Hilton hotel sold for $35.5M
The Hilton Rye Town, the 447-room hotel and event center in Rye Brook, has been sold for $35.5 million by Ashford Hospitality Trust Inc., a real estate investment trust based in Dallas, Texas. The buyer is an investment group led by Lodging Capital Partners L.L.C., of Chicago, Ill.
The hotel at 699 Westchester Ave., which opened in 1973, will continue to be managed by Hilton Hotels. It remains the only full-service Hilton hotel in Westchester County.
The sale was announced by Cushman & Wakefield Sonnenblick Goldman, the independent real estate investment banking firm, whose global hospitality group advised Ashford Hospitality in the sale. The firm”™s sale team included Tom McConnell, Jared Kelso and Ernest Lee.
McConnell, senior managing director of Cushman & Wakefield Sonnenblick Goldman, in the deal announcement said the strong interest in the Hilton Rye Town from prospective buyers “demonstrated that there continues to be capital targeting high-quality, well-located and well-managed hotels throughout the United States ”“ particularly for those in the New York area.”
Abbott House on the market
Abbott House, a nonprofit social services agency for youths and families, will end operations at its 16-acre Irvington campus by summer.
Houlihan-Parnes Realtors L.L.C. in White Plains has been appointed exclusive agent in the sale of three structures totaling 105,000 square feet at the North Broadway property.
Founded in 1963, Abbott House will carry out administrative and program tasks in Irvington until the property is sold. The agency is expected to relocate in Westchester County, possibly to White Plains or Yonkers, in June.
$30M makeover for The Exchange
Normandy Real Estate Partners plans a $30-million capital improvements project this year at The Exchange, its 14-building office-park portfolio along I-287 in Harrison and White Plains.
Based in Morristown, N.J., Normandy took over the class-A, 1.6-million-square-foot office property, formerly branded the Platinum Mile, from RXR Realty L.L.C. in 2009. The company refinanced its Westchester portfolio in 2010, giving it “a fresh capital infusion” to invest in leasing costs and basic building improvements, said a Normandy spokesman.
The improvements include upgraded common areas, lobbies, elevators and rest rooms at 105 Corporate Park Drive, 106 Corporate Park Drive, 108 Corporate Park Drive and 110 Corporate Park Drive; 701 Westchester Ave., 707 Westchester Ave., 709 Westchester Ave., 777 Westchester Ave., 925 Westchester Ave., 1025 Westchester Ave., 2500 Westchester Ave. and 2700 Westchester Ave.
“Normandy is a long-term, committed owner and manager,” Normandy Vice President Paul H. Teti said in a written statement, “and the steps we have taken since acquiring The Exchange to enhance its image and value to tenants and prospects, coupled with this new capital campaign, are evidence of our dedication.”
