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NEW YORK CITY-Sam Nazarian, a nightclub operator and hotelierfrom Los Angeles, is planning for his first New York boutique hotelin Midtown South. He and a partner said that they will spend nearly$85 million to purchase and transform an office property into a190-room boutique hotel.
The 14-story building at 444 Park Ave. South was bought inAugust 2011 for $45 million by Nazarian's partner Moin DevelopmentCorp. The reconstruction of the property is scheduled to becompleted in Q2 2013. For the full story, go to Wall Street Journal .
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