NYC’s five-star Pierre Hotel near Central Park is on the market

THE Pierre, a five-star hotel overlooking Manhattan’s Central Park, is up for sale, according to people familiar with the matter.

A buyer would acquire the Pierre’s 189 hotel rooms plus its retail space and restaurants, according to the people, who asked not to be named discussing private details. The property – at the corner of 61st Street and Fifth Avenue – also includes about 80 co-op residences, which would not be part of the sale.

No transaction is complete and a deal structure hasn’t been determined, according to the people. Shareholders in the co-op are represented by a board that owns the hotel and would be the beneficiary of any sale.

The hotel opened in 1930 and has been operated by Taj Hotels since 2007. A representative for Taj did not immediately respond to a request for comment. A member of the Pierre co-op board declined to comment.

Douglas Harmon, co-chairman of capital markets for brokerage firm Newmark Group, is handling the sale process, according to the people. Harmon declined to comment on any potential transaction but said that “luxury hotels, especially those in marquee cities that provide branding opportunities, are a rare and hot commodity.”

Investors have been seeking opportunities to buy major hotels in the US. In October, the billionaire Reuben brokers acquired Florida’s W South Beach in a transaction valued at more than US$400 million.

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Also in recent months, Oracle co-founder Larry Ellison purchased the Eau Palm Beach Resort & Spa, and an Ares Management joint venture bought the Hyatt Regency Orlando in a US$1 billion deal. BLOOMBERG