Park Lane deal an indicator of NYC market growth

07/19/2013 | HotelNewsNow.com

Evan Weiss, executive managing director and principal at LWHA, said the market in New York City is justifying rising prices such as those at the Park Lane Hotel, which may reportedly sell for $1 million per key and largely be turned into condominiums. "(New York) is the most competitive and highly sought-after investment market in the world. Therefore buyers must be prepared to act quickly and pay premium pricing," said Gilda Perez-Alvarado, executive vice president with JLL’s Hotels & Hospitality Group.

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