As New York City’s hotel scene searches for its World Cup bump, one owner is getting out of the game.
Meliá Hotels International last week closed on the acquisition of the 21-story, 313-key property at 132-142 West 27th Street for $203 million, the Commercial Observer reported. The sale by Artimus Construction, which was first reported in TRD Data, breaks down to $649,000 per key.
The four-star hotel already operated under the Meliá umbrella, operating as the Innside by Meliá New York NoMad. But the company didn’t actually appear to own the property until last week.
Neither company responded to requests for comment from the publication.
Artimus purchased the site of the hotel in 2013 for $35 million, buying it when it was only a vacant lot. Three years later, the project was completed with design work from Peter Poon Architects. The property also includes the Wilson restaurant.
Even though the hospitality boom expected alongside the global soccer competition hasn’t hit the United States yet, investment sales continue to unfold in the sector. In recent days, an LLC linked to Ohio-based Omni Lifestyle Living acquired the 17-story Fairfield Inn & Suites New York Manhattan/Fifth Avenue at 21 West 37th Street in the Garment District from an LLC tied to Jeffrey Lam’s Lam Group for $39.9 million.
Meliá operates adult-only resorts for luxury travelers across the globe. One of Spain’s largest hotel chains, the company boasts more than 380 properties across more than 40 countries worldwide.
Artimus is a more known entity, at least in New York.
In the fall, the developer hired Nest Seekers to take over the remaining eight units at the 285 West 110th Street project, adding another brokerage to a long list of firms tasked with offloading condos since sales launched eight years earlier.
Two years ago, Artimus and Grid Group scored financing for a project that will deliver nearly 500 units in West Harlem. The developers landed $210 million from Valley National Bank for the project at 1440 Amsterdam Avenue
A few months earlier, Artimus secured $90 million to build a 188-unit building at 164 4th Avenue in Gowanus, Brooklyn, in partnership with the Wiczyk family’s Heron Real Estate.