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Case Study

Sale of 685-room InterContinental New York Barclay

​On behalf of InterContinental Hotels Group (IHG), JLL’s Hotels & Hospitality Group arranged the transaction of the historic 685-room InterContinental New York Barclay, located at 111 East 48th Street in Midtown Manhattan, New York.  

Constellation Barclay Holding US, LLC, an affiliate of Constellation Hotels Holding Limited, acquired an 80 percent interest in the asset for $240 million, which values the Hotel at $300 million prior to refurbishment. IHG will hold the remaining 20 percent. Together, the joint venture will own and renovate the asset, which is subject to a long-term management contract with IHG. 

The JLL Hotels & Hospitality Group was led by Mark Wynne Smith, Global CEO, Arthur Adler, Managing Director and CEO, Americas, Managing Director Jeffrey Davis and Executive Vice President Gilda Perez-Alvarado. 

“The parties of this joint venture seized an incredible opportunity to own and elevate the positioning of an iconic hotel in one of the top global lodging markets,” said Wynne Smith. “We expect New York to continue its position as the leading market for investments in the United States as a result of its tremendous appeal to both domestic and off-shore investors.”

According to Adler, the InterContinental New York Barclay attracted strong interest from domestic, Middle Eastern and Asian investor groups by virtue of its long-standing reputation in New York, its world-class affiliation with InterContinental Hotels, and its location in one of Manhattan’s strongest lodging sub-markets.