Jack Parker shopping Le Parker Meridien in Midtown

The 40-story hotel on West 56th Street is worth $500M: sources

New York /
Oct.October 21, 2016 06:29 PM

Jack Parker Corporation is looking to sell its 729-room hotel Le Parker Meridien in Midtown.

The developer has been showing Le Parker Meridien at 119 West 56th Street to potential bidders via Eastdil Secured, according to Real Estate Alert. The website reported that Steve Witkoff is among the prospective buyers.

The hotel – which Parker developed – opened in 1981 and sources told Real Estate Alert it’s worth around $500 million. The 40-story building is operated by Starwood Hotels & Resorts TRData LogoTINY, which was acquired by Marriott International last month in a $13 billion deal.

The property is being offered without a management contract. It has an underground retail corridor, that includes restaurants, salons and a spa.

The hospitality market in New York City is softening. There are a number of hotels on the market, but few have traded. In June, The Real Deal looked at the ways that three key hotel sectors are staying competitive. [Real Estate Alert]Miriam Hall 


Related Articles

arrow_forward_ios
99 Washington Street (Google Maps, Getty)
Distressed FiDi Holiday Inn greenlit for migrant shelter
Distressed FiDi Holiday Inn greenlit for migrant shelter
From left: Värde Partners’ IIfryn Carstairs and Hawkins Way Capital’s Ross Walker along with 525 Lexington (Getty, Värde Partners, Hawkins Way Capital, Google Maps)
Hawkins Way, Värde buy defunct Marriott East Side hotel
Hawkins Way, Värde buy defunct Marriott East Side hotel
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Sortis Holdings' Paul Brenneke, Ace Hotel on 20 West 29th Street (Googlwe Maps, Sortis Holdings, Getty)
Ace Hotel operator sold to hospitality firm for $85M
Ace Hotel operator sold to hospitality firm for $85M
Bob Ghassemieh, Ignazio and Maggio Cipriani, Mr. C Seaport at 33 Peck Slip (Getty, Mr. C Residences, Google Maps, Bob Ghassemieh)
Mr. C Seaport hotel sold to South Korean operator for $60M
Mr. C Seaport hotel sold to South Korean operator for $60M
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
Hotel at Times Square heads to auction
From left: Quadrum Development's Oleg Pavlov, Toby Moskovits, and Heritage Equity Partners' Michael Lichtenstein with the  96 Wythe Ave (Williamsburg Hotel, Getty)
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
UK firm to buy Moskovits, Lichtenstein’s Williamsburg Hotel for $96M
The Moinian Group’s Joseph Moinian with 37-10 and 37-20 114th Street
Moinian sells dev site near LaGuardia for $50M
Moinian sells dev site near LaGuardia for $50M
arrow_forward_ios

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

Loading...