The trade of a boutique hotel in Brooklyn is the latest indication that the New York City hotel market continues to be on fire. And the co-developers on the project weren’t even looking for a buyer.
Hotel Williamsburg, a 64-key, full service hotel that opened its doors just last November, was bought by King & Grove March 8th for over $33 million. Renamed King & Grove Williamsburg, the hotel, at 160 North 12th Street in Williamsburg, has followers of the city’s hotel sector abuzz.
Daniel Lesser, president and CEO of LW Hospitality Advisors, told The Commercial Observer that the deal speaks to the city’s overall health. “It’s a brand new hotel in a really dynamic market—Williamsburg is very much a happening place,” Mr. Lesser said. “It’s very emblematic of the fundamental health of New York and how all parts of the city have been, and continue to be, gentrified.” Mr. Lesser also pointed to areas like Long Island City, where ten to twenty years ago, “there wasn’t a whole lot happening.” Read More