The DoubleTree by Hilton simply outdoors John F. Kennedy Worldwide Airport is looking for a purchaser.
Vista Hospitality has put the 385-key resort at 135-30 one hundred and fortieth Road in Jamaica up on the market, The Actual Deal has discovered. The Canadian actual property funding firm is eyeing a worth between $75 million and $80 million for the property, which has 5,600 sq. toes of assembly house.
The 12-story resort was constructed within the Nineteen Fifties and renovated a number of instances through the years, most just lately in 2024. Eastdil Secured Savills is advertising and marketing the property.
Vista refinanced the resort in April with a $36.5 million mortgage from Webster Financial institution. The agency, based by brothers Amin and Ally Visram, acquired the resort in 2008 and it has since undergone a number of model transitions — from a DoubleTree to a Radisson, and again to a DoubleTree.
The homeowners chucked their affiliation with DoubleTree in 2013 in favor of an alliance with Radisson after partially settling a lawsuit alleging Hilton conspired with its mum or dad firm, the Blackstone Group, and a lender to terminate their franchise settlement and power a mortgage default. Vista sued Hilton, claiming the corporate was secretly working with Blackstone and an affiliated lender to finish the franchise deal and foreclose on a $35 million mortgage on the property.
Hilton argued that the default was official based mostly on the resort’s failure to satisfy model requirements, together with allegedly charging friends the fallacious room charge and levying charges for Web service that friends didn’t order.
Vista owns and operates inns, buying malls, retirement houses and workplace buildings in Canada and the Jap U.S.
The agency didn’t instantly reply to a request for remark. Eastdil Secured Savills declined to remark.
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