The Real Deal New York

Hersha Hospitality sells FiDi Hampton Inn for $32M

Virginia-based Shamin Hotels is the buyer
By Rich Bockmann | March 09, 2018 05:44PM

32 Pearl Street and Shamin Hotel CEO Neil Amin


Virginia-based hospitality investor Shamin Hotels made its first purchase in New York City.

Shamin bought the 81-room Hampton Inn hotel in the Financial District for $32.4 million from Hersha Hospitality Trust, according to property records filed with the city Friday.

The purchase price works out to $400,000 per key for the seven-story hotel at 32 Pearl Street near Battery Park.

Representatives for Hersha and Shamin were not immediately available to comment.

Hersha paid $28.73 million to purchase the property from hotelier Sam Chang in 2011 as the company expanded its footprint in New York City.

The real estate investment trust spent about $4.5 million to convert and expand the 1930s Art Deco apartment building into a hotel. Gene Kaufman Architect designed the new structure.

Shamin financed its purchase with an $21.2 million mortgage from the American National Insurance Company.