NEW YORK CITY—InterContinental Hotels Group has sold an overwhelming majority stake of its historic InterContinental New York Barclay for $240 million, which values the hotel at $300 million prior to refurbishment.
Constellation Barclay Holding US, LLC—an affiliate of Constellation Hotels Holding Ltd.—purchased 80% of the 685-room hotel in a transaction arranged by JLL. IHG will hold the remaining 20% of the property, which is located at 111 E. 48th St.
The JLL Hotels & Hospitality Group was led by Mark Wynne-Smith, global CEO; Arthur Adler, managing director and CEO, Americas; Jeffrey Davis, managing director and Gilda Perez-Alvarado, EVP.
“The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,” says Wynne-Smith.
According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its affiliation with InterContinental Hotels, and its location in one of Manhattan’s strongest lodging sub-markets.