Qatari investment firm buys Garment District hotel for $167M

Alduwaliya picks up 293-key Hilton Homewood Suites from group led by Rockwood Capital

TRD New York /
Jul.July 28, 2016 11:40 AM

The hospitality arm of Qatar’s Alduwaliya Asset Management picked up a Garment District hotel for $167 million from a group of owners led by Rockwood Capital.

The Doha-based Alduwaliya Hospitality Company paid $167.1 million to buy the 293-key Hilton Homewood Suites at 312 West 37th Street, property records filed with the city Thursday show.

The seller was a joint venture between Rockwood, the Albanese Organization TRData LogoTINY and the Delaware-based Buccini/Pollin Group. None of the sellers were immediately available for comment.

As part of the deal, Alduwaliya retained Buccini/Pollin to manage the property, sources said.

Adam Etra at Eastdil Secured represented the sellers, while Alex Ray at Cushman & Wakefield negotiated on behalf of Alduwaliya.

The Thani Bin Abdulla Media Group, also based in Doha, provide $100 million in financing for the deal, records show.

The sellers bought the property when it was a parking lot back in 2011 for $20.8 million. They opened the 22-story budget hotel – Homewood’s first entry into the city –in 2014.

This isn’t Alduwaliya’s first deal in the Garment District. In December, the Qatari investment firm paid $123.5 million to buy a 17-story office building at 250 West 39th Street.

Related Articles


Kassirer flips Upper West Side building to Akelius for $72M

Rockwood Capital is majority partner on Midtown Equities’ Broadway buy

Rockwood Capital lands $260M refi for Midtown East tower

King in the north: Isaac Kassirer buying another building above 96th Street

M&T provides $217M to refi Empire Stores

Sam Chang pays $95M for Club Quarters Hotel Wall Street

Workers at Dermot Company’s newly-purchased EV rental forced to take big wage cuts: report

Dermot, Rockwood land $58M loan for purchase of EV rental