Hersha Hospitality sells FiDi Hampton Inn for $32M

Virginia-based Shamin Hotels is the buyer

New York /
Mar.March 09, 2018 05:44 PM

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.


Related Articles

arrow_forward_ios
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
NYC City Council passes bill forcing hotels to dish out severance pay
Condor Hospitality CEO J. William Blackham and Blackstone CEO Stephen Schwarzman (Condor, Getty)
Condor Hospitality selling hotels to Blackstone for $305M
Condor Hospitality selling hotels to Blackstone for $305M
Soho Properties chairman and CEO Sharif El-Gamal (Getty, Margaritaville)
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Cheers: Soho Properties secures $317M refi on Times Square Margaritaville
Jason Pomeranc and 305 West 48th Street (CIVILIAN, Google Maps, Kelleecaitlin/Wikimedia)
Jason Pomeranc to launch new Theater District hotel
Jason Pomeranc to launch new Theater District hotel
The hotel on Rockaway Beach sold for $25 million (Google Maps)
Pandemic pricing arrives to middle of i-sales market
Pandemic pricing arrives to middle of i-sales market
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
From the rubble: How NYC real estate lived 9/11
Queens Councilman Francisco Moya (iStock, New York City Council)
City Council bill would force hotels to pay severance to laid-off workers
City Council bill would force hotels to pay severance to laid-off workers
The parking lot at 250 Water Street (New York Public Library)
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
What’s next for a 50-year-old parking lot in NYC’s oldest neighborhood?
arrow_forward_ios

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

Loading...