$35 Million Comfort Inn Up For Sale in Midtown Manhattan, NY

  

Comfort Inn Times Square South Area, 305 West 39th Street, Manhattan, NY

Michael Rothstein

NEW YORK, NY – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced it has retained the exclusive listing to market for sale the Comfort Inn Times Square South Area, a 78-room hotel located a short walk from Times Square in New York City. The price is $35 million.

            Jerry T. Swon and Michael Rothstein, both in Marcus & Millichap’s Manhattan office, and Gordon Allred, in the firm’s Ontario, Calif. office, are representing the seller.

            “The offering combines exceptional national brand recognition for tourism and one of the world’s most popular travel destinations with an opportunity to receive an attractive investment return,” says Allred.

 “Our survey of 16 similarly branded hospitality properties in the local market shows revenue enhancement opportunities and ADR growth potential for this asset.”

Jerry T. Swon

            “As the nearby Hudson Yards development project shifts Manhattan’s center of gravity, the Comfort Inn Times Square South becomes even better positioned to continue its exceptional performance and provide asset appreciation,” adds Swon.

            The Comfort Inn at 305 West 39th St. is within walking distance of New York City’s Theater District, Madison Square Garden, Rockefeller Center, Central Park, Grand Central Station, Penn Station, the Fashion District, the Jacob Javits Convention Center, the Port Authority Bus Terminal and the American Museum of Natural History. Average daily foot traffic in the area is 300,000 people and the hotel’s annual occupancy rate is 93 percent.

            Built in 2007, the Comfort Inn Times Square South Area has a multi-lingual staff, full- service concierge, uniformed security, on-site surveillance cameras, complimentary breakfast buffet, laundry/dry cleaning service, a business center and express check-in and check-out service. 

Madison Square Garden Entrance, New York, NY

Rooms feature high-speed and wireless Internet access, high-definition cable and satellite television, daily maid service, pillow-top mattresses, blackout drapes, air conditioning, sprinklers, smoke alarms, safes and work desks. Select rooms include refrigerators and microwave ovens.

 For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716