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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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Cushman & Wakefield Advises on the Sale of the Courtyard by Marriott on the Upper East Side |
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Friday, June 01, 2012
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New York, NY
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Cushman & Wakefield announced today that it advised Madison 92nd Street Associates (“Madison”), the owners of the Courtyard by Marriott Upper East Side, in the sale of the hotel to RLJ Acquisitions LLC, a subsidiary of RLJ Lodging Trust (“RLJ”). The property was sold pursuant to a plan of reorganization in a bankruptcy proceeding.
The 226-room Courtyard is the pre-eminent lodging establishment on Manhattan’s Upper East Side and has the unique position as the only nationally-branded hotel in this prestigious neighborhood. Located in one of the City’s most upscale residential enclaves, the hotel serves the lodging needs of local residents, as well as that of the New York’s most dense concentration of healthcare establishments, including Sloan Kettering Cancer Center, New York Presbyterian Hospital (Cornell/Weill), Mount Sinai Hospital and Rockefeller University.
Cushman & Wakefield’s Tom McConnell and Jared Kelso represented Madison in the transaction.
“We were excited to be able to support Madison in the sale of the Courtyard UES,” said Tom McConnell, a Cushman & Wakefield Executive Managing Director and co-head of the firm’s Global Hospitality Group. “This was a complex transaction that represented a true win-win for both buyer and seller.”
“We view this transaction as a major financial commitment by RLJ, firmly recognizing the current strength of the hotel itself as well as the ongoing growth of the lodging market in New York City,” said Jared Kelso, a Cushman & Wakefield Senior Managing Director.
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Cushman & Wakefield is the world’s largest privately-held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and assignments. Founded in 1917 it has 243 offices in 60 countries and more than 14,000 employees. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has more than $5.5 billion in assets under management through its wholly-owned subsidiary Cushman & Wakefield Investors. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at www.cushmanwakefield.com/knowledge. |
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About Cushman & Wakefield Sonnenblick Goldman
Cushman & Wakefield Sonnenblick Goldman is the industry’s leading independent real estate investment banking firm. The firm was founded as Sonnenblick Goldman in 1893 and it merged with Cushman & Wakefield in 2007. Cushman & Wakefield Sonnenblick Goldman provides a full range of real estate financial services, including debt and equity placements, joint ventures, hospitality investment sales and workout advisory services, and it collaborates world-wide with other divisions of Cushman & Wakefield. Further information can be found at the firm’s website at www.cushwake.com/sonngold.
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