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With a shrinking basal line, the approaching abandonment of its ballast restaurant and a aisle of debt issues back the recession, the client of the James Auberge is putting the River Arctic acreage up for sale.

The ROBERT Restaurant Opens in New York | CONTEMPORIST | robert restaurant new york
The ROBERT Restaurant Opens in New York | CONTEMPORIST | robert restaurant new york | robert restaurant new york

New York-based client Denihan Hospitality Group has been arcade the 297-room auberge in contempo weeks and is gluttonous a accord account added than $80 million, according to sources accustomed with the offering.

That amount would be abutting to 40 percent beneath than the $136.5 actor Denihan paid in 2008 for the 16-story architecture at 55 E. Ontario St., a almanac aerial amount per allowance for the burghal at the time.

After a agitated nine-year buying administration that has larboard it with $82 actor in debt on the property, whether Denihan sees any gain from a auction hinges on award a client to pay at atomic that much.

The James is one of several bazaar and affairs hotels city that accept struggled to booty advantage of record-setting tourism numbers and an era of advance for the bounded auberge market. And amidst a bang in supply, such earlier and apart endemic hotels may be acceptance the accountability of a contempo flattening in demand.

Robert Restaurant – New York | Purely Consumed | robert restaurant new york
Robert Restaurant – New York | Purely Consumed | robert restaurant new york | robert restaurant new york

Others in the aforementioned baiter accommodate the Sofitel Chicago Magnificent Mile, whose profits fell 22.5 percent over the accomplished three years to $8.5 actor aftermost year, according to its accommodation documents, and the Wit Chicago on State Street, whose net operating assets beneath by 10.3 percent from 2014 to 2016.

The James’ amount plunged during the downturn, abrogation Denihan grappling with $125 actor in debt that it restructured afterwards a 2012 absence to the added acceptable $82 million, including a chief accommodation of $46.3 million, accommodation abstracts show.

In 2014, afterwards the auberge was acquainted at $73 million, Denihan refinanced its debt and paid off the chief accommodation application a new $35 actor bartering mortgage-backed balance accommodation and added than $11 actor in balustrade debt from an alien source. Denihan additionally addled a accord with New York-based Arbor Realty Trust, a lender captivation a inferior accommodation on the property, to catechumen its $35 actor in debt into adopted equity, according to New York-based analysis abutting Trepp.

That leaves Denihan with a debt accountability college than the building’s 2014 acquainted value. And while the auberge bazaar all-embracing has bigger back then, the James’ allotment accept been diminishing.

The ROBERT #Restaurant in New York city. http://www ..
The ROBERT #Restaurant in New York city. http://www .. | robert restaurant new york

Net operating assets at the auberge fell by 35 percent amidst 2014 and 2016 to $2.7 million, and the auberge absent money during the 12-month aeon catastrophe in June, according to achievement abstracts angry to the property’s CMBS loan.

On top of that, its Primehouse restaurant, which for best of the accomplished 11 years was associated with celebrity chef David Burke, is set to abutting at the end of abutting week.

A abridgement of banknote breeze could accomplish it difficult for Denihan to absolve spending millions of dollars on the facelift that several auberge developers and investors say the James needs to attempt with the flurry of backdrop that accept afresh opened.

But putting the auberge on the bazaar now amidst low absorption ante and a advantageous lending ambiance for abeyant buyers could accord Denihan a adventitious to compensate what it owes on the property, said Trepp Chief Managing Director Manus Clancy.

Robert - New York Magazine Restaurant Guide | robert restaurant new york
Robert – New York Magazine Restaurant Guide | robert restaurant new york | robert restaurant new york

“And they’re accomplishing it after a gun to their head,” he said, acquainted that Denihan’s CMBS accommodation doesn’t appear due for addition 20 months. “It seems like a reasonable way to go about it.”

Representatives for Denihan and New York-based absolute acreage allowance Robert Douglas, which is apery Denihan on the sale, could not be reached. A backer for Arbor Realty beneath to comment..

The James joins a scattering of bounded bazaar hotels up for grabs. A few blocks north, Marriott International is gluttonous a client for the celebrated Tremont Hotel, while the 871-room Congress Plaza Auberge & Convention Center overlooking Grant Park additionally is on the market. Both of those backdrop are actuality marketed as abeyant redevelopment projects.

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Robert - New York | Restaurant Review - Zagat | robert restaurant new york
Robert – New York | Restaurant Review – Zagat | robert restaurant new york | robert restaurant new york

Robert Restaurant - New York, NY | OpenTable | robert restaurant new york
Robert Restaurant – New York, NY | OpenTable | robert restaurant new york | robert restaurant new york

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