The Wagner at the Battery

Highlights:

• FULLY UNENCUMBERED OF BRAND AND MANAGEMENT
• RECENTLY CONSTRUCTED, LUXURY HOTEL WITH SPECTACULAR VIEWS
• FULL REPOSITIONING AND VALUE-ADD OPPORTUNITIES TO ACHIEVE SUBSTANTIAL NOI
• SIGNIFICANT DISCOUNT TO REPLACEMENT COST
• OVERSIZED GUESTROOMS THAT ARE SUBSTANTIALLY LARGER THAN COMPETITIVE PROPERTIES
• CLEAR PATH TO MARGIN IMPROVEMENT AND OPERATION UPSIDE

Description:

Rosewood Realty Group and Newmark Lodging Capital Markets have been exclusively retained to offer for sale the Wagner Hotel at the Battery through a Chapter 11 bankruptcy sale. Located on the southern tip of Manhattan overlooking the Hudson River, the Statue of Liberty, and the Financial District, the Offering represents the rare investment opportunity to acquire a fully unencumbered luxury Hotel. Comprising the bottom 14 floors of the 39-story mixed-use tower (113 Ritz-Carlton-branded residences above), the Wagner was developed ground up in 2002 and operated as a Ritz Carlton until 2018. The Hotel features 298 oversized guestrooms (averaging almost 500 SF), nearly 17,500 SF of high-quality meeting and banquet space, restaurant/bar, spa, and fitness center.

The Offering provides investors with the rare opportunity to acquire a recently constructed luxury asset that is unencumbered of both brand and management, providing operational flexibility to implement their own unique vision for the Hotel. Given the tremendous array of value-add opportunities, such as branding the Hotel, renovating the guestrooms, activating underutilized public space, and improving the overall amenity base, new ownership will be able to capture higher-rated group, corporate, and leisure business as the New York Lodging market continues its robust recovery.

The Property is being sold pursuant to a bankruptcy court-supervised sale process, SDNY Lead Case No. 22-11509 (PB), and will be delivered free and clear of debt.

Bid Deadline: April 21st, 2023 at 5 PM
Auction Date: May 9th, 2023 at 12 PM

Documents: