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New York

Midtown South hotel sells for $121M

Brack Capital Real Estate sold a newly opened Midtown South hotel to RLJ Development for $121.2 million.

The sale of the 298-room Hilton Garden Inn at 63 West 35th Street,
near Herald Square between Fifth and Sixth avenues, went into contract
in January 2008 and closed February 24, according to public records
published today.

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The Amsterdam-based Brack Capital bought the original site, a
six-floor parking garage, in 2007 from Icon Parking for $31 million
and developed the 31-story hotel.

The hotel had a soft opening on February 26 and was officially opened
March 1, a hotel employee said.

RLJ Development is a privately held hotel investment firm. No one at
the firm was immediately available for comment.