(Mark Your Calendars: RealShare HOTELS 2011, September 15 in New York City).

NEW YORK CITY-The LAM Group, a developer of franchised hotels, has purchased a development parcel at 1205-1225 Broadway in an all-cash deal for $71.9 million.

Massey Knakal represented the seller in the deal, reported by Real Capital Analytics to be Mocal Enterprises. The LAM Group--whose other franchised properties include Aloft Brooklyn, Four Points by Sheraton Manhattan Chelsea and Four Points by Sheraton Soho Village--was represented by Venture Capital Properties.

The Massey Knakal team on the deal included chairman Robert Knakal, vice chairman and partner John Ciraulo and director of sales Craig Waggner. Daniel Rahmani and Ebi Khalili worked the transaction for Venture Capital Properties.

“What is significant about this deal is that it is indicative of the transformation that the neighborhood is going through now,” Knakal tells GlobeSt.com. “That's really a neighborhood that until recently didn't have an identity.” Knakal adds that developments like the Ace Hotel have made the neighborhood, which is neither Chelsea nor Murray Hill nor Penn Station, more active after work. It creates a nice link to Midtown, he adds.

Total developable square footage for the property is 250,000 square feet. The sale price comes out to roughly $290 per buildable square foot. Unused air rights for 1205-1213 Broadway are 78,561 square feet and for 1215-1225 Broadway are 46,314 square feet.

The LAM Group declined to comment to GlobeSt.com on the purchase or plans for the site and Venture Capital Partners and Mocal Enterprises did not return calls in time for publication.