Magna Hospitality Group Sells 216-Key NY Hotel
- Aug 02, 2018
HFF has arranged the sale and acquisition financing for Hampton Inn NY-JFK, a 216-key, select-service hotel in Jamaica, N.Y., on behalf of the seller, Magna Hospitality Group.
The name of the buyer and price were not disclosed. HFF also placed a three-year, floating-rate acquisition loan on behalf of the buyer.
“The Hampton Inn flag remains one of the most established premium select-service assets across the U.S., with high guest loyalty and consistent quality lodging product,” KC Patel, HFF’s senior director, told Commercial Property Executive. “JFK is undergoing a $10 billion upgrade and is well poised to remain the premier port of entry for international travelers to the U.S.”
Proximity to Airport A Factor
The hotel is situated close by John F. Kennedy Airport, which is the most traveled international air passenger gateway into North America. Besides being less than a mile from JFK, the Hampton Inn NY-JFK is only about 15 miles from Midtown Manhattan.
According to Patel, interest in the property came from nearly 100 qualified investor groups, due to its strong location.
“Jamaica, NY, will remain a dense neighborhood giving existing business the opportunity to thrive with the high-barrier-to-entry market,” he said.
Originally built in 2001, the 13-story Hampton Inn NY-JFK saw extensive renovations completed three years ago, a year after Magna Hospitality Group purchased the property. New amenities as a result of those changes include 1,250 square feet of meeting space, a state-of-the-art fitness center, and a new business center.
“As the property needed little upgrades, the new buyer will make slight modifications to enhance the hotel further,” Patel said.
The seller’s HFF investment advisory team also consisted of Daniel Peek, HFF’s hotel group leader. The HFF debt placement team working on behalf of the borrower was led by Senior Managing Director Jay Marshall.
In June, Patel and his team helped sell the Westin Reston Heights, a 191-key full-service hotel in the Washington, D.C.-area.
Image courtesy of HFF