Claremont Companies pays $59M to Hok Kit Lou for 120-key hotel in Soho

Claremont Companies through the entity Soho Hotel LLC paid Hok Kit Lou’s 181 Varick Street LLC $59.4 million for the 120-key 181 Varick Street in Soho. The deal closed on October 30, 2019, and was recorded on November 18, 2019. The transaction consists of 1 parcel, including the tax class luxury type hotel built after 1960 (H2). The property is 52,155 square feet.
The average sale price per square foot is $1,138.
The estimated cap rate is 3.9%
The 120-key hotel is operated by Marriott’s Courtyard brand. The last time the property sold was June 20, 2007, when Hok Kit Lou bought the site for $14,200,000.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 120 hotel units on September 21, 2012.

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