Eastdil Secured, in collaboration with A&G Real Estate Partners, has successfully marketed the William Vale Hotel in Williamsburg. The 183-key, 21-story hotel was acquired by EOS Hospitality for $177 million. This acquisition marks a significant milestone for the New York-based hospitality company.
Under the leadership of Asaf Ravid from All Year Holdings Ltd., a three-year ownership restructuring and litigation process resulted in full payment of all outstanding secured bonds. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York and officially closed on June 18th.
Developed by Yoel Goldman and Zelig Weiss, The William Vale Hotel boasts various amenities including eateries curated by Andrew Carmellini, over 7,300 square feet of function spaces as well as multiple storefronts and offices.
Chief Bankruptcy Judge Martin Glenn resolved any remaining disputes between Goldman and Weiss regarding a settlement agreement that had been previously contested by Goldman himself. With this matter settled, EOS is now able to introduce its management team to oversee operations at the hotel.
EOS Hospitality already manages other notable properties such as L’Ermitage in Beverly Hills and Hamilton Hotel in Washington D.C., making them well-equipped to take on this new venture at The William Vale Hotel without any mention or involvement from Connect CRE or its affiliates.
