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GLOBAL:
UK-based Shariah compliant Gatehouse Bank has successfully acquired a
leasehold interest in the Marriott Residence Inn (Residence Inn),
Manhattan, New York. For an undisclosed amount, the acquisition adds on
to the bank’s suite of investments in the US and UK real estate market.
According
to Henry Thompson, CEO of Gatehouse Bank, the Residence Inn and the
Manhattan hospitality market possess attractive investment
characteristics. “The property is well-positioned to capitalize on
year-round demand from business and leisure travellers, as Midtown East
is an important destination for both business people and tourists, it
also benefits from natural limitations on new hotel supply. The New
York City hospitality market has a proven history of strong occupancy and
attractive RevPAR (revenue per available room) characteristics, giving
us further confidence that this is a solid investment opportunity with
significant capital growth potential and secure income returns,”
elaborated Thompson.
The
Residence Inn is an extended stay, select service brand of Marriott
International that is among the strongest performing brands under the
Marriott umbrella. The property features 211 spacious guestrooms that
are considerably larger than the average Manhattan hotel room. The property
has multiple room configurations including studios, suites and a
penthouse to accommodate the needs of a wide range of guest
preferences.
Affirming
his confidence in the value of the property, Fahed Boodai, the chairman
of Gatehouse Bank, said: “Gatehouse continues to build on its excellent
track record in the UK and US real estate markets, having carved out a
niche for itself as a leader in the delivery of high-quality,
long-income real estate transactions across the hospitality, office,
student and industrial sectors. The Residence Inn is an excellent
addition to the investment portfolio.”
Assisted
by US-based real estate advisory firm, Arch Street Capital Advisors,
Gatehouse Bank acquired the property in partnership with a US-based
hotel operator.
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