ANNAPOLIS, MD As previously reported by HOTEL BUSINESS., Thayer Hotel Investors officially closed March 15 on its transaction to acquire the 504-room Rihga Royal Hotel in New York for $193 million.
The acquisition of the 54-story hotel represents Thayer Hotel Investors entrance into the New York hotel market. The property will carry the J.W. Marriott flag and will be renamed the J.W. Marriott New York Hotel.
The Rihga Royal has historically been a solid, four-star performer in the luxury sector and Thayer is convinced that the acquisition price of approximately $380,000 per room represents an excellent long-term value for the property. A $10 million renovation of the property is slated to begin immediately. (3/15/01)