For the second time this year, Watermark Lodging Trust is selling a Manhattan hotel at a loss.
The hospitality unit of the Chicago-based investment firm Watermark Capital has sold the leasehold interest in the Courtyard by Marriott at 307 W. 37th St. to Barings in a $73.7M transaction.
Watermark bought the leasehold for the 224-key hotel in 2014 for $95M. The ground lease runs through 2044.
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