A local landlord acquired full control of a 112-room long-stay hotel in Long Wharf in one of the city’s most recent real estate deals.
Village Suites LLC purchased 3 Long Wharf Dr. from HTA-YLW New Haven LLC for $ 1,756,920. The hotel was last sold for $ 1,600,000 in 2016.
The new owner of the property – a holding company controlled by Juan Salas-Romer of the NHR Group – owned and operated Village Suites hotel with 15 buildings and 112 rooms, located on 3.03 acres for the past five years.…
In a recent interview with the Independent, Salas-Romer explained that the real estate deal last Tuesday concerned only the land under the current hotel.
“We were leased land” with the previous owner, he said. The previous owner was a holding company controlled by the Arizona-based medical office building owner Healthcare Trust of America Inc., which also owns 1 Long Wharf Dr. “We had the opportunity to buy land,” Salas-Romer said at 3 Long Wharf Dr. “And we got it.”
“We wanted to consolidate property,” he continued, “to have more control over our destiny.”
He said the city’s score of 3 Long Wharf Dr. worth almost $ 6.3 million, far more than the recent purchase price of $ 1.75 million because the estimate includes all the hotel buildings that were already owned by the Salas-Romer company, while the latter only covers the base that was previously rented Salas-Romer company.
“We’re doing well,” Salas-Romer said. “We work with agencies that relocate people for short stays, over a period of several months.”
During the pandemic, the extended-stay hotel partnered with local homeless care providers such as Columbus House, Emergency Shelter Management Services (ESMS) and United Way to welcome people who needed a safe, socially remote place to live, he said. when homeless shelters are closed.
“Some people are still moving” to permanent new housing, he said. “The full transition will take place in September.”
When his company first acquired Village Suites in 2016, Salas Romer explained that the hotel’s long-term business model is attractive to individuals and families with no permanent housing. These include those who need a place to live while renovating a home, buying or selling a home, or making an emergency move.
Mandy buys 19 sq. For $ 1.86 million
In other recent local property transactions:
• Branches local megalord Mandy Management spent an additional $ 1,860,000 to purchase six more residential properties containing 19 different apartments.
Mandy’s new acquisitions include a four-family home at 784 George St., a three-family home at 786 George St., a six-unit tenement at 244 Sherman Ave, and a three-family home at 15 Maple St. a two-family home at 152 Lamberton Street and a single-family home at 115 Morris Avenue.
• Two-story single-family home at 30 Court St. in Worcester Square was sold for $ 850,000. The property was last sold for $ 450,100 in 2004 and was last assessed by the City as $ 425,100.
• Duplex single-family apartment at 116 Crown St. in the city center sold for $ 765,000. The property was last sold for $ 652,133 in 2008, and the city was last assessed at $ 354,000.
Tom, is this the previous price for 3 Long Wharf Drives for the whole property or just for the land?