South Korean firm snaps up two Midtown hotels for $137M

Deal was part of Park Hotels & Resort’s takeover of Chesapeake Lodging Trust

New York /
Sep.September 30, 2019 06:24 PM
30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

30 West 31st Street and 52 West 36th Street (Credit: Google Maps)

Aju Hotels & Resorts is the buyer in the recent sale of two Midtown hotels of the former Chesapeake Lodging Trust, property records show.

The buyer, a subsidiary of South Korean-based conglomerate Aju, picked up 52 West 36th Street for $85.5 million and 30 West 31st Street for $51.2 million. Combined, the properties have 307 rooms.

Park Hotels & Resorts announced in May that it was buying Chesapeake, a deal that included the sale of the Hyatt-branded properties. The merger closed in mid-September and was valued at around $2.5 billion, making Park the second-largest lodging real estate investment trust with 66 hotels.

Park did not immediately return a request for comment, and Aju could not be reached.

Chesapeake, which had 20 hotels when Park acquired it, bought 52 West 36th Street in 2013 for $77.2 million. The firm had owned the other Hyatt location, at 30 West 31st Street, since 2011, when Chesapeake purchased it for $52.2 million.

South Korean investors have been pouring funds into London real estate, but they are far from absent in New York: A Korean pension fund has a 27 percent stake in One Vanderbilt, SL Green’s under-construction skyscraper next to Grand Central Terminal. And Daishin Securities bought 400 Madison about for $194.5 million.


Related Articles

arrow_forward_ios
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
The grand reopening: As restrictions lift, CRE markets race toward recovery
Hudson Yards (iStock)
EB-5 program set to expire at the end of June
EB-5 program set to expire at the end of June
The commercial market was hit hard by the pandemic, and property tax revenue is expected to fall 5 percent. (iStock)
Tax bills show how much Covid devalued NYC real estate
Tax bills show how much Covid devalued NYC real estate
Acting Katara CEO Andrew Humphries and 355 West 16th Street (Google Maps, AHIC)
Katara Hospitality takes over Dream Downtown’s $125M ground lease
Katara Hospitality takes over Dream Downtown’s $125M ground lease
About 38 percent of New York hotels with loans in commercial-mortgage backed securities were 30 days or more past due in May. (iStock)
Hotels’ recovery taking longer in NYC than elsewhere
Hotels’ recovery taking longer in NYC than elsewhere
Gowanus Inn & Yard at  645-651 Union Street, Brooklyn, Sonder CEO Francis Davidson and Red Pine Principal Michael Federman (Google Maps, Sonder, Federman Steifman)
Sonder takes lease for 76-key Gowanus Inn
Sonder takes lease for 76-key Gowanus Inn
Starwood CEO Barry Sternlicht and Blackstone CEO Stephen Schwarzman (Getty)
Blackstone, Starwood up bid for Extended Stay America
Blackstone, Starwood up bid for Extended Stay America
arrow_forward_ios

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

Loading...