- The Pierre Hotel’s 189 rooms, retail spaces, and restaurants are on the market, while its 80 co-op residences are excluded from the sale.
- Located at 61st Street and Fifth Avenue, the property is a prime asset in Manhattan’s luxury real estate market.
- The sale is being handled by Newmark Group’s Douglas Harmon, who notes the growing demand for luxury hotels in marquee cities.
- Investors, including high-profile buyers, have targeted luxury hotel acquisitions in major US cities, such as recent deals in Florida and Orlando.
The five-star Pierre Hotel, overlooking Central Park, is on the market. According to Bloomberg, the board representing the co-op shareholders owns the hotel and would oversee the sale.
Landmark Opportunity
Situated on the corner of 61st Street and Fifth Avenue, the Pierre Hotel is a landmark property that has operated since 1930. Managed by Taj Hotels since 2007, it has long been a symbol of Manhattan luxury.
The offering includes 189 hotel rooms, along with retail space and restaurants, but excludes the 80 co-op residences that are part of the property.
According to Newmark Group’s Douglas Harmon, who is handling the sale, properties like the Pierre are “rare and hot commodities,” particularly for investors seeking prime branding opportunities in marquee cities.
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Investing in Luxury
The potential sale of the Pierre aligns with a trend of high-profile luxury hotel acquisitions. In October, the billionaire Reuben brothers acquired Florida’s W South Beach for over $400M.
Oracle co-founder Larry Ellison also purchased the Eau Palm Beach Resort & Spa, while an Ares Management (ARES) joint venture acquired the Hyatt Regency Orlando in a $1B transaction.
Next Steps
With its prime location and historic reputation, the Pierre is expected to draw significant interest, reflecting the strong demand for iconic luxury properties in major US markets.
No deal structure has been finalized yet, however, and the sale process remains private. Representatives for Taj Hotels and Pierre’s co-op board have declined to comment.
