15 bids for New York Helmsley Hotel, price may top US$300m

NEW YORK CITY More than a dozen bids have been recorded for the 773-key New York Helmsley Hotel, with some proposals reportedly topping US$300 million.

Tishman Hotel & Realty is among the companies to submit bids prior to last month’s first-round deadline, according to Crain’s New York Business. The paper did not disclose the other identities of the approximately 15 prospective bidders.

Mark Gordon, a hotel industry analyst for Cushman & Wakefield Inc., says the hotel could ultimately fetch US$367 million, or about US$500,000 per key. The property is being listed by CB Richard Ellis Hotels, which declined to comment on the report.

Crain’s also reports that Goldman Sachs Group Inc.’s real estate investment funds are marketing three hotels in New York City—Park Central New York Hotel, Doubletree Metropolitan Hotel and Sofitel New York.