Highgate, Morris Moinian checking out Hotel Carter

Firms among six bidders for former Times Square flophouse

TRD New York /
Apr.April 09, 2014 09:30 AM

A winning bidder in the acquisition of the well-weathered Hotel Carter in Times Square is expected to be selected as soon as next week.

Highgate Hotels and Morris Moinian’s Fortuna Realty were among about six bidders to check out the 600-room property at 250 West 43rd Street, between Seventh and Eighth avenues. One of the offers on the table is for $170 million, the Wall Street Journal reported. Lawrence Wolfe of Eastdil Secured has been marketing the property.

GF Management has been operating the 24-story hotel since it hit the market at the end of last year. Elevating the hotel to a three-star level would cost more than $125 million and involve replacing the air-conditioning systems and elevators, GF’s John Cruz told the Wall Street Journal.

The hotel was named the dirtiest U.S. hotel by travel website TripAdvisor in 2006. About 30 rooms on the fourth floor have since received new Ikea furniture, framed artwork and other upgrades. Occupancy has grown to 74 percent, from 68 percent before GF Management stepped in.

Tran Dinh Truong owned the notorious flophouse from 1997 until he died in 2012, according to the New York Times. Then legal struggles plagued the hotel while Truong’s heirs sorted things out. [WSJ]Mark Maurer


Related Articles

arrow_forward_ios
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Hotel Indigo)

Tallying crisis’ toll on MRR Development’s Hotel Indigo

Tallying crisis’ toll on MRR Development’s Hotel Indigo
Selina CEO Rafael Museri (Credit: The Vollman Group)

Selina CEO says $60M in funding will get startup through crisis

Selina CEO says $60M in funding will get startup through crisis
Rotem Rosen with the Hotel Indigo Lower East Side at 171 Ludlow Street, and Alex Sapir with the NoMo Soho hotel at 9 Crosby Street (Credit: Google Maps)

Sapir gets PPP loan for NYC hotel; Rotem Rosen to return his

Sapir gets PPP loan for NYC hotel; Rotem Rosen to return his
Clockwise from top left: John Tolbert, Philip Goldfarb, Dev Motwani, José Cil and Ken Stiles

Developers, resort owners push for Florida reopening plan

Developers, resort owners push for Florida reopening plan
Courtyard by Marriott Boston Downtown. Homewood Suites Chicago and Sheraton San Jose Hotel (Credit: Google Maps)

Hotel CMBS loans worth $2B fall into special servicing

Hotel CMBS loans worth $2B fall into special servicing
The Hotel Indigo Lower East Side at 171 Ludlow Street and Rotem Rosen (Credit: Google Maps)

Rotem Rosen lands SBA loan on Hotel Indigo to keep lights on

Rotem Rosen lands SBA loan on Hotel Indigo to keep lights on
Missed loan payments will approach Great Recession highs, a new report finds (Credit: iStock, Getty Images)

Missed loan payments to approach Great Recession levels: Fitch

Missed loan payments to approach Great Recession levels: Fitch
From top: the Mondrian Oriental, Soho House and Colony Club (Credit: Google Maps, iStock)

A stunning 7,300 Covid-related layoffs in two days reported to state

A stunning 7,300 Covid-related layoffs in two days reported to state
arrow_forward_ios

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

Loading...