NEW YORK CITY—Blackstone Group has sold the London Hotel in Midtown to a sovereign wealth fund for $382 million, or $678,000 per room, according to the New York Post.
The buyer was the Abu Dhabi Investment Authority, which also owns the Hyatt Times Square and the Marriott Edition on Madison Square Park. The new owner is expected to retain the current management team.
The transaction included a $194 million direct sale of the 54-story hotel and the buyer assumed the mortgage of $154 million while also purchasing the furnishings and fixtures. An Eastdil Secured team of Roy March, Larry Wolfe and Mark Schoenholtz represented Blackstone in the sale. The brokerage firm could not be reached by GlobeSt.com at press time.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
