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
Photo illustration of Aliz Hotel at 310 West 40th Street (Google Maps)

From lender with love: Bond-themed hotel sued for $40M

From lender with love: Bond-themed hotel sued for $40M
Chelsea Hotel with Ira Drukier and Richard Born (Getty)

Chelsea Hotel reno can resume after housing department drops fight

Chelsea Hotel reno can resume after housing department drops fight
325 West 33rd Street and Magna Hospitality CEO Robert Indeglia (Google Maps; Magna Hospitality)

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M

Wells Fargo sells Penn Plaza hotel leasehold mortgage for $51M
Hilton Hotel in Times Square (Google Maps)

Hilton Times Square owner: “Take my hotel, please”

Hilton Times Square owner: “Take my hotel, please”
Some restaurants and hotels are partnering up to offer private dining in empty rooms, in an attempt to survive the economic fallout of the pandemic. (iStock)

Hotels turn empty rooms into private dining suites

Hotels turn empty rooms into private dining suites
Renderings of 159 Broadway in Williamsburg and Tillary Hotel at 85 Flatbush Avenue in Downtown Brooklyn (Photos via Stonehill Taylor; The Tillary Hotel)

Two Brooklyn hotel projects file for bankruptcy in one week

Two Brooklyn hotel projects file for bankruptcy in one week
City planning chairperson Marisa Lago (iStock; Global Philanthropy Forum)

NYC moves forward with plan for special hotel permits

NYC moves forward with plan for special hotel permits
84 William Street with Vanbarton Group's Gary Tischler and Richard Coles (Google Maps)

Vanbarton takes control of Prodigy Network’s William Street hotel

Vanbarton takes control of Prodigy Network’s William Street hotel
arrow_forward_ios

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

Loading...