IFA Hotels & Resorts signs US$300 million deal for New Hotel in New York

Travel News Asia Latest Travel News Tuesday, 18 December  2007

IFA Hotels & Resorts has made its first investment into North America by completing a $300 million deal for a hotel to be built in Central Manhattan with leading US real estate developer Related Companies.

IFA HR is finalising negotiations on the specific components of the deal, however it confirmed that a hotel will be at the core of its business strategy for the project. The hotel market in New York is the number one in the US in terms of RevPAR. Occupancy levels for Manhattan hotels achieve approximately 85%, with average rates for the city continuing to record double-digit monthly increases. These impressive rate gains have continued to soar, specifically in selected segments and locations, including hotels in the Times Square area as well as Midtown luxury properties.

Heralded as one of the most prolific and visionary developers in the country, Related is a fully integrated real estate firm with divisions specializing in development, acquisitions, finance, property management, and sales. Related has developed or acquired over $15 billion in real estate assets and has another $9 billion of development currently in the pipeline.

Related is widely known for creating some of the nations finest residential, retail and mixed-use developments including: the $1.7 billion, 2.8 million square foot Time Warner Center which transformed Columbus Circle into New York Citys newest landmark; Grand Avenue, a multi-phase 3.6 million square foot, $3 billion development spanning three city blocks in downtown Los Angeles, California; the $3 billion, 80-acre Snowmass Village Resort development in Colorado; and the 144-acre CityNorth mixed-use development in Phoenix, Arizona.

Related Companies President Jeff T. Blau said, We look forward to partnering with IFA Hotels and Resorts to bring a new world-class hotel to New York City.

The deal follows other Middle Eastern companies venturing into the highly lucrative American hospitality market, such as IFA HR partner Istithmar Hotels, who have acquired the Manadarin Oriental hotel and the Knickerboker Hotel in New York City.

See other recent news regarding: Travel News Asia, Hotels, IFA Hotels & Resorts, New York

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