Hawaiian investor buys Fairfield Inn in Midtown for $70M

22-story, Marriott-branded hotel last bought for $22M in 2010

New York /
Oct.October 09, 2014 03:50 PM

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.

The South Carolina developer took over the hotel project in 2010 after buying the site from PLC Partners, which sought to construct a 250-room Cambria Suites hotel to replace the Glad Tidings Tabernacle Church. Built in 1868, the Romanesque Revival church was sold to PLC Partners in 2007.

Capital One Bank provided a $63 million mortgage to the Shidler Group for the property, records show.

It is unknown if brokers were involved in the deal. Spokespersons for neither Shidler Group nor OTO could be immediately reached.

The Fairfield Inn & Suites is a Marriott brand and also has nearby locations at 116 West 28th Street and 21 West 37th Street.


Related Articles

arrow_forward_ios
Maefield Development's Mark Siffin and 20 Times Square (aka 701 Seventh Avenue) (Getty, Edition Hotels)
Massive loan on Maefield’s 20 Times Square in trouble
Massive loan on Maefield’s 20 Times Square in trouble
Divco's Stuart Shiff and 540 Madison Avenue (DivcoWest, 540 Madison, Getty)
DivcoWest lands Japanese watch company at 540 Madison Avenue
DivcoWest lands Japanese watch company at 540 Madison Avenue
JLL’s Bob Knakal and Jonathan Hageman with 245 West 55th Street (JLL, LoopNet)
Oscar-winning film lab selling Midtown property after 100 years
Oscar-winning film lab selling Midtown property after 100 years
A photo illustration of 101 West 57th Street (Getty, LoopNet)
Restaurateur firing up dormant space in Midtown’s Quin hotel
Restaurateur firing up dormant space in Midtown’s Quin hotel
Falcon Properties' Florencia Masri and 1030 Sixth Avenue (Falcon Properties, Google Maps, Getty)
Owner seeks $75M for dev site near Amazon’s Midtown office
Owner seeks $75M for dev site near Amazon’s Midtown office
Paramount Group's Albert Behler and 1301 Sixth Avenue (Getty, Paramount Group, Americasroof at English Wikipedia/CC BY-SA 3.0/via Wikimedia Commons)
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
Law firm takes 142K sf at Paramount’s 1301 Sixth Ave
From left: Jean-Georges Vongerichten and L&L Holding Company chairman David Levinson in 425 Park Avenue (Getty Images, L&L Holding Company, 425ParkAve.com)
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
L&L’s 425 Park Ave cooking up Jean-Georges restaurant
Marx Realty president Craig Deitelzweig and 545 Madison Avenue (Marx Realty, Google Maps, Getty Images)
Milstein’s real estate firm extends at 545 Madison Avenue
Milstein’s real estate firm extends at 545 Madison Avenue
arrow_forward_ios

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

Loading...