Hampton Inn New York - LaGuardia Airport
Private credit strategy has the potential to generate returns similar to equity investments but with lower leverage and reduced last-dollar risk.
Property Type
Hotel
Investment Type
Credit/Lending
Brand
Hilton
Date of Investment
August 2023
Location
Queens, New York City
Keys
220
Units
Square Footage
Loan Type
Loan to Value
69%
Loan to Cost
74%
Total Origination
$43.6MM
Proximate to Demand Drivers
One of the closed hotels to LaGuardia airport - less than a mile - and only Hilton-branded hotel in the area. Also close to Citi Field, home of the MLB Mets, and the National Tennis Center, one of the world's largest public tennis facilities and home to the U.S. Open.
Reduction of supply
Five hotels have gone offline, and the submarket has seen a 24.6% increase in RevPAR.
Strong Basis
Six comparable transactions have sold for an estimated average value of $295K/key. This represents an 49% premium to loan basis ($198K/key).
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