CAN SAY THE CAP RATE IS 5% YEAR AFTER YEAR, AFTER YEAR...BUILT JUST 15 YEARS AGO,THIS SHERATON WILL MAKE YOU MILLION$... A UNION HOTEL
DIRECT TO THE SELLER, THIS MANHATTAN FULL SERVICE SHERATON HOTEL SPORTS A 5% CAP YEAR AFTER YEAR.
Asking Price: $134,000,000
PURCHASE PRICE IS FIRM PER THE SELLER AT $134,000,000. SELLER TO PAY A 3% COMMISSION AT THIS PRICE ONLY OR SHOULD THE EXECUTED PURCHASE PRICE BE LESS THAN $134M, THE BUYER TO PAY THE THREE PERCENT COMMISSION FROM THE SELLER: These are the NOI: 2018: $6,086,442 2017: $5,655,310 2016: $5,925,833 2015: $6,425,626
THIS IS A 158 KEY THREE STAR FULL SERVICE HOTEL KNOWN AS THE FOUR POINTS BY SHERATON, LOCATED AT 160 WEST 25TH STREET, NEW YORK, N.Y. 10001 THE 3% REAL ESTATE COMMISSION IS GROSSED IN ON TOP OF THE $130MM SELLER'S NET PRICE.....ADDITIONALLY, THE BUYER CAN PAY THE 3% AT $130MM THIS HOTEL HAS A LEASED RESTAURANT (LEASE PROVIDED IN DUE DILIGENCE), A FITNESS CENTER, BUSINESS CENTER, BAR & LOUNGE THIS HOTEL LOCATED IN THE CHELSEA AREA OF MANHATTAN, OPENED IN 2003 AND COMPLETELY RENOVATED IN 2010 THE 158 KEYS PROVIDE 54 KING ROOMS, 102 DOUBLES AND 2 SUITES. THERE IS A BASEMENT AS WELL THIS IS A MONEY MAKER THAT THE SELLER WILL VERIFY IN THE FORMAL DUE DILIGENCE PERIOD PLUS THE FRANCHISE AGREEMENT & EVERYTHING ELSE THE HOTEL HAS A TOTAL SQUARE FOOTAGE OF 55,916 THE 2015 N.O.I. WAS $6,425,626; 2016 N.O.I WAS $5,925,833; 2017 N.O.I. WAS $5,655,310 & THE 2018 N.O.I. WAS $6,165,473 (EXCLUSIVE OF DECEMBER)
THE SELLER HAS STRONGLY REQUESTED OF ME THAT ANY AND ALL FORMAL WALK THROUGH'S TO BE DUE THE DUE DILIGENCE PERIOD ONLY (VERY OFF MARKET) THIS IS A VERY OFF THE MARKET AND VERY DIRECT TO THE SELLER. PLEASE DO NOT LET THIS GO VIRAL DEAR BUYER, THIS IS A PRE-DUE DILIGENCE PACKAGE AND NOT A FORMAL DUE DILIGENCE PACKAGE. ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT AND THE BUYER OPENS THE CONTRACTED ESCROW TRUST ACCOUNT WITH THEIR EARNEST MONEY DEPOSIT, THE SELLER WILL PROVIDE THE BUYER WITH THE P&Ls, VENDOR CONTRACTS AND ANY AND ALL FORMAL DUE DILIGENCE INFORMATION AND DOCUMENTATION AVAILABLE TO BE ABLE TO CLOSE ESCROW. TO MOVE FORWARD, THE BUYER AND OR THE SELLER TO EXECUTE THE ASSET SPECIFIC MASTER FEE AGREEMENT, THE BUYER TO PROVIDE AN ASSET SPECIFIC BUYER SIGNED LETTER OF INTENT TO INCLUDE THE PURCHASE PRICE, DUE DILIGENCE PERIOD, CLOSE OF ESCROW DATE AND THE AMOUNT OF EARNEST MONEY DEPOSIT AMOUNT THAT THE BUYER WILL ESCROW IN THE CONTRACTED ESCROW TRUST ACCOUNT ONCE THE BUYER AND THE SELLER EXECUTE THE PURCHASE AND SALE AGREEMENT. THE BUYER TO PROVIDE A BUYER'S INVESTMENT BIO OF HOSPITALITY ASSETS IN THE BUYER'S COMMERCIAL INVESTMENT PORTFOLIO. THE BUYER TO PROVIDE THE SELLER OR THE SELLER'S ATTORNEY A VERIFIABLE PROOF OF FUNDS. PLEASE NO TRANSACTIONAL FUNDING.