The Real Deal New York

Qatari investment firm buys Garment District hotel for $167M

Alduwaliya picks up 293-key Hilton Homewood Suites from group led by Rockwood Capital

July 28, 2016 11:40AM
By Rich Bockmann

Rockwood's Peter Falco and the Hilton Homewood Suites at 312 West 37th Street in Times Square

Rockwood’s Peter Falco and the Hilton Homewood Suites at 312 West 37th Street in Times Square

The hospitality arm of Qatar’s Alduwaliya Asset Management picked up a Garment District hotel for $167 million from a group of owners led by Rockwood Capital.

The Doha-based Alduwaliya Hospitality Company paid $167.1 million to buy the 293-key Hilton Homewood Suites at 312 West 37th Street, property records filed with the city Thursday show.

The seller was a joint venture between Rockwood, the Albanese Organization TRData LogoTINY and the Delaware-based Buccini/Pollin Group. None of the sellers were immediately available for comment.

As part of the deal, Alduwaliya retained Buccini/Pollin to manage the property, sources said.

Adam Etra at Eastdil Secured represented the sellers, while Alex Ray at Cushman & Wakefield negotiated on behalf of Alduwaliya.

The Thani Bin Abdulla Media Group, also based in Doha, provide $100 million in financing for the deal, records show.

The sellers bought the property when it was a parking lot back in 2011 for $20.8 million. They opened the 22-story budget hotel – Homewood’s first entry into the city –in 2014.

This isn’t Alduwaliya’s first deal in the Garment District. In December, the Qatari investment firm paid $123.5 million to buy a 17-story office building at 250 West 39th Street.

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