Tishman to expand further into hotel biz
With proceeds from the $245 million sale of Tishman Construction last month, Dan Tishman has plans to push further into the hotel business, the Post reported. His family’s real estate business, Tishman Hotel & Realty, is a separate entity that includes the Westin New York at Times Square and the nearby InterContinental Hotel at 300 West 44th Street at 8th Avenue, which opened last month. “I think you will see more activity in that area,” Tishman said. “We’re heavily invested in hotels… We are extremely bullish on that sector and believe there will be a lot of opportunity.” He expects that hotel occupancy rates will improve next year. Despite his roots in construction, Tishman thinks it is smarter in this economy to buy existing hotels, specifically financially distressed properties, rather than build new ones. Tishman is eyeing the Times Square area from Eighth Avenue west, near the Javits Convention Center, where construction is underway to expand and renovate the complex. Large corporations, including the New York Times, Bank of America and law firm Proskauer Rose have moved into the area.