{"id":344755,"date":"2021-09-27T02:40:31","date_gmt":"2021-09-26T23:40:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/mandarin-oriental-owners-selling-hotel\/"},"modified":"2021-09-27T02:40:31","modified_gmt":"2021-09-26T23:40:31","slug":"mandarin-oriental-owners-selling-hotel","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/mandarin-oriental-owners-selling-hotel\/","title":{"rendered":"#Mandarin Oriental owners selling hotel"},"content":{"rendered":"<p>&#8220;<strong>#Mandarin Oriental owners selling hotel<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<div class=\"inline-module inline-module--columnist inline-module--author\">\n<div class=\"inline-module--author__img\">\n            <img decoding=\"async\" width=\"76\" height=\"69\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=76&amp;h=69&amp;crop=1\" class=\"attachment-nyp_columnist size-nyp_columnist\" alt=\"Steve Cuozzo\" loading=\"lazy\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png 76w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2013\/08\/steve-cuozzo.png?w=38 38w\" sizes=\"auto, (max-width: 76px) 100vw, 76px\"\/><\/div>\n<\/div>\n<\/aside>\n<p>The Mandarin Oriental Hotel at Columbus Circle, one of the city\u2019s premier luxury lodging establishments, is quietly up for sale, Realty Check has learned.<\/p>\n<p>The offering for the 248-rooms-and-suites hotel towering over Central Park comes as the state of the city\u2019s hotel industry has been likened to a \u201cdepression\u201d by the American Hotel and Lodging Association.<\/p>\n<p>Although the Mandarin Oriental reopened on April 1, it\u2019s been staggered like other leading hotels by the lack of high-spending visitors and business <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>ers from abroad.<\/p>\n<p>The property is owned by an entity known as IW Columbus Center LLP, of which an Investment Corporation of Dubai subsidiary is the majority partner. Mandarin Oriental Hotel Group (MOHG), which owns some but not all of the hotels bearing the Mandarin Oriental flag, has a 25 percent interest and manages the Manhattan property under a long-term contract.<\/p>\n<p>The hush-hush offering is being handled by JLL. Jeffrey Davis, senior managing director of JLL\u2019s Hotels and Hospitality Group, did not respond to e-mails. A hotel rep confirmed its ownership structure but didn\u2019t comment on the sale offering.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"683\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling2.jpg?quality=90&amp;strip=all&amp;w=683\" alt=\"The exterior of the entrance to the Mandarin Oriental Hotel \" class=\"wp-image-19584941\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling2.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling2.jpg?quality=90&amp;strip=all&amp;w=683 683w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling2.jpg?quality=90&amp;strip=all&amp;w=342 341w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\"\/><figcaption>An investment-sale source who is not involved at the Mandarin Oriental speculated that in today\u2019s distressed market, a sale could fetch as little as $100 million.<\/figcaption><figcaption><span class=\"credit\">Boston Globe via Getty Images<\/span><\/figcaption><\/figure>\n<\/div>\n<p>The MOHG also provides hotel services to 65 condo apartments in the north tower of Deutsche Bank Center, which was previously known as Time Warner Center. The hotel itself is a separately owned condo unit within the mixed-use, twin-towered skyscraper that was developed by Related Companies.<\/p>\n<p>An investment-sale source who is not involved at the Mandarin Oriental speculated that in today\u2019s distressed market, a sale could fetch as little as $100 million. The glamorous property was valued at $340 million in 2007.<\/p>\n<p>The hotel occupies floors 35-54 and is known for its much-in-demand ballroom, five-star spa and eating and drinking venues including MO Lounge. Liam Neeson and Lucy Liu are among regular guests.<\/p>\n<p>Hotel Association of New York president Vijay Dandapani, noting that \u201cforeign owners have their own issues\u201d beyond the situation in New York, wouldn\u2019t speculate on a possible price. But he cast the Mandarin Oriental offering in the context of the overall hotel situation, which he described as \u201cbleak.\u201d<\/p>\n<p>\u201cEvery single hotel went from a cash-flow crisis to a liquidity crisis to a solvency crisis,\u201d he said.The better <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>, Dandapani said, was that whoever a new owner might be, \u201cThe Mandarin Oriental [at Columbus Circle] is not going anywhere. It will remain the Mandarin Oriental\u201d thanks to the long-term contract \u2014 and because the company needs to be in Manhattan.<\/p>\n<hr class=\"wp-block-separator\"\/>The YAI International Academy of Hope School is growing and moving this fall to 825 Seventh Ave. The nonprofit educational institution has obtained a 30-year leasehold condominium interest from tower owners Vornado Realty Trust and Edward J. Minskoff Equities.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"683\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling4.jpg?quality=90&amp;strip=all&amp;w=683\" alt=\"Lobby of the Mandarin Oriental Hotel with a high ceiling lined in chandelier lights and gray and gold marble flooring\" class=\"wp-image-19584950\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling4.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling4.jpg?quality=90&amp;strip=all&amp;w=683 683w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling4.jpg?quality=90&amp;strip=all&amp;w=342 341w\" sizes=\"auto, (max-width: 683px) 100vw, 683px\"\/><figcaption>The luxury hotel occupies floors 35-54 and is known for its much-in-demand ballroom, five-star spa and eating and drinking venues including MO Lounge.<\/figcaption><figcaption><span class=\"credit\">Lorenzo Ciniglio<\/span><\/figcaption><\/figure>\n<\/div>\n<p>YAI will nearly triple its space when it moves from 101 W. 116th St. The school, which provides services to students with brain injuries and brain disorders, needed more room and more modern facilities.<\/p>\n<p>JLL vice-chairman Matthew Astrachan, who repped YAI with his firm\u2019s Simon Landmann and Zachary Azus, explained that the deal is technically structured as a lease. The asking rent was in the low $60s per square foot on an annual basis, he said.<\/p>\n<p>YAI\u2019s chief executive, George Contos, said of the expansion and move, \u201cFor the first time we\u2019ll be able to provide iHOPE students with a full breadth of educational and therapeutic services under one roof.\u201d<\/p>\n<p>Astrachan said the school will have use of a new, dedicated entrance on West 53d Street that will allow buses to drop students off on the right side as city rules require.<\/p>\n<p>The landlords were repped by Vornado\u2019s Edward Riguardi, Minskoff\u2019s Jeffrey Sussman and Avison Young\u2019s John D. Ryan III.<\/p>\n<hr class=\"wp-block-separator\"\/>Like many tenants untroubled by \u201cwork-from-home-forever\u201d chatter, Lowenstein Sandler has reaffirmed its commitment to Midtown. The national law firm extended its lease and expanded at 1251 Sixth Ave., where it will now have 125,000 square feet on floors 17-19.<\/p>\n<p>The firm says it is \u201cprioritizing and investing in a reimagined office space\u201d for its employees and clients\u2019 \u201cevolving needs.\u201d<\/p>\n<p>The 23,000-square-foot expansion on the 19th floor is long-term, as is the rest of the lease. A source said the expansion rent would rise from $86 per square foot to $100 over 17.5 years. Lowenstein Sandler will enjoy 18 months of free rent and a $150 tenant-improvement allowance.<\/p>\n<p>The cost is similar for the existing space and will also include 14 months of free rent, according to our source.<\/p>\n<p>Michael Goldman of AttentivRE represented the tenant.<\/p>\n<hr class=\"wp-block-separator\"\/>Chicago-based brokerage and services firm Bradford Allen is expanding to Manhattan with a top New York dealmaker at the helm.<\/p>\n<p>Glenn Isaacson, formerly with Cushman &amp; Wakefield and CBRE before that, will be president of Bradford Allen New York, which has set up shop at 745 Fifth Ave. Isaacson\u2019s 40-year career has included 20 million square feet of leasing transactions. Among them: a recent giant renewal for law firm Seyfarth Shaw at 620 Eighth Ave., Boston Consulting Group\u2019s move to Hudson Yards and securing the space for Avenues: The World School\u2019s first New York City campus.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/26\/check-out-time-mandarin-oriental-owners-selling-hotel\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Mandarin Oriental owners selling hotel&#8221; The Mandarin Oriental Hotel at Columbus Circle, one of the city\u2019s premier luxury lodging establishments, is quietly up for sale, Realty Check has learned. The offering for the 248-rooms-and-suites hotel towering over Central Park comes as the state of the city\u2019s hotel industry has been likened to a \u201cdepression\u201d by&#8230;<\/p>\n","protected":false},"author":1,"featured_media":344756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/mandarin-oriental-hotel-owners-selling.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[116592,61594,80258,72938,110036],"class_list":["post-344755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-26-21","tag-exclusive","tag-luxury-hotels","tag-sales","tag-time-warner-center"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/344755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=344755"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/344755\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/344756"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=344755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=344755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=344755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}