Ashford Hospitality Trust,Inc announced that it has completed the acquisition of the Embassy Suites by Hilton New York Midtown Manhattan for $195 million. The company entered into a non-return mortgage loan of $ 145 million.

The newly built hotel has 41 floors. The hotel has 310 rooms. It is ideally located in Midtown Manhattan. Also, the property is minutes from the major transport hubs of the Penn Station, Grand Central Terminal and the Port Administration Bus Terminal.

Embassy Suites Manhattan was opened in January 2018 by Hilton New York Midtown Manhattan. The hotel has 310 rooms and has 6 patio suites. The property includes the Heist Restaurant & Lounge, Skylawn Bar and Social Space, the Embassy Lounge. The hotel also has a 4,000 square-meter meeting room.

Douglas A. Kessler, Ashford Trust’s President and Chief Executive Officer, said: “We are very pleased to complete the acquisition of the Embassy Suites by Hilton New York Midtown Manhattan, our first direct hotel investment in New York City. The hotel is a high-quality, well positioned asset that we expect will benefit from the positive trends occurring in the dynamic Manhattan market. Having recently opened in 2018, the property is still ramping up operations, and we believe there is significant growth and upside to occur. Additionally, we believe the ERFP contribution resulting from this investment significantly increases the returns for our shareholders.”

Source: Pe Hub

Fulya Altunyay/