Paul Fitzpatrick, senior managing director of Insignia/ESG HotelPartners, handled the local marketing, procured the buyer and wasthe sole broker on the sale. Fitzpatrick Hotels will continue tomanage the property, which is located at 127 E. 55th St.
The 37-story British Airways' hotel was one of the last "sliver"buildings constructed in the city. The 124-room property is locatedbetween Park and Lexington Avenues.
Fitzpatrick says the sale is atypical of transient hoteldispositions, and extraordinary even among airline-hoteltransactions because of the 10-year exclusive occupancy agreementBritish Airways signed as part of the deal. Most airline hotelshave occupancy agreements of six months to a year, he tellsGlobeSt.com
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