Paramount Hotel Nyc

Americas Hotel Transaction Volume Up Approximately 180 Percent to $7.4 Billion ...

Jones Lang LaSalle Hotels today reported that the volume of hotel investment transactions that closed in the Americas market in the first six months of 2011 reached $7.4 billion—a robust increase of approximately 180 percent on the same prior-year period. The numbers represent preliminary totals from Jones Lang LaSalle Hotels’ Hotel Investment Highlights Americas report due to be released later this month. The firm’s research tracks hotel asset transactions in excess of $10 million, and excludes note sales, recapitalizations and foreclosures.

“Investors are aggressively re-entering the hotel market. Real estate investment trusts (REITs) have been trading at strong multiples and have been able to access the equity markets, while private equity funds have raised significant sums of capital and the debt markets are more active, which has led to the significant increase in activity. We now project full-year hotel trade levels to reach $16 billion, up from our previous forecast of $13 billion,” said Arthur Adler, Managing Director and CEO-Americas of Jones Lang LaSalle Hotels.

“Big-ticket sales are back. The firm tracked 14 sales that transacted above the $100 million mark in 2011, the third-highest amount ever for the first six months of the year,” added Bob Webster, Managing Director of Jones Lang LaSalle Hotels.

Deal volume was driven by single-asset hotel transactions which accounted for 90 percent of deal volume. The bulk of the single-asset trades consist of high-quality assets located in key urban markets with strong in-place cash flows. New York City is at the forefront of this year’s deal volume. Hotel transactions in the amount of $2.1 billion have closed in the city thus far in 2011. Based on the pipeline of deals in the market, such as the 597-key Paramount Hotel, deal volume is on track to potentially reach $4 billion this year—the highest level single-asset volume on record for Manhattan.

"While REITs accounted for 45 percent of the acquisitions volume during the first half of the year and were the most active buyer group overall, private equity investors, which were relatively silent during the downturn, have picked up steam. In the first quarter of 2011, private equity groups accounted for 25 percent of purchase volume, a figure which jumped to 46 percent in the second quarter of the year,” said Webster.

The United States continues to be the dominant country in the Americas region for hotel transactions, accounting for 94 percent of the regional transaction volume. Another four percent of regional activity resulted from hotel trades in Canada. Brazil was the third most liquid investment market in the Americas recording $94 million in hotel transactions.

Paramount Hotel Times Square New York

Location. Paramount Hotel Times Square New York is located in New York's Broadway Times Square neighborhood, close to Minskoff Theater, Broadway, and Times Square. Nearby points of interest also include Rockefeller Center and Radio City Music Hall. Hotel Features. Paramount Hotel Times Square New York's restaurant serves breakfast and dinner. A bar/lounge is open for drinks. Room service is available during limited hours. Recreational amenities include a health club and a fitness facility. This 4.0 star property has a 24 hour business center and offers small meeting rooms, limo/town car service, and audio visual equipment. Wireless Internet access (surcharge) is available in public areas. This New York property has 496 square feet of event space consisting of conference/meeting rooms. Guest parking is available for a surcharge. Other property amenities at this Art Deco property include a coffee shop/caf, valet parking, and a concierge desk. This is a smoke free property. A total renovation of this property was completed in June 2009. Guestrooms. There are 599 guestrooms at Paramount Hotel Times Square New York. Beds come with pillowtop mattresses, Egyptian cotton linens, down comforters, and premium bedding. Bathrooms feature designer toiletries, bathrobes, and hair dryers. Wireless Internet access is available for a surcharge. In addition to in room safes (accommodate laptops), guestrooms offer cordless phones with voice mail. 32 inch LCD televisions have premium satellite channels, Oncommand video, and pay movies. Air conditioned rooms also include iPod docking stations, blackout drapes/curtains, electronic/magnetic keys, and irons/ironing boards. Guests may request hypo allergenic bedding and wake up calls. Housekeeping is available daily. Guestrooms are all non smoking. Notifications and Fees:The following fees and deposits are charged by the property at time of service, check in, or check out. Valet parking: US$ 50 per nightValet parking large vehicle: US$ 60 per nightPet fee: US$ 125 per stayBreakfast: US$ 13.99 per person (approximate amount) The above list may not be comprehensive. Fees and deposits may not include tax and are subject to change.

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