NYC Ground Lease Slide

NYC Ground Lease

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…

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Location:
Manhattan, NY

Case Overview

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.