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Why hotel sales have seen a boost this year
 
 
Hotel trades have seen a jump in activity this year thanks to some big-ticket deals — but sellers on the sidelines may be eyeing a more encouraging market, too.
 
Transactions through the end of July totaled $2.9 billion, according to STR, a hotel data and analytics firm. That’s up from $906 million the same 12 months earlier. While recent sales figures have seen a boost from large deals, the backdrop of the market has also become more positive, brokers and consultants said.
 
“Because buyers are more optimistic, then you’re going to get sellers come out and actually want to sell assets,” said Bradley Burwell, vice president of hotel brokerage and investment sales at CBRE.
 
One of the biggest investment sales was for the hotel under construction at 701 Seventh Avenue. Mark Siffin’s Maefield Development bought out partners — including Steve Witkoff, Michael Ashner’s Winthrop Realty Trust, Howard Lorber’s New Valley and the Carlton Group’s Howard Michaels — in a deal that valued the megaproject at $1.5 billion. Plans call for a 39-story tower containing a 452-key hotel, 76,000 square feet of retail and a 17,000-square-foot LED billboard sign.
 
The Plaza Hotel also traded hands, for $600 million, after three bidders struggled to nail down a deal with majority ... more

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