September 16, 2020
The Royalton Hotel, a 168-key boutique property near Times Square, has traded for a reported $42 million. The sale was arranged by JLL Hotels & Hospitality, which says it’s New York City’s first hotel investment sale since the COVID-19 pandemic began.
MCR acquired the Royalton at 44 W. 44th St. from Highgate and the Rockpoint Group, which in turn acquired it from FelCor Lodging Trust in 2017. MCR will also manage the property.
“The sale of the Royalton Hotel, post-COVID-19, is a watershed deal for New York City,” said JLL Hotels’ Jeffrey Davis. “We had tremendous investor interest for this property from around the world, especially from those seeking alternative uses. In the end, MCR recognized the extraordinary location of this one-of-a-kind hotel, and given their breadth and experience in the local lodging market, recognized that even in the midst of a pandemic, New York City remains resilient.”
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