The Real Deal New York

Uniondale Marriott sold by Starwood Capital Group

November 19, 2018 01:44PM

Navika Capital Group, a real estate investment company, bought a 615-room Marriott hotel in Uniondale from Starwood Capital Group for an undisclosed sum, according to Newsday. Navika Capital, a subsidiary of Royal Blue Hospitality LLC, is headquartered nearby. The Nassau County Industrial Development Agency consented to the sale. In 2014, the IDA gave two decades of tax breaks so the hotel could undergo $25 million in renovations. Starwood Capital bought the Marriott for $66.2 million in 2014 from Charles Wang, a founder of Computer Associates International and former owner of the National Hockey League’s New York Islanders. Wang, who died in October, had to sell the hotel when he couldn’t make debt payments and lenders filed for foreclosure. [Newsday]