Dubai: KFH Capital Investment Company, the investment management arm of Kuwait Finance House, has acquired two Manhattan hotels, the 148-room Hampton Inn United Nations and the 135-room Holiday Inn Express Manhattan Times Square South.
CBRE Capital Advisors, Inc, the investment banking arm of CBRE Group, Inc, and King & Spalding LLP advised on the deal which was valued at around $141.5 million (Dh519.3 million). Both properties opened for business in February last year.
“This transaction gave us the opportunity to acquire two high-quality assets while gaining exposure to Manhattan’s dynamic hospitality market,” said Abdul Aziz Al Marzooq, General Manager of KFH Capital. “The acquisition meets our investment criteria, providing for an attractive going in current yield with significant upside potential in one of the strongest hotel markets in the US.”
The buyer has retained Ardent Hotel Management Company, the hotel management firm, as the ongoing manager.
“We are delighted to have had this opportunity to advise KFH Capital on its acquisition of these two hotels, and look forward to providing them with our services on future real estate investments,” said Imran Ahmad, executive managing director, CBRE Capital Advisors, Inc.
