American Realty Capital New York Recovery REIT to Acquire Newly Constructed Viceroy Hotel
NEW YORK,?Sept. 24, 2013?/PRNewswire/ –?American Realty Capital New York Recovery REIT, Inc.(“NYRR”) announced today that it has agreed to acquire a leasehold interest in the newly constructed Viceroy Hotel located on West 57th?Street, between 6th?and 7th?Avenues, in?Manhattan?and take a preferred equity interest in an institutional-quality office building at 123 William Street in the Financial District of?Manhattan. The aggregate cost for the two assets is?$188.5 million, exclusive of closing costs. The 29-story, 240-key Viceroy Hotel was designed by renowned architectural firm, Roman and Williams. The hotel will be managed by Viceroy Hotel Group, which currently manages luxury?hotels?in locations including Santa Monica,?Miami,?Beverly Hills, Snowmass,?Anguilla,?Abu Dhabi?and the?Maldives. The institutional-quality office building located at 123 William Street contains 27 stories and approximately 513,000 rentable square feet.
Michael A. Happel, Chief Investment Officer of NYRR, noted, “We are pleased to announce these pending acquisitions of two high-quality?Manhattan?assets. Once acquired, our total portfolio, at cost, will approach$1.0 billion, with approximately 90% of our portfolio, by purchase price, concentrated in?Manhattan. Additionally, we are excited to add our first hotel asset. The hotel is in a prime location and will be operated by what we view as a best-in-class hotel manager, Viceroy Hotel Group.”