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ARTICLE · 09 APRIL 2012

Tips To Manage Compressed Due-Diligence Periods

Goodwin Procter LLP
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When the 775-room New York Helmsley Hotel in midtown Manhattan went up for sale, Host Hotels & Resorts snapped it up for US$313.5 million.

United StatesReal Estate and Construction
Teresa Goebel
Teresa Goebel

Originally published on HotelNewsNow.com

When the 775-room New York Helmsley Hotel in midtown Manhattan went up for sale, Host Hotels & Resorts snapped it up for US$313.5 million. In May, Pebblebrook Hotel Trust shelled out US$137 million for the Mondrian Los Angeles, an iconic boutique hotel in West Hollywood.

To say the market for hotel purchases in key U.S. cities has been rapidly heating up over the past year is no understatement. Capitalizing on the combination of eager buyers and improving performance metrics in these markets, hotel owners have in many instances conducted bid processes to sell their hotels, attracting a range of potential purchasers, from REITs to real-estate private equity funds to foreign investors.

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