Related eyeing sale for Equinox Hotel
Hudson Yards property could fetch more than $200M: report
By: TRD Staff
Related Companies founder Stephen Ross and 33 Hudson Yards (Getty Images, LoopNet)
Related Companies is ready to cut bait with the Equinox Hotel, only three years after opening.
Stephen Ross’ firm has started work with an adviser to solicit interest for the property at 33 Hudson Yards, people with knowledge told Bloomberg. The property, which includes office and retail space, could warrant a price tag of more than $200 million.
The 212-room hotel opened in 2019, geared toward the health-conscious consumer with mattresses made up of natural materials and minibar options consisting of vitamins and supplements, eschewing M&Ms and KitKat bars.
Equinox is expected to stay on as property manager and work to expand the hospitality brand across the country. The Hudson Yards hotel is the only open location, but Chairman Harvey Spevak in 2019 floated Houston, Chicago and Los Angeles for potential future locations.
In Miami Beach, Ross put forth a plan to build a two-tower development at the site of the historic Deauville Beach Resort, which would include a 175-room Equinox hotel and 150 luxury condos; Related owns a stake in Equinox.
Equinox has been trying to put out a number of fires stemming from its gyms’ rent payments — or lack thereof — during the pandemic. In March, real estate investment firm Savanna sued Equinox for $5.3 million in unpaid rent at three New York City locations.
Equinox has faced lawsuits at several other spots in the city since the onset of the pandemic.
Related’s marketing of the Equinox Hotel comes as it plans to launch a rental brand that would ostensibly compete for a similar cliente. The developer is opening The Set at 455 10th Avenue in Hudson Yards this fall.
The 270-unit rental building will have fully-furnished units meant to attract business executives. The luxury units are expected to be more affordable than an upscale hotel, even if residents only stay there for a few nights a week.