X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Anglo Irish Bank has acquired and financed two hotels for Irish investors interested in the US marketplace. The Beekman Tower Hotel and Eastgate Tower Hotel, both located in Midtown Manhattan, were purchased for $151 million from the Denihan Ownership Group, according to Eddie Byrne, executive vice president and head of lending for Anglo Irish Bank’s North American operations.

The hotels were acquired for the Peninsula Real Estate Fund I LP, an equity fund of Anglo Irish Bank Private Banking and Timothy Haskins. “This fund provides our Irish investors with an attractive investment opportunity to participate in the value created by renovating and repositioning these major hotel assets in Manhattan,” says Peter Butler, managing director of Anglo Irish Bank Private Banking, in a statement.

The renovations and repositioning of the property should begin sometime during the first quarter 2007, Byrne tells GlobeSt.com. While the budget is still in the working stages, he estimates the company will spend about $25 million on the renovations.

Renovations will take place at both hotels over the next 18 to 24 months and will be overseen by Haskins, who is the operating partner of the fund. The landmark Beekman Tower, at 3 Mitchell Place, was built in 1928 and contains 172 keys. The Eastgate Tower Hotel, at 222 E. 39 St., has 187 rooms. It was built in 1971.

As of now, Anglo Irish Bank has no other acquisition in the queue, but Byrne says, “The bank and its partners would always be looking for opportunities to invest [in Manhattan]. There are no immediate plans, but we are certainly looking and continuing to look for value-add investments.”

Sonnenblick Goldman advised the Denihan Hospitality Group in arranging the sale of the two hotels.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.