East Coast hotels sold

Recent transactions include Navika Group of Companies acquiring the Andaz Wall Street, which will be rebranded to the Hyatt Centric Wall Street; Noble Investment Group purchasing two Hilton-branded properties in National Landing in Arlington, VA; and The Kessler Collection acquiring the historic Elks Building in New Bern, NC, to convert to a boutique hotel.

Navika Group of Companies acquires Andaz Wall Street in NYC
Navika Group of Companies, a self-advised commercial real estate company, has acquired Andaz Wall Street, which has rebranded to the Hyatt Centric Wall Street New York. The hotel, which will be managed by Blue Sky Hospitality Solutions (BSHS), plans to resume operations on Jan. 26.

The property’s guestrooms were modernized in 2019, and the lobby (rendering shown above) was recently enhanced to reflect the contemporary design of the Hyatt Centric brand. Navika plans to invest approximately $5 million to further reimagine the property over the next several years.

The 253 guestrooms offer walk-in rain showers, hardwood floors and 12-ft. ceilings with oversized windows, as well as signature brand amenities such as Hyatt Centric bathrobes, exclusive Beekind socially conscious bath amenities and Drybar hair dryers.

Wall & Water restaurant remains on-site and will reopen on Jan. 26 and the property also offers more than 10,000 sq. ft. of meeting and event space.

Noble acquires Hampton and Hilton Garden Inn National Landing
Noble Investment Group has acquired the 162-room Hampton Inn & Suites National Landing and the 248-room Hilton Garden Inn National Landing in Arlington, VA.

National Landing is a mixed-use urban community in the Washington, DC market comprising the three neighborhoods of Crystal City, Pentagon City and Potomac Yard in Arlington. Virginia’s largest walkable downtown, National Landing benefits from billions of dollars in private and public investments; most notably are the $2.5 billion Amazon HQ2 under development, which will create 25,000 new jobs in National Landing, and Virginia Tech’s Innovation Campus, which is expected to drive a new era of technology for the greater DC area, according to Noble.

The Kessler Collection acquires Elks Building in New Bern, NC
The Kessler Collection, a portfolio of 12 boutique hotels, has purchased the historic Elks Building in New Bern, NC, for $2.25 million with plans to develop the property into a 50-room boutique hotel.

Set to break ground in early 2023, the property will also have 1,500 sq. ft. of meeting and event space, a speakeasy on the lower level and a specialty coffee shop and restaurant on the street level.

Located in the heart of downtown, the Elks Building remains an iconic landmark in the city, as well as New Bern’s tallest and most prominent commercial buildings, according to the company. The 1908 Beaux Arts building constructed by the Elks fraternity has sat vacant and untouched for more than a decade.

The Kessler team will work with the development, design and construction team for the next 12-14 months to finalize plans with an estimated completion date of mid-2024. Additionally, Kessler will work with the New Bern Historic Preservation Commission, State Historic Preservation Office and the National Park Service for the historic preservation of the Elks Building.