GFI Scoops Up JFK-area Hotel for $60M March 14, 2017

The Real Deal | 03/14/2017

A subsidiary of GFI Capital Resources Group scooped up a 330-key hotel near John F. Kennedy Airport for $60 million, documents filed with the Tel Aviv Stock Exchange show.
GFI Real Estate Limited purchased a Crowne Plaza Hotel at 138-10 135th Avenue in the Jamaica neighborhood of Queens, according to the TASE announcement. The 330-key hotel will be managed by Crescent Hotels and Resorts.

The hotel brought in $5.4 million last year, TASE documents show, and GFI hopes to bring the property’s net operating income up to $5.8 million. Representatives of the firm were unavailable for comment Tuesday.

ERG JFK Hotel, an LLC that appears to be run by the Elliot Management Corp., purchased the hotel in 2012 for $16.5 million, according to property records. The nine-story hotel underwent a major renovation and reopened in 2014.

GFI, headed by Allen Gross, also owns the Ace Hotel and purchased the Carlton Hotel in NoMad for $162 million in 2015. The firm is also behind the redevelopment of Temple Court at 5 Beekman Street into a hotel and 68-unit condo tower.

A subsidiary of GFI Capital Resources Group scooped up a 330-key hotel near John F. Kennedy Airport for $60 million, documents filed with the Tel Aviv Stock Exchange show. GFI Real Estate Limited purchased a Crowne Plaza Hotel at 138-10 135th Avenue in the Jamaica neighborhood of Queens, according to the TASE announcement. The 330-key hotel will be managed by Crescent Hotels and Resorts. The hotel brought in $5.4 million last year, TASE documents show, and GFI hopes to bring the property’s net operating income up to $5.8 million. Representatives of the firm were unavailable for comment Tuesday. ERG JFK Hotel, an LLC that appears to be run by the Elliot Management Corp., purchased the hotel in 2012 for $16.5 million, according to property records. The nine-story hotel underwent a major renovation and reopened in 2014. GFI, headed by Allen Gross, also owns the Ace Hotel and purchased the Carlton Hotel in NoMad for $162 million in 2015. The firm is also behind the redevelopment of Temple Court at 5 Beekman Street into a hotel and 68-unit condo tower.”

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