The Real Deal New York

AIG is trying to sell this Midtown hotel for more than $200M

The company wants to offload Embassy Suites on West 37th Street
September 28, 2018 04:45PM

AIG Global Real Estate CEO Douglas Tymins and 60 West 37th Street (Credit: AIG and Hilton)

AIG Global Real Estate is trying to offload a Manhattan hotel for more than $200 million.

The company has enlisted Eastdil Secured to find buyers for the Embassy Suites by Hilton New York Midtown Manhattan, according to Bloomberg. The 310-room hotel is on West 37th Street.

The 39-story hotel opened in January and has been fully operational since July. It’s the only location in New York

AIG owns the majority stake of the hotel, which was co-developed by Hidrock Properties and the Buccini/Pollin Group, the report said.

Both AIG and Eastdil declined Bloomberg’s requests for comment.

A deal would add to the list of several other prominent sales this year. The Plaza Hotel sold for $600 million to Katara Hospitality, a hotel-centric subsidiary of Qatar’s sovereign wealth fund. This month, Host Hotel & Resorts sold the retail and commercial condo portion of the New York Marriott Marquis to Vornado Realty Trust for $442 million. Host Hotels also sold two W hotels in Manhattan for a combined $361 million. [Bloomberg] — Meenal Vamburkar