Full-service hotel management company EOS Hospitality bought the 183-key William Vale Hotel in Brooklyn for $177 million through a bankruptcy case.
The sale of the hotel — which is located in the Williamsburg neighborhood of Brooklyn — recently received approval by the U.S. Bankruptcy Court Southern District of New York, according to a news release and court documents. It came through the Chapter 11 proceedings of the seller, Wythe Berry Fee Owner. The deal closed June 18. EOS Hospitality was the stalking horse bidder.
Global real estate investment bank Eastdil Secured and national advisory firm A&G Real Estate Partners marketed the luxury hotel’s sale. It followed a three-year ownership restructuring and litigation process led by All Year Holdings. The sale resulted in in full repayment of all outstanding secured bonds.
The 21-story property also has 7,300 square feet of indoor event space, which includes a 4,100-square-foot ballroom. It offers upscale food-and-beverage and social options, including its rooftop bar, Westlight; outdoor event space, Turf Club; the hotel’s signature restaurant, Leuca; and the Vale Pool. The hotel was built in 2016 and is one of four luxury hotels in Brooklyn.
The acquisition marks EOS Hospitality’s first hotel in the New York City hotel market, according to a separate news release. The company will also manage the hotel.
"The award-winning William Vale is the preeminent luxury hotel in Williamsburg, Brooklyn. The hotel's boutique setting and destination amenities showcase what we do best at EOS Hospitality," EOS Hospitality CEO Simon Mais said in the news release. "We are fortunate to have a team comprised of leaders with extensive experience in the New York City hospitality market and are thrilled to provide best-in-class management for this stunning Brooklyn hotel."
Based in New York, EOS Hospitality has a portfolio of more than 50 hotels with more than 8,000 rooms. It specializes in luxury urban hotels and beach resorts in drive-to destinations.