NYC: Qatar's Bite of the Big Apple
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InterContinental Hotels Group has announced that it'll sell an 80% interest in the InterContinental New York Barclay at 111 E 48th St to Constellation Hotels Holding out of Qatar for $240M. It's quite the New York asset, built in the Roarin' Twenties by the Vanderbilt family. The JV will refurbish the 685-key hotel (86 of the units are suites) over 18 months for $175M (split 80/20), and IHG secured a 30-year management contract and two 10-year extension rights. The deal is expected to close in Q1.