Savills Studley Received Mandate to Sell Apple Core Hotel Portfolio in New York City

Savills Studley’s National Hospitality Group, today announced they received the exclusive mandate to sell four assets of the Apple Core Hotel Portfolio (“Portfolio” or “Hotels”) located at various addresses in Midtown New York City. The National Hospitality Group, as exclusive agent to the Owner, is led by Marc Magazine, Executive Managing Director, Tom Baker, Corporate Managing Director and Justin Magazine, Managing Director.

The Apple Core Hotel Portfolio consists of four limited-service hotels totaling 543 rooms: the Ramada New York/Eastside, the NYMA, the La Quinta Inn & Suites and Broadway @ Times Square Hotel. These exceptional properties are being offered unencumbered by management and prospects may pursue each asset individually or together as a portfolio. The fee-simple interest offering represents an extremely rare opportunity for an investor/operator to own a significant Portfolio of hotels in the world’s top lodging market.

The addresses of the four properties include: the 111-room Ramada New York/Eastside located at 161 Lexington Avenue, the 171-room nyma located at 6 West 32nd Street, the 182-room La Quinta Inn & Suites located at 17 West 32nd Street and the 79-room Broadway @ Times Square located at 129 West 46th Street.

“This is a rare opportunity to acquire a first class NY portfolio with highly desirable Manhattan locations,” said Marc Magazine, Executive Managing Director of Savills Studley’s Hotel Group. “It is our goal to have the properties either as a portfolio or as individual assets under contract by year end."