Eastdil Secured, in partnership with A&G Real Estate Partners, has successfully marketed the William Vale Hotel in Williamsburg. The 183-key, 21-story hotel was recently acquired for $177 million by EOS Hospitality, a prominent New York-based hospitality company. This sale marks the conclusion of a three-year ownership restructuring and litigation process led by Asaf Ravid of All Year Holdings Ltd., resulting 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 an impressive array of amenities including eateries curated by renowned chef Andrew Carmellini, over 7,300 square feet of versatile event space as well as multiple storefronts and offices.
Chief Bankruptcy Judge Martin Glenn resolved any remaining disputes between Goldman and Weiss with his ruling to overrule Goldman’s objection to a settlement agreement. Under new management from EOS Hospitality’s experienced team members who have successfully operated other properties such as L’Ermitage in Beverly Hills and Hamilton Hotel in Washington D.C., The William Vale is poised for continued success following its emergence from bankruptcy proceedings.
This article originally appeared on Connect CRE.
