Bayrock Capital, a private investment firm based in Valley Stream, LI, has acquired a Holiday Inn hotel in Long Island City for $76.5 million from the McSam Hotel Group. The 381-room property spans 114,000 square feet and offers amenities such as a business center, 24-hour fitness center and snack market. Bayrock Capital plans to invest further into the hospitality sector over the coming months.
The acquisition was financed through an all-cash private debt fund deal facilitated by Jake Blatter of KFIR Capital at approximately $671 per square foot off market price point . This marks yet another major purchase within New York’s real estate industry this year as investors continue to capitalize on attractive opportunities across multiple asset classes throughout NYC’s five boroughs.
