Park Central Hotel sells for $405.5M

New York /
Jun.June 06, 2011 06:15 PM

Bethesda, Md.-based real estate investment trust LaSalle Hotel Properties has agreed to purchase the Park Central Hotel at 870 Seventh Avenue between 55th and 56th streets for $405.5 million, according to Crain’s. The deal is likely to close in the third quarter of 2011.

The 934-room hotel, built in 1928, is currently owned by Highgate Holdings, which will continue to operate and manage the hotel after the sale. The property is slated to undergo a $30 million to $35 million renovation next year, including upgrades to guest rooms, bathrooms, corridors and lobby.

La Salle currently owns two Manhattan hotels — Gild Hall at 15 Gold Street and Hotel Roger Williams at 131 Madison Avenue — and more than 35 throughout the U.S.. It has partnered up with other hotel companies such as Hyatt Hotels, Westin Hotels and Resorts and Hilton Hotels.

Established hotels such as the Park Central remain a hot commodity in the market, Crain’s said.

“When you look at the return on hotel investment, New York has been the darling of major markets,” said Sean Hennessey, CEO of Lodging Advisors, an industry consulting firm. [Crain’s]


Related Articles

arrow_forward_ios
(iStock)
Job recovery sputters, but hospitality & leisure add hiring
Job recovery sputters, but hospitality & leisure add hiring
Ron Burkle and Andrew Zobler with The NoMad New York. (Google Maps, Getty)
NoMad Hotel heads back to the auction block
NoMad Hotel heads back to the auction block
Jeff Sutton and 25 West 34th St. (Wharton Properties, Google Maps)
Jeff Sutton will replace Midtown retail space with hotel
Jeff Sutton will replace Midtown retail space with hotel
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
Sonder co-founder Francis Davidson (Sonder, iStock)
Sonder will merge with SPAC to go public
Sonder will merge with SPAC to go public
It may not be so easy to book a vacation this year: Rental listings are flying off the market, and prices are soaring. (iStock)
Bonkers season on tap for summer vacation rentals
Bonkers season on tap for summer vacation rentals
135-25 Northern Boulevard and 300 West 30th Street (Google Maps, Studio C Architects)
Self-storage company buys dev site from Home Depot
Self-storage company buys dev site from Home Depot
The Watson Hotel at 440 West 57th Street (Google Maps)
Developers already eyeing commercial-to-resi conversions
Developers already eyeing commercial-to-resi conversions
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...