Gatehouse Bank Completes Purchase of Marriott Residence Inn, New York
Gatehouse Bank plc (the “Bank”), the London-based Shariah-compliant investment bank, is pleased to announce it has purchased the leasehold interest in the Marriott Residence Inn (“Residence Inn”), Manhattan, New York for an undisclosed amount. The Bank has acquired the property in partnership with a well-experienced US-based hotel operator.
The Residence Inn is a 17-storey, recently redeveloped building located on 48th Street, a highly sought-after area in Mid-town East, Manhattan. The property features 211 spacious guest rooms that are considerably larger than the average Manhattan hotel room. The property has multiple room configurations including studios, suites and a penthouse to accommodate the needs of a wide range of guest preferences. All rooms include a fully equipped kitchen.
The Residence Inn is an extended stay, select service brand of Marriott International that is among the strongest performing brands under the Marriott umbrella with an extremely loyal customer base.
“The Residence Inn and the Manhattan hospitality market possess very attractive investment characteristics,” stated Henry Thompson, Chief Executive Officer of Gatehouse Bank. “The property is well-positioned to capitalise on year-round demand from business and leisure travellers, as Mid-town East is an important destination for both business people and tourists; it also benefits from natural limitations on new hotel supply. The New York City hospitality market has a proven history of strong occupancy and attractive RevPAR (revenue per available room) characteristics,giving us further confidence that this is a solid investment opportunity with significant capital growth potential and secure income returns.”
Fahed Boodai, Chairman of Gatehouse Bank added: “Gatehouse continues to build on its excellent track record in the UK and US real estate markets, having carved out a niche for itself as a leader in the delivery of high-quality, long-income real estate transactions across the hospitality, office, student and industrial sectors.The Residence Inn is an excellent addition to the investment portfolio.”
The Bank was assisted by Arch Street Capital Advisors, LLC in the transaction.