Brooklyn's Luxury William Vale Hotel Sells for $177 Million
EOS Hospitality acquires iconic, skyline-defining hotel in court-approved bankruptcy sale
In another hospitality-sector bankruptcy sale, global real estate investment bank Eastdil Secured and national advisory firm A&G Real Estate Partners have successfully marketed the luxury William Vale Hotel in Brooklyn’s Williamsburg neighborhood.
The transaction, which followed a three-year ownership restructuring and litigation process led by Asaf Ravid, Chief Restructuring Officer of All Year Holdings Ltd., resulted in full payment of all outstanding secured bonds.
Stalking horse bidder EOS Hospitality, a New York-based, full-service hospitality company with a diverse portfolio of hotels across the United States, closed on the skyline-defining, luxury lifestyle hotel on June 18. The $177 million transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York on May 29.
Perched above Kent Park with unobstructed views of Manhattan, the 183-key, 21-story tower at 111 N. 12th St. is one of just four luxury hotels in Brooklyn. Built in 2016, the hotel boasts top-shelf eateries by restaurateur Andrew Carmellini, 7,300 square feet of high-end indoor and outdoor function spaces and multiple storefronts and offices.
Acting as exclusive advisors, Eastdil Secured and A&G previously marketed another luxury hotel in the neighborhood—the 147-room Williamsburg Hotel, which sold last year for a total cash-and-debt price of $96 million.
Categories: Development