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77-room Roslyn Hotel sold for more than $14 million

The Roslyn Hotel at 1221 Old Northern Blvd.

The Roslyn Hotel at 1221 Old Northern Blvd. in Roslyn has been sold for more than $14 million. Monday, April 3, 2017 Credit: Chuck Fadely

The 77-room Roslyn Hotel has been sold for more than $14 million, according to the new owners.

The three-story, 54,000- square-foot hotel, located at 1221 Old Northern Blvd. in Roslyn, was purchased by 935 Lakshmi LLC. The private real estate investor group includes father and son investors Sudhir and Sumeer Kakar of Upper Brookville.

“We have been in the hotel acquisition and maintenance business for about five years,” said Sumeer Kakar, majority owner of the hotel and an attorney with Garden City-based law firm Stern & Schurin.

The sale, which closed last week, marks the investors’ third hotel purchase in nine months, including two lodgings in Vermont.

“We were looking at either developing or acquiring a property on Long Island,” Sumeer Kakar said. They also purchased an adjacent acre of land for potential future developments or expansion of the hotel. They plan to update the property, including the addition of a full-service restaurant, he said.

The hotel features a 4,800- square-foot banquet hall, a business center, a gym, a lobby bar and a multilevel parking garage.

935 Lakshmi LLC bought the hotel from Akash Hotels LLC, which according to the CoStar Group real estate information company had acquired the hotel in 2012 from the Claremont Group for $10.5 million.

“Immediately, we look forward to improving aesthetically the common spaces” including the bar, lobby and banquet space, Kakar said.

Bridgeton Holdings LLC of Manhattan will manage the boutique hotel. Laurence Ross and Christen Portelli of Highcap Group LLC, of Manhattan, brokered the sale.

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