The Real Deal New York

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

Magna Hospitality Group is the seller
By Konrad Putzier | August 21, 2017 01:20PM

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.