Hospitality investment firm adds 115-room all-suite property to its portfolio
NEW YORK (July 31, 2023) – Highline Hospitality Partners (HHP), the hospitality investment platform launched by Highline Real Estate Partners (HREP), has acquired the Home2 Suites by Hilton Long Island City in a joint venture with an affiliate of Paceline Equity Partners, LLC, a Dallas-based private equity manager. The extended-stay and 115-room all-suite hotel, which is HHP’s tenth property, is located at the core of Long Island City, only a block away from a stop on New York’s extensive subway system which provides direct access to Midtown Manhattan in less than 10 minutes. The joint venture is Highline Hospitality Partners’ second strategic investment with Paceline.
Highline Hospitality Partners’ team has more than 60 years of combined experience across sourcing, purchasing, asset management, renovating, repositioning and selling hospitality properties, and it has operated all classes of hotels.
“We are proud to add the Home2 Suites by Hilton Long Island City to our growing portfolio” said Highline Hospitality Partners’ Managing Partner, Chuck Pomerantz. “We are thrilled to be in this market and also excited to invest with Paceline; together, we are confident this property will find great success with our extensive experience.”
The Home2 Suites by Hilton Long Island City was developed in 2014 and just recently underwent a comprehensive renovation. Its guestrooms average over 360 SF, which compares very favorably to competing hotels in LIC, and all guestrooms include a full kitchen, 42-inch flat-screen TV, and a full complement of Home2 Suites appointments. The hotel’s amenities include complimentary breakfast, a grab ‘n go market, an 880 SF meeting room, a 450 SF media room, a 600 SF rooftop terrace, and a fitness center equipped with Peloton equipment. The hotel is located one block from a stop on New York’s extensive subway system, providing direct access into Midtown Manhattan in less than 10 minutes, and it is also located in close proximity to LIC’s major corporate and leisure demand generators.
The Home2 Suites by Hilton Long Island City is located at 39-06 30th Street, Queens, NY 11101. For reservations and more information, click here.
