Stoffels, Kule, Besse and Patel of NGKF secure sale of Best Western

NGKF arranged the sale of the Best Western Plus Seaport Inn, located at 33 Peck Slip, to Gemini Real Estate Advisors for an undisclosed price. The federal-style hotel built in the late 1800s comprises 72 guestrooms and suites. There is opportunity to fill a vacant ground-floor retail/restaurant space and/or to redevelop into an upscale boutique hotel. "Last year saw increases in both portfolio and single-asset sales of hotel properties and all factors are pointing to an even better year in 2014 with improving operating fundamentals, a better economy and strong debt markets," said NGKF president James Kuhn, who heads the firm's capital markets group. "This sale is indicative of that and reveals that buyers want well-located properties with significant upside potential." Garett Stoffels and Jonathan Kule, senior members of the NGKF capital markets transaction team, collaborated with NGKF hotels experts Rick Besse and B.J. Patel, to negotiate the closing on behalf of seller WNW Hospitality Group, and liaise with the buyer and its financing source.