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The 40-story hotel on West 56th Street is worth $500M: sources
Jack Parker Corporation is looking to sell its 729-room hotel Le Parker Meridien in Midtown.
The developer has been showing Le Parker Meridien at 119 West 56th Street to potential bidders via Eastdil Secured, according to Real Estate Alert. The website reported that Steve Witkoff is among the prospective buyers.
The hotel – which Parker developed – opened in 1981 and sources told Real Estate Alert it’s worth around $500 million. The 40-story building is operated by Starwood Hotels & Resorts [TRDataCustom], which was acquired by Marriott International last month in a $13 billion deal.
The property is being offered without a management contract. It has an underground retail corridor, that includes restaurants, salons and a spa.
The hospitality market in New York City is softening. There are a number of hotels on the market, but few have traded. In June, The Real Deal looked at the ways that three key hotel sectors are staying competitive. [Real Estate Alert] — Miriam Hall