StepStone Adds 2 Manhattan Hotels to Management Portfolio
- Dec 14, 2016
New York—StepStone Hospitality announced it has added the Gregory Hotel and the Renwick hotel to its growing hotel management portfolio, bringing it to a total of 15 properties. The New York properties are owned by Meadow Partners and receive asset management services from Hotel Asset Value Enhancement.
“These well-located properties will benefit from strong ownership, investment, asset management and operating expertise,” said Tom Russo, CEO of StepStone, in prepared remarks. “We see immediate opportunities to more clearly focus marketing of these properties in highly competitive markets.”
The 132-key former Gregorian recently completed a $10 million restoration and was rebranded as the Gregory Hotel. Situated in the historic Garment District in the heart of Herald Square in Midtown Manhattan, the Gregory is within walking distance of the iconic Empire State Building, Times Square, the Rockefeller Center, Radio City Music Hall and Madison Square Garden. The hotel offers Wi-Fi, valet parking, a continental breakfast, a 24-hour fitness center and an on-site restaurant.
The 173-key Renwick Hotel is located a few blocks from Grand Central Station, The New York Public Library and Bryant Park. It offers an on-site restaurant, meeting spaces and guestrooms with personal balconies. The hotel is known for the great artists, writers and intellectuals of the 1920s who frequented the property, and includes remnants of the past with artwork from local artists in the guestrooms.
“As the hospitality industry approaches the expected peak of this cycle, owners are turning to seasoned operators who have extensive expertise in all economic phases,” added Russo. “We have added to our bench strength to handle our planned expansion fueled by a highly active pipeline, including both boutique and branded hotels in key markets with multiple demand generators.”
Image via Google Street View