Rockwood Capital Sells Garment City Hotel To Qatari Investment Firm
A Rockwood Capital-led group has sold the 22-story, 293-key Hilton Homewood Suites in the Garment District to Alduwaliya Asset Management's hospitality arm for $167M.
This is the Qatari investment firm’s second NYC deal. The first came last December when it purchased a 17-story office at 250 West 39th St for $123.5M, The Real Deal reports. Before that, Alduwaliya made news when it bought 100 New Bridge St in London for €205M in November 2015.
The ownership group—made up of Rockwood, the Albanaese Organization and the Buccini/Pollin Group—originally purchased the property at 312 West 37th St (then a parking lot) in 2011 for $21M. By 2014, it was the site of NYC’s first Homewood.
Repped by Cushman & Wakefield’s Alex Ray, the owners sold the hotel to the Qatari company, which was repped by Eastdil Secured’s Adam Etra and will be keeping Buccini/Pollin to manage the property. Financing was largely supplied by the Doha-based Thani Bin Abdulla Media Group, which provided $100M.
Almost a year ago, we noted that Qatari firms (the Qatari Investment Authority in particular) were going to be stepping up their NYC investment game, but this is the first noteworthy deal since QIA's JV with Brookfield. [TRD]
