Kuwait's Gatehouse completes deal for New York hotel

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London-based Gatehouse Bank, in which Kuwait's Securities House is a shareholder, on Tuesday said it has completed the purchase of the leasehold interest in the Marriott Residence Inn, Manhattan, New York.

Gatehouse, one of Britain's six full-fledged Islamic banks, said it has acquired the property in partnership with a US-based hotel operator for an undisclosed sum.

The Residence Inn is a 17-storey, recently redeveloped building located on 48th Street, a sought-after area in Midtown East, Manhattan.

The property features 211 rooms and has multiple room configurations including studios, suites and a penthouse. All rooms include a fully equipped kitchen.

The Residence Inn is an extended stay, select service brand of Marriott International, the statement said.

"The Residence Inn and the Manhattan hospitality market possess very attractive investment characteristics," said Henry Thompson, CEO of Gatehouse Bank.

"The property is well-positioned to capitalise on year-round demand from business and leisure travellers, as Midtown East is an important destination for both business people and tourists; it also benefits from natural limitations on new hotel supply."

Fahed Boodai, chairman of Gatehouse Bank, added: "Gatehouse continues to build on its excellent track record in the UK and US real estate markets, having carved out a niche for itself as a leader in the delivery of high-quality, long-income real estate transactions across the hospitality, office, student and industrial sectors. The Residence Inn is an excellent addition to the investment portfolio."

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