Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Arlington, VA-based Interstate Hotels & Resorts has signed a contract to manage the 102-room Best Western Bowery Hanbee Hotel in Lower Manhattan/Chinatown here. The newly built property at 231 Grand St. is owned by Ben Wong, founder and principal owner of New York City-based Wok and Roll Restaurants. Interstate now manages a total of nine hotels in New York City.

Located at the intersection of the Bowery and Grand Street, the eight-story Best Western has amenities including a complimentary continental breakfast, an exercise facility and a business center. Guestrooms feature high-speed Internet access. “New York is a critically important US market, and we continue to expand our presence there,” says Thomas Hewitt, CEO at Interstate. “The Best Western is our first hotel on the vibrant Lower East Side and our first project with Ben Wong, a well respected and progressive entrepreneur. Our management pipeline remains quite active, with current owners being an important source of new business.”

Leslie Ng, CIO of the firm, says that the “growing New York portfolio also includes five hotels that we operate elsewhere in the state, bringing our total to 14 hotels statewide. This cluster strategy allows us to take advantage of significant operating synergies and economies of scale. New York remains one of the most robust markets in the nation, and we continue to drive performance for our owners.”

According to Interstate’s website, other Manhattan hotels managed by the firm include: Wingate by Wyndham Manhattan Midtown at 235 W. 35th St.; Courtyard Times Square South at 114 W. 40th St.; Comfort Inn Manhattan-Murray Hill at 42 W. 35th St.; the Roosevelt Hotel New York City at 45 E. 45th St.; Hilton Times Square at 234 W. 42nd St.; and the Residence Inn Times Square at 1033 Avenue of the Americas.

The firm owns seven hotels, has 47 hotels as joint venture properties and has 167 hotels under third party management. According to the firm’s second-quarter 2008 results, RevPAR rose 4% for all managed hotel properties, compared to an average industry gain of 1.2%. The firm added nine management contracts as of June 30, 2008, and signed a contact to manage its first property in India, an under-construction hotel in Vizag. The firm also opened its first US Starwood branded Aloft hotel in Rancho Cucamonga, CA, developed and co-owned with JV partner, the John Buck Co.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


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

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.