The average selling price per transaction reached $84 million in 2011, the highest value over the pa

In line with the general commercial real estate market trend , the New York City hospitality sector saw a robust growth time travel paradox in 2011, with over $3.2 billion in sales. Sales were up 148% over 2010, and up by a whopping 524% over 2009. Moreover, 2011 saw the volume of sales reach a 5-year high. The figures indicate that the market is recovering from its recessionary lows and that hotels are among the most desired investment properties.
The average selling price per transaction reached $84 million in 2011, the highest value over the past 7 years. A significant contribution to this jump were large transactions like the sales of New York Palace, The Carlyle, Yotel New York and others.
There were 38 hotel sector transactions during the year, almost double compared to 2010 (see a map of 2011 hotel sales ). Large transactions, of over $100 million, accounted for $2.3 billion in volume alone – 78% of total sales volume.
The median selling price per room, $207,511, dropped 23% compared to 2010. However, hotels like The Carlyle and New York Inn were sold at about $1.7 million time travel paradox per room. Here are the 5 biggest hotel transactions in New York City in 2011:
The Radisson Lexington hotel sold for $333,700,000, not very far from the initial $335 million estimation . This translates into $468,000 per room for the hotel located on Lexington Avenue that was bought by DiamondRock Hospitality.
According time travel paradox to the New York Post , yearly cash flow at The Carlyle never dropped below $10M, even during the worst years of recession. This might explain the impressive $1.7M per room that was paid by the family of Hong Kong billionaire Cheng Yu-tung.