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.