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Starwood sells nearly 50% stake in North America’s biggest Hilton Garden Inn

Central Park South hotel that opened last year now valued at $240M

From left: Barry Sternlicht, 237 West 54th Street in Midtown, Morad Ghadamian, Joseph Moinian (credit: New York Social Diary) and Dustin Stolly
From left: Barry Sternlicht, 237 West 54th Street in Midtown, Morad Ghadamian, Joseph Moinian (credit: New York Social Diary) and Dustin Stolly

UPDATED, 12:12 p.m., Feb. 17: Barry Sternlicht’s Starwood Capital Group sold its remaining 49.9 percent stake in Central Park South’s Hilton Garden Inn to Morad Ghadamian, a Lenox Hill-based investor and carpet importer, The Real Deal has learned. The deal was struck just over a year after the 401-key hotel opened its doors, and values the property at $240 million.

Starwood and Joseph Moinian’s the Moinian Group co-developed the 34-story, 142,300-square-foot hotel at 233-239 West 54th Street, between Broadway and Eighth Avenue. The Gene Kaufman-designed property opened in January 2014.

Moinian retains its minority interest of less than 25 percent, according to sources close to the deal, and an unidentified stakeholder continues to hold a small interest.

At the time of the deal last week, the owners secured a 10-year, fixed-rate loan of $200 million from Morgan Stanley, sources said. A JLL team led by Dustin Stolly and Kevin Davis represented Moinian in the deal. Moinian, Starwood, Stolly and Davis declined to comment.

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The hotel is the largest Hilton Garden Inn in North America, according to Hilton. Empire Steakhouse operates out of a 4,650-square-foot space on the hotel’s ground floor.

A few blocks away, Starwood entered contract earlier this month to sell the Baccarat Hotel at 20 West 53rd Street to China-based Sunshine Insurance Group for $230 million, or a record $2 million per room, before the hotel even opened its doors.

“For Starwood, this is less strategic [than the Baccarat sale], just a financial investment,” said Sean Hennessey, CEO of hospitality consulting firm Lodging Advisors.

Morad Ghadamian, who controls the entity MG237 No. 2 LLC, declined to comment. He and his wife Sima paid $27.5 million in 2012 for a co-op at 810 Fifth Avenue that was once the home of Nelson Rockefeller. Morad’s son, Daniel Ghadamian, is a principal at real estate investment firm Capstone Equities.

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