Main Photo: The exterior of The Hotel @ Fifth Avenue
Date: August 2019
Location: West 32nd St and 5th Avenue/Broadway, New York, USA
Name: The Hotel @ Fifth Avenue
No. of Keys: 182
Seller: Apple Core Hotels. The hotel was formerly the LaQuinta Manhattan hotel and Apple Core bought it in 2007 for an undetermined amount. This sale leaves with them with two other hotels in New York.
Buyer: The buyers, Capstone Equities and Republic Investment Co picked up The Hotel @ Fifth Avenue, at 17 West 32nd Street between Fifth Avenue and Broadway, from Apple Core Hotels in a deal that closed on Aug. 8 but was made public in property records today.
The deal marks the second hotel Capstone and Republic purchased from Apple Core on the block. In 2017, the group partnered with Highgate to buy Apple Core’s Nyma Hotel at 6-8 West 32nd Street for $52 million, The Real Deal reported.
Last year, Capstone and Highgate bought the W Hotel New York at 541 Lexington Avenue in Midtown East for $190 million, according to TRD, noe called The Maxwell.
For Capstone and Republic’s latest hotel buy, Argentic Real Estate Finance provided a $44 million loan, property records show. A representative from Argentic declined to comment.
Capstone have been involved with commercial properties such as The Beekman Tower, 570 Seventh Avenue and 80 Broad Street. The company is owned and managed by Joshua Zamir and Daniel Ghadamian.
Republic was founded in 1983, led by founder and managing principal, Ben Nehmadi, Republic Investment Company began acquiring rent-stabilized multi-family properties in the New York metropolitan area.
Currently, the firm owns over 50 investment properties throughout the U.S. and Central America, such as the Ventura Hotel in Los Angeles, the NYU-CUNY office building in New York and the Fallbrook Oceanfront Development in Costa Rica.
Price per Key: US$313,187
THPT Comment: Apple Core had a nice style about them…are they checking out completely, or raising cash for further expansion?
First Seen: Commercial Observer
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.