The company is selling the properties in Central Park South in New York City and in the West End, Bloomberg in Washington, DC reported. Deals for the properties have been completed, but the sale price for both could not immediately be determined.
Although the properties have the same seller, there is not the same buyer present. Lodging investor Gencom will take over the 253-key building in Manhattan, while Trinity Investments will acquire the 300-key building in the nation’s capital.
Westbrook did not respond to a request for comment, while Trinity declined to comment. Gencom’s founder, meanwhile, released a statement highlighting “compelling long-term opportunities” in the Big Apple.
Such opportunities exist in the luxury hotel market across the country. According to CoStar, turnover per available room increased by 5.1 percent at luxury chains last year. For the entire hotel sector in the country, there was a decline in industry standards last year.
Nevertheless, it is a sector that Westbrook increasingly wants to leave. In November, Blackstone agreed to buy the 277-key Four Seasons hotel at 757 Market Street in San Francisco for about $130 million, or $469,300 per key.
The transaction represents Blackstone’s first hotel purchase in San Francisco in approximately a decade. The price is significantly lower than the $181.6 million Westbrook asked when he put the property on the market.
Gencom is at the other end of the spectrum.
A group of investors including Highgate, Gencom and Argent Ventures bought the 36-story, 607-room InterContinental New York Times Square late last year for about $230 million.
The property was sold through a joint venture of Tishman Realty and Metlife Investment Management and the purchase was financed by a $190 million loan from Monroe Capital.
— Holden Walter Warner
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Blackstone buys SF Four Seasons amid hotel market comeback
Highgate, Gencom and Argent drop $230 million on Times Square InterContinental
Westbrook Partners is putting Four Seasons San Francisco up for sale
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