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Blackstone said to seek $500 million for NYC London Hotel

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December 30, 2013

Blackstone said to seek $500 million for NYC London Hotel

New York City Images | The London HotelBlackstone Group LP (BX)?hired Eastdil Secured LLC to sell the leasehold on the London NYC hotel in midtown Manhattan, two people with knowledge of the matter said.

Blackstone is seeking $500 million for the leasehold, which has 123 years remaining, according to the people, who asked not to be named because the details are private.

The private-equity firm bought the leasehold on the 54-story luxury?hotel, formerly known as the Rihga Royal, for $193 million in 2005 and renovated the property, adding a restaurant and cafe by celebrity chef?Gordon Ramsay. The hotel, at 151 W. 54th St. between Sixth and Seventh avenues, offers views of?Central Park.

A deal would include a carriage house on 55th Street that?s connected to the north side of the hotel, the people said.

Peter Rose, a spokesman for New York-based Blackstone, declined to comment on the planned sale, which was reported yesterday by the Real Deal. Roy March, chief executive officer of Eastdil, didn?t immediately respond to an e-mail.

Blackstone last month sold the London West Hollywood hotel for $195 million to Northwood Investors LLC, a private-equity firm started by John Kukral, Blackstone?s head of real estate until the end of 2005.

Source Bloomberg,

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