Lehman to sell Nylo New York hotel

New York

LEHMAN Brothers Holdings Inc has put its Nylo New York City hotel up for sale, as the investment bank continues to unwind real estate holdings six years after filing for bankruptcy. The defunct investment bank is seeking buyers after investing about US$20 million in renovations at the 291-room hotel, said a source with knowledge of the marketing, who asked not to be named because the listing is not public. The property, located at Broadway and 77th Street in Manhattan, is being sold separately from the Nylo brand and management company, meaning that a new owner can run a different hotel at the site.

"You have all the brands available," said Bruce Ford, senior vice-president and director of global business development at Lodging Econometrics, based in Portsmouth, New Hampshire. "That can attract owner-operators who want to run the hotel themselves, as well as investors who can keep it as-is or put any management company in there they want."