Roslyn Hotel is sold for over $14 million

Published on : Wednesday, April 5, 2017

Roslyn HotelThe Roslyn Hotel that has 77 rooms have been sold for over $14 million, as mentioned by the new owners of this hotel.


This hotel is three-storied and 54,000-square-foot hotel.


It is located at 1221 Old Northern Blvd. in Roslyn. And, it had been purchased by 935 Lakshmi LLC. The private real estate investor group also includes father and son investors named Sudhir and Sumeer Kakar of Upper Brookville. Sumeer Kakar who is the majority owner of the hotel and an attorney with Garden City-based law firm Stern & Schurin stated that they have been associated with the maintenance and hotel acquisition business for more than five years now.


The sale had closed last week.


And, of course, this marks the third hotel purchase of the investors in nine months and this includes two lodgings in the region of Vermont.


He also added that they were actually looking forward to develop or acquire some property at Long Island. In fact, they had bought an adjacent acre of land for future developments or the expansion of the hotel. They are planning to update the property and this includes the addition of a full-service restaurant.


The hotel flaunts of a beautiful 4,800-square-foot banquet hall, a lobby bar, multilevel parking garage, a gym and also a business center.


935 Lakshmi LLC had bought the hotel from Akash Hotels LLC. And, according to the CoStar Group real estate information company the hotel was acquired in the year 2012 from the Claremont Group for $10.5 million. Bridgeton Holdings LLC of Manhattan would manage the boutique hotel.


The sale of the hotel was brokered by Ross and Christen Portelli of Highcap Group LLC of Manhattan.


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