Singaporean firm pays over $100M for DoubleTree hotel in the Garment District

Magna Hospitality Group is the seller

TRD New York /
Aug.August 21, 2017 01:20 PM

Ascott’s Beh Siew Kim and 341 West 36th Street (Credit: Hilton)

Ascott Residence Trust paid $106 million for the Hilton DoubleTree hotel at 341 West 36th Street, property records show.

The Singapore-based real estate investment trust last week announced that it bought the property through a subsidiary, Barrydale SM LLC, but didn’t disclose the price. Oversea-Chinese Banking Corporation is funding the deal with a $65.4 million loan.

Magna Hospitality Group, which paid $83 million to acquire the property in 2012, is the seller. The 81,000-square-foot, 25-story building with 224 rooms was completed in 2007.

Ascott previously paid Magna $163.5 million for the leasehold on the Element hotel at 311 West 39th Street and $158 million for the leasehold on the Sheraton hotel at 372 Canal Street.

East Asian firms have emerged as big investors in the New York hotel market in recent years, particularly in the luxury segment. For example, South Korea’s Lotte Group bought the New York Palace Hotel for $805 million in 2015, and months earlier China’s Anbang Insurance Group bought the Waldorf Astoria for just under $2 billion.


Related Articles

arrow_forward_ios
Joe Moinian and 123 Linden Blvd. (Moinian Group)

These were the top outer borough loans in July

These were the top outer borough loans in July
Clipper Equity's David Bistricer (REIT)

David Bistricer’s Clipper Realty reports record Q2 profit

David Bistricer’s Clipper Realty reports record Q2 profit
Vornado CEO Steven Roth and a rendering of the Farley Post Office building (Getty, iStock, SOM)

Vornado will install facial recognition tech in all its buildings

Vornado will install facial recognition tech in all its buildings
(iStock)

Half empty or half full? Hotel occupancy rate nears 50%

Half empty or half full? Hotel occupancy rate nears 50%
28 Liberty Street (Wikipedia)

Manhattan’s office leasing sees busiest month since January

Manhattan’s office leasing sees busiest month since January
Maison Kayser (Photo via Tools of Men via Flickr)

Maison Kayser may bid New York adieu

Maison Kayser may bid New York adieu
Newmark’s Brian Waterman with 7 Hanover Square (Google Maps, Twitter)

Newmark nabs REBNY prize for deal with NYC Health + Hospitals

Newmark nabs REBNY prize for deal with NYC Health + Hospitals
The legislation from a City Council member introduced a bill to temporarily repeal the commercial rent tax for businesses during the Covid-19 state of emergency. (Getty, iStock)

Commercial rent tax cut introduced in City Council

Commercial rent tax cut introduced in City Council
arrow_forward_ios

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

Loading...