Gehr Group Acquires the Four Points by Sheraton Midtown Times Square
And secures new financing for the Fairfield Inn by Marriott Times Square.
June 2, 2011 - The Gehr Group announced that Gehr Development, its real estate division which acquired the Fairfield Inn by Marriott Times Square in 2009, has completed the acquisition of the adjacent Four Points by Sheraton Midtown Times Square for $112 million, or approximately $460,000 per key.
The Gehr Group announced that Gehr Development, its real estate division which acquired the Fairfield Inn by Marriott Times Square in 2009, has completed the acquisition of the adjacent Four Points by Sheraton Midtown Times Square for $112 million, or approximately $460,000 per key. The transaction was part of a $170 million portfolio financing secured by both hotels.
"New York is the best hotel market in the United States and we will continue to grow our portfolio in Manhattan," says Alfred Somekh, President of Gehr Development. “This latest addition to our real estate holdings is part of an ongoing strategy of acquiring high-quality hospitality assets in gateway U.S. cities," added David Lifschitz, President of The Gehr Group.
This latest acquisition brings Gehr Development's total rooms in Manhattan to 488. The company's New York portfolio also includes Sky Room Times Square, Manhattan's highest rooftop lounge. The Sky Room (www.skyroomnyc.com) is located on the 33rd and 34th floors of both hotels, offering stunning views of the Manhattan skyline.
The Gehr Group, ( www.gehr.com ) founded by Chairman & CEO Norbert Gehr, is a diversified holding company headquartered in Los Angeles, California. Its principal business units are engaged in international trade, real estate, manufacturing, wholesale and distribution. In the past 25 years, Gehr Development has owned and operated over 1,000 residential units and over 1.2 million square feet of industrial, office, hospitality and retail space in California, New York and Florida.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
