LaGuardia Marriott and development site combo sell for $100M
PE firm acquires 443-key hotel and empty site with potential for 750K sf project
New York LaGuardia Airport Marriott and a massive development site have sold for a combined $103 million.
The 443-key Marriott at 102-05 Ditmars Boulevard sold for $86.6 million, and the 1.5-acre development site — which could hold a 750,000-square-foot project — sold for $17 million, according to property records filed with the city on Friday. The sale closed last month.
The buyer, California-based private equity firm ASAP Holdings, announced the deal on its website without a price, saying it plans housing and a community center on the development site. The firm also explained its hotel purchase, which comes as the larger market continues to endure heavy turbulence.
ASAP said it believes “in this hotel and its continued duration as a market leader in the LaGuardia area.” The property is directly across from the airport, separated by the Grand Central Parkway. ASAP CEO Frank Yuan was not immediately available for comment.
The seller was Rubicon Companies, which listed the vacant parcel for sale in 2019.
JLL’s KC Patel, Kevin Davis and Nikhil Chuchra represented the seller. Rubicon purchased the 224,000-square-foot Marriott in East Elmhurst for $21.5 million in 2013. It poured another $30 million into renovations in 2018, according to JLL.
Rubicon did not immediately respond to a request for comment.
Since 2016, LaGuardia Airport has been undergoing an $8 billion redevelopment project, adding six new concourses and 72 new gates, along with new shopping and dining areas. As part of the program, a new arrival and departure hall at Terminal B opened in June.