Blackstone sells London NYC to Abu Dhabi fund for $382M

The ADIA also bought the debt and the ground least at the 563-key Midtown hotel
November 25, 2015 08:08AM

The Abu Dhabi Investment Authority, the nation’s sovereign wealth fund, has added to its portfolio of Manhattan hotels.

Behind the story:

Blackstone Group

The fund paid $382 million, or $678,000 per room, to the Blackstone Group for the leasehold for the 563-key London NYC Hotel at 151 West 54th Street, between Sixth and Seventh avenues in Midtown.

Of that total, $194 million paid for the property itself, with the remaining $154 million made on the building’s debt. As per the lease agreement, the ADIA will pay $157 million to the Sol Goldman estate through 2136.

Roy March, Larry Wolfe and Mark Schoenholtz of Eastdil Secured represented Blackstone in the deal.

Blackstone bought the lease for the 575,000-square-foot hotel in 2004 from Lehman Brothers, paying $193 million. It then spent about $100 million refurbishing the structure.

The ADIA also owns the Hyatt Times Square and the Marriott Edition near Madison Square Park. [NYP]Ariel Stulberg