Navika Group Acquires Andaz Wall Street, New York – January 2022, For $84.7m From Hakimian Organization
Main Photo: The newly rebranded Hyatt Centric Wall Street
Date: May 2022
Name: Was The Andaz Wall Street – to be rebranded Hyatt Centric Wall Street New York – Reopened January 2022
Location: Wall Street, Financial District, New York, NY, USA
Number of Keys: 253
Seller: Hakimian Organization
Buyer: Navika Group, with a portfolio of 53 owned and operated hotels throughout the U.S.
The Navika Group of Companies has acquired the former Andaz Wall Street and rebranded the hotel as the Hyatt Centric Wall Street New York. The real estate firm purchased the property from Hakimian Organization for $84.7 million, according to Crain’s New York Business. Blue Sky Hospitality Solutions Management Co. is set to manage the hotel when it reopens on Jan. 26.
The Hakimian Organization is a developer, owner, and manager of New York real estate since 1970. Through its completion of over 30 ground-up construction and conversion projects, The Hakimian Organization has helped change the face of New York’s sophisticated metropolitan landscape.
Rebranding Andaz Wall Street to Hyatt Centric Wall Street New York was a strategic decision based on the hotel’s downtown location in downtown Manhattan. “The competitive advantages provided by Hyatt Centric Wall Street New York, our first hotel in New York City, make it an ideal addition to our current portfolio of 53 owned and operated hotels throughout the U.S.,” said Ernie Catanzaro, EVP of Blue Sky’s hotel division. “The hotel has some of the larger rooms in New York City, ranging in size from 345 to 1,500 square feet, as well as an unmatchable location and address. Our planned multimillion-dollar renovation will reinforce the hotel among the most desirable locations in New York City.”
Navika will invest approximately $5 million to further update the property over the next several years. The guestrooms were modernised in 2019, and the lobby was recently upgraded to match Hyatt Centric brand standards.
Headquartered in Uniondale, N.Y., Navika Group of Companies is a self-advised commercial real estate company. The company invests its capital primarily in income producing and cash flow generating assets comprised of limited and full service hotels, office buildings, shopping centers and multi-family housing.
In the updated lobby, large scale artwork from local artists captures the essence of downtown New York City while textured layers with pops of color aim to offer points of interest throughout the public spaces.
The 253 guestrooms have layers of tactile discovery and include walk-in rain showers, hardwood floors and 12-foot foot ceilings with oversized windows. The guestrooms will also display artwork meant for sharing on social media.
On Jan. 26, the hotel will reopen the Wall & Water restaurant, an open-air concept serving breakfast and dinner, which will be led by New York chef and food and beverage director Alan Ashkinaze. Hyatt Centric Wall Street New York is also set to open a new dining venue in the future.
The property also has more than 10,000 square feet of meeting and event space.
Hyatt Centric Wall Street New York will be led by David Cohen as the hotel’s general manager. Cohen joins the property team having led the Hotel Plaza Athenée and The Ritz-Carlton, Waldorf Astoria and Four Seasons in New York.
Blue Sky Hospitality has some 20 branded hotels under it’s belt – under the Marriott, Hilton & IHG brands, across the US.
Price: US$84,7m
Price per Key: $335k
THPT Comment: A great buy at this price, for Navika – with a good-looking portfolio of 50+ hotels in the USA. Promises to be one the best hotels on Wall Street. GM has a great pedigree. We are guessing Blue Sky is the in-house management company for Navika.
First Seen: Hotel Management
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