Sonesta International pays $324M to Denihan Hospitality for 4 hotels in Manhattan

Sonesta International Hotels acquired a stake in four Manhattan Denihan Hospitality Group buildings valued at $324.2 million, in four separate transactions. Sonesta said in a press release that Denihan will maintain a minority stake in the properties.
In the first transaction, Sonesta International Hotels through the entity Sonesta Fifty Hotel LLC paid $99.8 million to Denihan Hospitality Group through the entity 155 East 50th Street Co., LLC for hotel building at 155 East 50th Street in Midtown East, Manhattan. The deal closed on April 26, 2022 and was recorded on May 6, 2022. The property has 159,582 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $625 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The seller bought the property on January 6, 2006, for $644.7 million. The signatory for Denihan Hospitality Group was Thomas Felderman. The signatory for Sonesta International Hotels was John Murray. Denihan Hospitality Group will continue to own a minority stake in the hotels, according to a relase from Sonesta.

In the second, Sonesta International Hotels through the entity Sonesta Shelburne Hotel LLC paid $89.8 million to Denihan Hospitality Group through the entity 303 Lexington Avenue Co., LLC for hotel building at 303 Lexington Avenue in Murray Hill, Manhattan.
The deal closed on April 26, 2022 and was recorded on May 6, 2022.The property has 179,142 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $501 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the third, Sonesta International Hotels through the entity Sonesta Gardens Hotel LLC paid $71.6 million to Denihan Hospitality Group through the entity 215 East 64th Street Co., LLC for midblock hotel building at 215 East 64th Street in Lenox Hill, Manhattan.
The deal closed on April 26, 2022 and was recorded on May 6, 2022.The property has 109,921 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $651 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

In the fourth, Sonesta International Hotels through the entity Sonesta Benjamin Hotel LLC paid $63.1 million to Denihan Hospitality Group through the entity 125 East 50th Street Co., LLC for hotel building at 557 Lexington Avenue in Midtown East, Manhattan.
The deal closed on April 26, 2022 and was recorded on May 6, 2022.The property has 138,614 square feet of built space according to PincusCo analysis of city data. The sale price per built square foot is $454 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)

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