Marriott Vacations buys six Midtown commercial condos for $86M

Company purchased units at 33 West 37th Street from 54 Madison Partners

New York /
Feb.February 03, 2020 02:30 PM
Marriott Vacations Worldwide CEO Stephen Weisz and 33 West 37th Street (Credit: Google Maps)

Marriott Vacations Worldwide CEO Stephen Weisz and 33 West 37th Street (Credit: Google Maps)

Marriott Vacations Worldwide is buying up its property at 33 West 37th Street a few commercial condo units at a time.

The company, which was a wholly owned subsidiary of Marriott before being spun off nine years ago, purchased six commercial condo units at the building from its partner at the Midtown site, Henry Silverman’s private equity firm 54 Madison Partners, for about $86.4 million, according to property records.

Marriott Vacations and 54 Madison acquired the property together in 2016 for $105 million, and Marriott Vacations is now buying it up in three tranches, according to property records and Marriott Vacations spokesperson Ed Kinney.

The building is home to the Marriott Vacation Club Pulse, a 20-story timeshare that features the popular rooftop bar Top of the Strand.

Representatives for 54 Madison Partners did not respond to a request for comment.

New York is in the midst of a hotel construction boom, with more than 20 hotels opening in the city last year alone to push the total number of rooms up to about 123,000, according to NYC & Company. The total number of rooms should hit 144,000 by the end of next year.

Marriott alone plans to add almost 300,000 new rooms to its massive portfolio by the end of 2021, and the company bought the city’s famed Union Square W Hotel late last year from Westbrook Partners for $166 million. Marriott spun off its vacation subsidiary in 2011.


Related Articles

arrow_forward_ios
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
(iStock)

Leisure and hospitality lost 500K jobs in December

Leisure and hospitality lost 500K jobs in December
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
Colony Capital chairman Tom Barrack (Getty, iStock)

Goodbye, LA: Barrack’s Colony packs bags for Florida

Goodbye, LA: Barrack’s Colony packs bags for Florida
Empty offices, shut down retail stores, closing restaurants and literal fires are among the biggest real estate disasters of 2020. (Getty)

Worst of the worst: The real estate disasters of 2020

Worst of the worst: The real estate disasters of 2020
From left: Tom Brady and Gisele Bündchen; Pharrell Williams; Sylvester Stallone and Jennifer Flavin; Jared Kushner and Ivanka Trump (Getty, iStock)

South Florida’s biggest real estate stories of 2020

South Florida’s biggest real estate stories of 2020
Oaktree Capital Management CEO Jay Wintrob and Ashford Trust CEO Rob Hays (iStock)

Die another day: Ashford gets $350M to survive pandemic

Die another day: Ashford gets $350M to survive pandemic
The Gramercy Park Hotel at  2 Lexington Avenue and Aby Rosen of RFR Holding (Getty; Google Maps)

Aby Rosen’s Gramercy Park Hotel faces eviction

Aby Rosen’s Gramercy Park Hotel faces eviction
arrow_forward_ios

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

Loading...