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Article: Regal scoops up UN Plaza. (Regal Hotels International Holdings Ltd.; UN Plaza Hotel)
- Article from:
- Real Estate Weekly
- Article date:
- May 14, 1997
- Author:
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Copyright informationCOPYRIGHT 1997 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The city made out like a bandit on the sale of the UN Plaza Hotel, which is fetching $102 million from Regal Hotels International in a deal announced by Mayor Rudolph Giuliani last week.
The $238.31 price per key for each of the 428 rooms is much more than the city hoped for when it was first placed on the market a three years ago.
At that time, it was listed as a line item in the city's budget at $70 million, and mayoral spokesperson estimated at that time it would garner $40 million to $85 million.
A deal with other hotel chains was complicated then by the complex ownership structure over two buildings, one of which is on a long-term ground lease. It ...