Distressed West 57th Street Watson Hotel Trades for $175M

Yellowstone Real Estate Investments has purchased the 600-key Watson Hotel. Located at 440 West 57th Street, the sale fetched $175 million, or $291,667 per key, giving new ownership “substantial scale on West 57th Street.” In addition, Yellowstone acquired the leasehold on the property and the ground lease mortgage held by HSBC, which had an unpaid balance of $33.9 million.

Source:    https://therealdeal.com/2021/04/07/manhattan-hotel-trades-in-biggest-distressed-lodging-deal-of-pandemic/