PLYMOUTH, MA – May 10, 2021 – Linchris Capital Opportunity Fund, LP (including its affiliates, the “Fund”), which is managed by an affiliate of Linchris Hotel Corp., today announced the acquisition of the Allegria Hotel in Long Beach, NY, the eighth investment by the Fund. The Fund makes investments in hotel properties in the midscale to upper-upscale tiers located in the United States.
The 156-room, waterfront hotel is being acquired at a substantial discount to new construction cost and is the only full-service hotel in the market with diverse demand drivers and extremely high barriers to entry for future development.
Located in Long Beach, NY, on Long Island’s south shore, the property is one of the only full-service hotels in Long Beach and the only property situated directly on the water. The property offers unique access to the 2-mile beachfront boardwalk and is steps away from the 3.5 miles of beautiful white sand beach. The hotel is also proximate to many local restaurants and leisure attractions.
“The Allegria Hotel presents us a unique opportunity to acquire a first-class, full-service beachfront property for our Fund within convenient proximity to New York City and JFK International Airport”, said Linchris Partner, Michael Sullivan.
The hotel will undergo capital improvements of approximate $3 million in areas to enhance guest satisfaction and optimize room revenue. The property will be managed by Linchris Hotel Corp., which will implement its management and hotel operating procedures in order to exceed guest expectations and maintain the property in top physical condition.
Allegria Hotel is located at 80 West Broadway, Long Beach, NY 11561. For more information, visit Allegria Hotel at www.allegriahotelny.com or call (516) 889-1300.
For more news on Linchris Hotel Corporation, visit https://www.linchris.com
