Honolulu, Hawaii-based commercial real estate investment firm the Shidler Group has grabbed a piece of New York City soil with the acquisition of the Fairfield Inn & Suites in Midtown for $69.6 million, according to property records filed with the city today.
The 22-story, 239-room hotel at 325 West 33rd Street, between Eighth and Ninth avenues, opened last year. Spartanburg, S.C.-based firm OTO Development has owned the site since paying $21.9 million for it in 2010. OTO – which develops limited-service hotels for Marriott, Hilton and Hyatt – funds projects through its Palmetto Hospitality Fund. The Fairfield Inn was OTO’s first hotel project in Manhattan. [more]