Jones Lang LaSalle Hotels has arranged the sale of Manhattan’s Paramount Hotel on behalf of Walton Street Capital and Highgate Holdings to RFR Holding. The sale ranks among the 10 largest single-asset hotel transactions to close globally in 2011. “Investors continue to be drawn to high-quality assets in New York, and this deal demonstrates that there seems to be little shortage of equity capital available to capture high-quality hotels,” says JLLH’s managing director Jeffrey Davis. “Private equity investors have a strong appetite for hotels in core markets like New York City and that is fuelling greater competitive pressure within the market.”
New York’s lodging market is the top performing market in the United States and the second strongest in the world. The Times Square submarket has achieved an 8.6 percent increase in average daily rates in year-to-date through September 2011, according to Smith Travel Research.
