Long Island City, NY Bayrock Capital has purchased a Holiday Inn for $76.5 million.
The 381-room, 114,000 s/f hotel at 37-10 10th St. was built in 2022.
KFIR Capital’s Jake Blatter represented Bayrock Capital Group in the off-market deal that sold for $671 per s/f.
The seller was the McSam Hotel Group owned by Sam Chang, the president and CEO.
The Holiday Inn hotel features a business center, 24-hour fitness center and 24-hour snack market in the lobby.
“We remain bullish on the hospitality sector and we plan to deploy additional capital allocated towards hotels in the next few months,” said Blatter. “The buyer is financing the $76.5 million in an all cash private debt fund deal.”
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