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.


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