Credit Suisse First Boston Selling Hotels in Manhattan, Beverly Hills
Credit Suisse First Boston is selling five Manhattan hotels and one in Beverly Hills, which have a combined value of $160 million, a year after acquiring them.
Credit Suisse is selling the properties because it wants to focus on client services, company spokesman Pen Pendleton said. The hotels have been on the market for several months.
The hotels in Manhattan are the Shoreham, the Roger Williams, the Mansfield, Hotel Wales and the Franklin, according to Real Estate Alert, which first reported the properties are for sale. Credit Suisse is also selling the Beverly Crescent in Beverly Hills.
First Boston paid $132 million to Gotham Hospitality Group for the New York hotels last year, Real Estate Alert said.
The lodging industry in Manhattan is robust, with average daily room rates projected to reach a record $203 this year.
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