Dank and Burwell of CBRE selected as exclusive sales agent for DoubleTree Times Square

Manhattan, NY  CBRE Group, Inc. has been selected to be the exclusive sales agent for DoubleTree Times Square West at 350 West 40th St. The 612-room, 37-story, 200,000 s/f hotel is located in one of New York City’s most dynamic neighborhoods on the southern edge of Times Square and the Broadway Theater District. The Javits Convention Center and the city-within-a-city Hudson Yards are nearby. The hotel is adjacent to the Distrik Hotel, Staybridge Suites, Fairfield Inn and Four Points, which all operate in excess of 90% occupancy. The DoubleTree’s location in Manhattan is arguably the epicenter of tourism and visitation in the city. Scheduled to open in July 2016, the DoubleTree will be one of the largest hotels in Times Square. The property will offer a three-meal restaurant and a 2,600 s/f rooftop bar/lounge and entertainment venue alongside amenities associated with a full-service, four-star hotel. Guestrooms feature a contemporary design by Paul Vega of VLDG, who also designed the award-winning Hyatt Union Square. The DoubleTree will be delivered unencumbered by management and delivered to a buyer either at substantial completion or temporary certificate of occupancy. Initial pricing guidance is $390 million. Ron Danko, executive vice president, and Bradley Burwell, vice president, of CBRE Hotels’ Manhattan office, are leading the sale on behalf of McSam Hotels. “We are excited to represent Sam Chang in the sale of his most significant project to be developed in New York City,” said Danko. “We plan to leverage CBRE’s global platform to market the asset to every corner of the world.” Burrell said, “Large scale, fee-simple, full-service hotels unencumbered by management are seldom available in Manhattan. As a result, we anticipate significant interest from a wide array of investors looking to gain a strategic and significant foothold in the Manhattan market.”