Trio of companies buys 170 Broadway
Highgate Hotels, Crown Acquisitions and the Carlyle Group have bought 170 Broadway Between Liberty Street and Maiden Lande for more than $100 million, Crain’s reported. They plan to to turn the 108 year old, 18-story office building, that they acquired from AMG Realty Partners, which is part of GE Capital, into a hotel. Neither of the participants in the deal had an immediate comment. Lower Manhattan has had significant hotel growth recently, Crain’s noted, with at least seven other hotels currently in development in the area. Tourism continues to be strong, although room and occupancy rates are still down from their highs in 2008. This project marks the first time the three firms are working together..
Highgate Hotels, a Texas-based hotel operator and owner, and Crown
Acquisitions, a Manhattan-based real estate investment company are
currently also working together on two big Times Square properties: the
Milford Plaza Hotel on Eighth Avenue and the Knickerbocker Hotel on
Broadway and West 42nd Street. The Carlyle Group, is a big Washington, D.C.-based asset manager. In June, there were reports that Tribeca Associates was going to buy 170 Broadway and turn it into a hotel. [Crain’s]