Jones Lang LaSalle Hotels arranged the sale of the Hotel 5A (formerly the Clarion Hotel Fifth Avenue) in New York on behalf of ING Realty Partners…
Jones Lang LaSalle Hotels arranged the sale of the Hotel 5A (formerly the Clarion Hotel Fifth Avenue) in New York on behalf of ING Realty Partners. The hotel was purchased by Diamond Rock Hospitality. The 189-room property is located on the northeast corner of 40th Street and Fifth Avenue, across from the New York Public Library, in the heart of Manhattan.
The New York hotel market leads the nation in terms of ADR (average daily rate) and room revenue, said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels. The hotel has great potential to be repositioned in this strengthening market.
ING had made great progress in improving the hotel`s performance and time the sale to coincide with the termination of the Clarion franchise agreement, said Alan Tantleff, executive vice president for Jones Lang LaSalle Hotels in New York, who was also instrumental in the deal.
The New York economy continues to show clear signs of growth. Consumer optimism has increased significantly, and employment levels have recovered. Strong international demand for the tourism industry is expected to continue to increase in 2005.
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