Chinese publisher to add 16 floors in Midtown hotel conversion

WanXin Media bought an office building at the site for $68M last year

New York /
May.May 30, 2018 12:00 PM

Wu Wensheng and 7-15 West 44th Street

Chinese publisher WanXin Media is moving ahead with plans to convert the office building at 7-15 West 44th Street into a hotel, a permit application filed with the Department of Building on Tuesday shows.

The company will build on an additional 16 floors, bringing the height up from 12 stories to 28, according to the plans. WanXin’s hotel is set to hold 155 rooms in 90,375 square feet, indicating larger than average rooms for a Manhattan hotel. Hotel amenities planned for the project include a restaurant, tea room, private dining hall and ballroom.

An executive at the company who signed the permit application, Phillip Ding, could not immediately be reached for comment.

WanXin bought the office building at 7-15 West 44th Street between Fifth and Sixth avenues in May of last year, paying $68 million and announcing it would eventually convert the building to a “boutique luxury hotel and Chinese cultural center.”

It’s not unusual for large Chinese firms whose principal business has nothing to do with real estate to move into development. Two of the largest Chinese real estate owners in New York, Anbang Insurance Group and HNA Group, came from the insurance and travel industries, respectively.

Last year, WanXin, in partnership with another Chinese investment firm, acquired a stake in a portfolio of Chinese schools for $184 million.


Related Articles

arrow_forward_ios
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
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
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

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

Loading...