Anglo Irish Bank buys 2 New York Hotels for Irish investors in $149 million deal

Irish
Anglo Irish Bank buys 2 New York Hotels for Irish investors in $149 million deal
By Finfacts Team
Oct 27, 2006, 10:38

Anglo Irish Bank has purchased New York City's Beekman Tower Hotel and Eastgate Tower Hotel in a $149 million deal on behalf of Irish investors.

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The Beekman Tower Hotel

Anglo Irish Bank made the purchase on behalf of equity fund Peninsula Real Estate Fund I L.P. Anglo Irish Bank Private Banking and former Tishman Hotel Corp. executive vice president Timothy Haskin developed the fund as an investment vehicle for Irish investors interested in buying commercial real estate in the United States. About $100 million of the acquisition financing came from Anglo Irish Bank. The Anglo Irish Private Bank put in the remaining $49 million.

Beekman Tower is an art deco building with marble floors and mahogany- paneled walls. It is one of Manhattan's landmarks and is one block from the United Nations Headquarters. Rockefeller Center and Fifth Avenue are six blocks from the hotel. The 35-year-old Eastgate Tower (pictured), which features 187 rooms, is 150,000 square feet in size and is located at 222 East 39th St. in the Murray Hill area.

Both the Beekman Tower and the Eastgate Tower will be renovated and repositioned by the new ownership.