Highgate, Isaac Chetrit to buy Affinia Manhattan NYC for $218M 618-key hotel across from Penn Station was part of Pebblebrook-Denihan split
Highgate s Mahmood Khimji (credit: Steve Friedman) and the Affinia Manhattan NYC (credit: Affinia)
Highgate, in partnership with Isaac Chetrit’s AB Sons and Ray Yadidi’s Sioni Group, is in contract to acquire the 618-key Affinia Manhattan NYC hotel in Midtown’s Penn Plaza district for $217.5 million, sources told The Real Deal.
The 28-story, 474,000-square-foot building at 373 Seventh Avenue was one of six Manhattan hotels at the center of a recent split between Pebblebrook Hotel Trust and Denihan Hospitality爱上海同城手机版 Group. Pebblebrook, a Maryland-based real estate investment trust, walked away with the Affinia Manhattan and the 252-key Dumont NYC. But the REIT had no plans of retaining its New York City assets and therefore hired Eastdil Secured and Hodges Ward Elliott to market both of them for sale.
Highgate, the Midtown- and Texas-based real estate investment firm co-founded by Mahmood Khimji, will serve as the property manager of the Manhattan NYC.
The deal went under contract earlier this week and is expected to close by year’s end for about $350,000 per key or $460 per square foot, sources said.
The four-star hotel was built in 1929 as the Governor Clinton. It is located at the corner of West 31st Street, across from New York Penn Station. Hotel room rates start at $197 per night.
Eastdil Secured’s Lawrence Wolfe and Michele Ma上海夜网 hl[……]