Portfolio

A transaction history spanning ground-up development, distressed acquisition, and asset repositioning across nearly three decades.

The properties below represent the firm's active development pipeline and its realized transaction record — from the first ground-up hotel in 1998 to the current 221-key Hilton Garden Inn development in Jamaica, Queens.

Active Pipeline

Two projects currently in development.

In Development
Hilton Garden Inn — Jamaica AirTrain
93-43 Sutphin Boulevard, Jamaica, Queens, New York
93-43 Sutphin Boulevard development site — Jamaica, Queens, New York. Red marker indicates the UHC parcel adjacent to Jamaica AirTrain station.
93-43 Sutphin Blvd · Jamaica, Queens · Development site (red) adjacent to AirTrain/LIRR station
BrandHilton Garden Inn
Keys221 rooms · 26 stories
Total Project Cost$85,000,000
Franchise AgreementExecuted — Hilton Corp. ratified
Tax Abatement25-year ICIP
Opportunity ZoneQualified designation
Site AwardGJDC / MTA / LIRR RFP — 2015
Location Advantage12 min. to JFK · 18 min. to Penn Station
ConstructionHigh-rise concrete core · 26 stories
Construction ManagerOmnibuild Construction Inc.
Pipeline
Extended Stay Hotel — Exit 68 / LIE
Yaphank, Long Island, New York
67–99 Precision Drive, Yaphank NY — 6.29-acre site off Long Island Expressway Exit 68. Town of Brookhaven entitlement in process.
67–99 Precision Dr · Yaphank, NY · 6.29 acres · Long Island Expressway frontage
BrandMidscale extended stay · Under evaluation
Keys120+ rooms
Flags Under ReviewAtwell Suites · Hyatt Studios · Studio Res · LivSmart
Site ControlSecured
EntitlementsTown of Brookhaven — in process
Target Start2027–28
MarketLong Island corporate corridor — limited extended-stay supply
Realized Transactions

Four hotels developed, acquired, repositioned, and exited.

Acquired 2009 · Exited 2015 / 2024
Holiday Inn Plainview
Plainview, New York · IHG · 125 keys
AcquisitionAll-cash short sale · $6M · 14-day close
SellerAstoria Federal Bank
NOI at Acquisition−$700,000 / year
Renovation$6M gut renovation · M&T Bank · 2010–2012
Brand AwardIHG Renovation of the Year — 2012
NOI at Stabilization+$1,600,000 / year
Lease StructureNNN converted to fee simple — 2013
Permanent Financing$12.6M CMBS placement — 2013
Exit — Partial$18,500,000 — 2015
Exit — Final$21,000,000+ — 2024
Developed 2002–2004 · Sold 2015
111-Key Wingate by Wyndham
801 Crooked Hill Road, Brentwood, New York · Wyndham · 111 keys
Development TypeGround-up · Panelized structural steel · 5 stories
Total Development Cost$12,600,000
Construction NoteHorizontal directional drilling under 4-lane parkway for forced sewer discharge
FinancingConstruction — ICB of New York · Take-out — GE Capital
Lease StructureNNN lease to Suffolk County — $2,800,000 / yr with escalations
Appraised NNN Value$32,000,000
DispositionSold 2015
Acquired 2001 · Sold 2005
Fairfield Inn Exton
Exton, Pennsylvania · Marriott · 104 keys
StrategyAcquisition · Operations · Disposition
BrandMarriott — Fairfield Inn
Keys104 rooms
Hold PeriodApprox. 4 years
PIPCompleted during hold
DispositionSold 2005 at a gain
Developed 1997–1998 · Sold 2005
Hawthorn Suites Fogelsville
Fogelsville, Pennsylvania · Wyndham · 64 keys
Development TypeGround-up · Modular construction
SignificanceFirst ground-up hotel development for the firm
BrandWyndham — Hawthorn Suites
Keys64 rooms
Opened1998
DispositionSold 2005
Case Study

Holiday Inn Plainview — the full acquisition-to-disposition cycle.

The Holiday Inn Plainview acquisition in 2009 illustrates the firm's approach across a single asset's lifecycle: a distressed all-cash acquisition from a bank seller, a full gut renovation funded through a construction lender, a brand award, a lease structure conversion, a CMBS permanent loan placement, and two exits over 15 years — each timed to market conditions and asset maturity rather than a fixed hold period.

The asset was generating negative NOI at acquisition. By the time of the 2013 CMBS placement, NOI had moved from −$700,000 to +$1,600,000 annually — a $2.3M annual swing achieved through renovation, brand reaffirmation, and operational repositioning through Azure Hotel Management.

$6M
All-cash acquisition price · 2009
$2.3M
Annual NOI swing at stabilization
$12.6M
CMBS permanent loan · 2013
$21M+
Final disposition price · 2024
2009
All-cash short sale acquisition from Astoria Federal Bank
$6M
14-day close · No financing contingency · NNN lease inherited · Asset generating −$700,000 NOI per year at acquisition
2010
M&T Bank construction loan · Full gut renovation commences
$6M
Complete renovation across all building systems · IHG brand standards compliance fully restored · Renovation completed 2012
2012
IHG Renovation of the Year · NOI repositioned to positive
+$2.3M
IHG national Renovation of the Year award · NOI moved from −$700,000 to +$1,600,000 annually · Full occupancy recovery achieved
2013
NNN lease converted to fee simple · CMBS permanent loan placed
$12.6M
Arms-length NNN-to-fee-simple conversion completed · $12,600,000 CMBS permanent loan placed at stabilized value · IHG franchise maintained continuously through ownership transition
2015
Partial disposition — sponsor and consulting exit
$18.5M
First exit at $18,500,000 · Six years from all-cash acquisition at $6M
2024
Final disposition
$21M+
Asset traded at $21,000,000+ · 15-year hold from initial acquisition · Two exits across full lifecycle
600+
Hotel keys developed or acquired across all transactions
4
Brands represented — Marriott, Hilton, IHG, Wyndham
$21M+
Largest single-asset disposition — Holiday Inn Plainview
1998
First ground-up hotel development — Hawthorn Suites, PA
$85M
Active development — HGI Jamaica Queens total project cost

To discuss a specific transaction, review deal structure, or explore a capital partnership, reach Viral H. Patel directly.

Emailvpatel@urbanhotelcapital.com
Phone732-630-2221
Office458 Elizabeth Ave, Suite 5 #391 · Somerset, NJ 08873
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