NEW YORK--(BUSINESS WIRE)--The Gehr Group (www.gehr.com) announced today that Gehr Development, its real estate division which acquired the Fairfield Inn by Marriott Times Square in 2009, has completed the acquisition of the adjacent Four Points by Sheraton Midtown Times Square for $112 million, or approximately $460,000 per key. The transaction was part of a $170 million portfolio financing secured by both hotels.
"New York is the best hotel market in the United States and we will continue to grow our portfolio in Manhattan," says Alfred Somekh, President of Gehr Development. “This latest addition to our real estate holdings is part of an ongoing strategy of acquiring high-quality hospitality assets in gateway U.S. cities," added David Lifschitz, President of The Gehr Group.
This latest acquisition brings Gehr Development's total rooms in Manhattan to 488. The company's New York portfolio also includes Sky Room Times Square, Manhattan's highest rooftop lounge. The Sky Room (www.skyroomnyc.com) is located on the 33rd and 34th floors of both hotels, offering stunning views of the Manhattan skyline.
The Gehr Group, founded by its Chairman & CEO Norbert Gehr, is a diversified holding company headquartered in Los Angeles, California. Its principal business units are engaged in international trade, real estate, manufacturing, wholesale and distribution. In the past 25 years, Gehr Development has owned and operated over 1,000 residential units and over 1.2 million square feet of industrial, office, hospitality and retail space in California, New York and Florida.
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