News this evening that the 438-room LaGuardia Aiport Marriott in New York state has been sold by AIB and another lender, Capmark to Rubicon Companies, a Connecticut real estate investment company. The hotel was originally owned by RLJ Lodging Trust, a company you won’t be familiar with and was subject to an AIB loan which was foreclosed.
The sale price has raised some eyebrows in the New York real estate community. At a sale price of USD 22m ( €17m) or USD 50,000 per room for a hotel which boasts 80% occupancy and nightly rates of USD 159, it looks as if AIB has taken a bath on the transaction – the hotel was originally bought by RLJ from LaSalle Hotel Properties for USD 69m in 2008. According to the Wall Street Journal, the average sale price per room for New York hotels is USD 163,130.
AIB and Capmark were represented by Cushman and Wakefield.