Gatehouse Bank increases real estate investments with leasehold interest in Marriott Residence Inn

26 days to go Wednesday 20th August 2014 Gatehouse Bank increases real estate investments with leasehold interest in Marriott Residence Inn Daily Cover 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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