NEW YORK CITY-Sam Nazarian, a nightclub operator and hotelier from Los Angeles, is planning for his first New York boutique hotel in Midtown South. He and a partner said that they will spend nearly $85 million to purchase and transform an office property into a 190-room boutique hotel.
The 14-story building at 444 Park Ave. South was bought in August 2011 for $45 million by Nazarian's partner Moin Development Corp. The reconstruction of the property is scheduled to be completed in Q2 2013. For the full story, go to Wall Street Journal .
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