"The total value of the transaction, which is not the asking price and does include an assumption of debt on the properties, is in excess of $175 million and between that figure and $200 million," Steven Bardsley tells GlobeSt.com. Bardsley is 1st VP of CB Richard Ellis Investment Sales, and he is headquartered in CBRE's Stamford, CT office. He and Thomas McConnell of CBRE Hotels in New York are spearheading the marketing effort.

"It's very unusual to be able to offer two net-leased properties in CBD districts," Bardsley says. "This represents an unprecedented opportunity to own two luxury, class A assets in CBDs in two major cities without having to participate in their respective hospitality operations." Miotel developed and currently operates both properties, and Accor is the lease guarantor.

"The buyer will be paid rent every month regardless of the hotels' performance," Bardsley explains. "The leases run to 2022, and rents are guaranteed by the parent company, which is an investment-grade firm. The rent stream will fluctuate," Bardsley says, "based on a variety of parameters that have to do with financing and other factors that are completely unrelated to room occupancy or hotel performance, although these both perform well."

The sellers are Hotel Leasing (NY) Trust and Hotel Leasing (PA) LP, in which Finova Capital Corp. is one of the partners. The Philadelphia property is a conversion and expansion of the former Philadelphia Stock Exchange building at 120 South 17th St. The New York hotel is newly developed.

"Both hotels have generated a great deal of interest among both local and national buyers, given their unique net-leased status," says McConnell. He adds that other perks potentially include tax benefits and eventual control of the two properties.