Qatar Investment Authority Acquires St. Regis New York
St. Regis New York overlooks Fifth Avenue in the Midtown East submarket and will remain under Marriot International management.
NEW YORK CITY— Qatar Investment Authority, a middle eastern sovereign wealth fund, has bought the St. Regis New York, a 238-key property in Midtown Manhattan, from Marriot International for $310 million. Jones Lang LaSalle arranged the sale, which is subject to a long-term management agreement.
Marriot will continue to manage the St. Regis New York overlooking Fifth Avenue in the Midtown East submarket. Holding a Forbes five-star and AAA five-diamond ratings, hotel amenities include, The Astor Court restaurant and King Cole Bar and an estimated 14,000 square feet of meeting and event space.
“The St. Regis New York is the quintessential, global trophy asset. Its rich history and positioning as the birthplace of the St. Regis hotel brand make it truly irreplaceable, and a strategic investment,” said JLL Americas hotels CEO and global hotel desk head Gilda Perez-Alvarado, in a prepared statement.
The New York St. Regis opened in 1904. John Jacob Astor IV, a real estate developer of the prominent New York Astor family, developed the French beaux-arts style building. The hotel is known for its King Cole Bar that features the historic Maxfield Parrish painting called Old King Cole.
This is the second Qatar Authority purchase of a St. Regis from Marriot. The entity acquired San Francisco St. Regis about three years ago. In 2018, another Qatar investor acquired the New York Plaza Hotel for an estimated $600 million, according to a Wall Street Journal report.