W&L Group Sells Sunset Park Holiday Inn Express for $20M
By Isabelle Durso October 11, 2024 3:03 pm
reprints
W&L Group has offloaded its hotel in Sunset Park, Brooklyn, for $20 million, according to city records made public Friday.
W&L sold the Holiday Inn Express at 833 39th Street to the entity CH Associates XII, which appears to be tied to Priya Realty, records show. W&L completed the purchase through the entity 823 39th Street Brooklyn.
It’s unclear who signed for the buyer, but Seth Stein, who owns his eponymous law firm, signed as the buyer’s attorney, records show. W&L’s Tony Wang signed for the seller.
Spokespeople for W&L and Seth Stein did not immediately respond to requests for comment, while a spokesperson for Priya could not be reached for comment. It’s unclear who brokered the deal.
The six-story, 88-key Sunset Park Holiday Inn has retail and garage space and is next to Brooklyn’s famed Green-Wood Cemetery.
W&L’s portfolio consists of several other hotel properties in New York City, including the in-progress Hampton Inn & Suites by Hilton at 90-75 Sutphin Boulevard in Jamaica, Queens, the under-development Hotel Indigo at 8-12 Maiden Lane near the World Trade Center, and the completed Wingate by Wyndham at 11 West 37th Street in Midtown, according to its website.
Priya is checking in to the New York City hotel market at a time that offers both opportunities and challenges. The city has lost a total of 6,000 hotel rooms since 2019 — 3,000 of them in Manhattan, as Commercial Observer previously reported.
One factor contributing to the decline in hotel room availability is migrant housing, as 16,000 rooms have been converted to house migrants, CO reported.
It remains to be seen whether Brooklyn will hold steady when it comes to hotel developments, as new regulations have made it harder to build new hotels around the city.
Isabelle Durso can be reached at idurso@commercialobserver.com.
