Strategic was apparently prepared to pay $220 million for the500-room luxury hotel. The hotel's most expensive rooms have ratesup to more than $3,000 a night. The Rihga is 54 stories high and islocated between Seventh and Sixth Avenues.
The sale price for the deal with Strategic would have spelled a$10-million loss for the hotel's owners. Rihga Royal Hotel Grouppurchased the property in 1989 for $230 million. The Rihga wouldhave brought Strategic's total hotel room inventory to 1,240 roomsin Manhattan. It currently owns the Essex House on Central ParkSouth and the Marriott East Side on Lexington Avenue.
Spokespeople for neither Strategic nor Rihga were available forcomment by press time.
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