Linchris Capital Partners, a real estate investment firm based in Plymouth, Massachusetts closed on the purchase of the Allegria Hotel in Long Beach.
The price was not disclosed, although real estate sources estimate it over $25th Million.
The seller, Based in Manhattan Stabilis Capital Management was the hotel’s lender and bought it bankruptin July 2016 for $ 27.4 million. Stabilis was that Successor to the original Brooklyn Federal Savings mortgage that held a $ 36 million note on Allegria.
Development company based in Manhattan Alrose The group spent $ 22 million in 2006 to buy the former 172-room retirement home called King David, which collapsed, and millions more to convert the property into a luxury hotel.
The state’s tax authorities seized 50 rooms in the hotel on July 1, 2015 because of a nearly $ 6 million tax arrears that forced Allegria into its second bankruptcy, which wasn’t settled until 2012. Alrose Allegria listed law firms, utility companies and the City of Long Beach as creditors in their bankruptcy filings.
The hotel at 80 West Broadway has a rooftop pool, fitness center, and several lounges and dining options including Jack’s on the Rocks Lounge, the 8,800-square-foot Atlantica Restaurant, and the The wave Bar. The hotel also serves as one of the Long Islands populate Wedding venues with a 3,182 square foot ballroom.
The Allegria was put up for sale completely unencumbered by the brand and management, according to a statement by JLL brokered the deal.
The JLL Hotels & Hospitality team representing the seller was led by Jeffrey Davis, KC Patel, Nikhil Chuchra and Desmund Delaney. financing for sale was secured with the help of JLL’s Greg Labine and Martha Nay.