NEW YORK CITY—On behalf of Hidrock Realty and Robert FinvarbCompanies, JLL's Hotel & Hospitality Group today announced the closingof KSG Enterprises Ltd., a subsidiary of Keck Seng (Malaysia)Berhad, has acquired the SpringHill Suites New York MidtownManhattan/Fifth Avenue for $82 million. The seller was HidrockRealty and Robert Finvarb Cos.
JLL managing director Jeffrey Davis and EVP Gilda Perez-Alvaradorepresented the buyer. Hidrock's senior director of hotelmanagement Michael Powlen and Finvarb CFO Daniela Trudel handledthe transaction on behalf of ownership. According to JLL,Manhattan's lodging transaction volume is expected to reach up to$2.8 billion in 2014 and all signs show that investors continue toplace their confidence and capital in the market.
“KSG seized an excellent opportunity to acquire this recentlyconstructed asset at a strong yield and has strategically expandedtheir presence in the United States,” says Davis. “SpringHillSuites benefits from its premiere brand recognition and benefitsfrom Marriott's best-in-class management.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
