NEW YORK—Courtyard New York Manhattan/Upper East side has been acquired by RLJ Lodging Trust for $82 million through a bankruptcy court-ordered sale.
The purchase price represents a forward capitalization rate of approximately 7.5 percent on the hotel’s projected net operating income.
Totaling 210 rooms and 16 suites, the Courtyard New York Manhattan/Upper East Side is located at 410 East 92nd Street.
Amenities include complimentary high-speed Internet access, a fitness center with steam room, indoor pool and an on-site restaurant.
Located in close proximity to Columbia University and Broadway theaters, Courtyard New York Manhattan/Upper East Side is also equipped with a 1,364-sq.-ft. event space.
The acquisition was funded through a combination of cash available on RLJ Lodging Trust’s balance sheet and proceeds from its credit facility.