“The addition of this management contract continues the upward trend in new contracts we’ve seen this year,” said Thomas F. Hewitt, Interstate’s chairman and chief executive officer. “It is particularly gratifying to be operating this property, our fourth managed Four Points by Sheraton and our ninth hotel in the New York metropolitan region, on behalf of a new ownership group.”
“Interstate has significant experience and an impressive track record in the upscale select-service segment, and we’re confident that their size, proven systems and knowledge of the New York market will have a significant positive impact on the hotel,” said Michael Psarros, majority owner of the development group. “This is our first development venture in the hospitality business, and we look forward to exploring other opportunities with Interstate.”
Located at 27-05 39th Avenue, Long Island City, the upscale select-service hotel is within walking distance of major subway lines N & Q on 39th Avenue and the #7 Train at Queensboro Plaza, two stops from Manhattan via the N line. Guest rooms feature the Four Points by Sheraton Four Comfort Bed™, free high-speed Internet access, flat-screen TV, spacious work desk and spectacular views of the Manhattan skyline and the Queensboro Bridge.
Hotel amenities include Michael’s Café and Bar, an American bistro, state-of-the-art fitness facilities, 24/7 business center, balcony terrace overlooking New York City and 2,500 square feet of flexible meeting space. A rooftop dining facility, the Vista Sky Lounge, featuring breath-taking views is planned for the coming months.
39th Ave Holding LLC is a New York-based company established in 2004 to manage and develop the real estate holdings of its members in the Long Island City area. The company is actively pursuing other real estate development opportunities in the New York metropolitan area.
Interstate Hotels & Resorts, Inc., a wholly owned subsidiary of a 50/50 joint venture between subsidiaries of Thayer Lodging and Jin Jiang, is the nation’s largest independent hotel management company based on revenue managed. The company and its affiliates manage and/or have ownership interests in 339 properties with more than 62,300 rooms in 39 states, the District of Columbia, China, Russia, India, Mexico, Belgium, Canada, Ireland and England. The company has ownership interests in 56 of those properties, including six wholly owned assets.