The Real Deal New York

Premier Group buys new Marriott Residence Inn for $150M

Office building undergoing conversion into 228-room hotel

December 17, 2014 02:43PM

170-bway

Stanley Chera and 170 Broadway in Lower Manhattan

The Premier Group acquired a Marriott Residence Inn at 170 Broadway in Lower Manhattan from the Carlyle Group, Crown Acquisitions and Highgate Hotels for $150 million.

The 18-story property near Maiden Lane was recently converted into a 228-room hotel from an office building. The hotel is slated to open in January. The Bahrain-based buyer also owns the Four Seasons Hotel that is now under construction at 30 Park Place.

The owners sold the 20,000-square-foot retail condominium at the building earlier this year for $70 million, as The Real Deal reported. [Crain’s]Mark Maurer

  • patmgee

    with the retail component gone, they overpaid by quite a lot

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