The 100-room Avalon hotel, located on 32nd St in midtown Manhattan, has been sold by Ferrado US, Newport Beach, California, for US$48.3 million to 16 East 32, New York City.
The Real Deal news website reported that Ferrado purchased the Avalon in 2005 for US$33.5 million.
The deal marks yet another New York City hotel transaction as the real estate market there remains white-hot after seeing a record number of transactions in 2011. Eighteen transactions, comprising nearly US$3.5 billion in assets traded, representing a 150% increase over the 2010 volume, according to Jones Lang LaSalle Hotels.
