In 2016, BH Properties closed on a $338 million acquisition of leased fee positions under three hotels in Manhattan, New York. The trio of holdings was a portfolio held by Lexington Realty Trust and included the 411-key, 40-story Element hotel at 311 W. 39th St. in Midtown, the 369-key, 21-story Sheraton Tribeca at 370 Canal St., and a 399-key, 43-story Doubletree Hotel at 8 Stone St. All three hotels were built in 2010, opened in 2011 and were stabilized in 2012. Magna Hospitality was the original developer of the three hotels and brought in Lexington Realty Trust in 2013 as the original ground lessor. The deal was brokered by Eastdil Secured.
The acquisition required a restructuring of the company balance sheet, including the disposition of approximately $211 million of assets across the nation. Which comprised of 16 industrial, office, retail, and multi-family properties in Texas, Arizona, Florida, Virginia, Colorado and Utah.