Vornado Buys Retail Portion Of New York Marriott Marquis for $442M
Vornado is beefing up its retail holdings in Manhattan, buying the retail part of the New York Marriott Marquis in Times Square.
The deal includes the retail, theater and signage commercial condo units at 1535 Broadway, seller Host Hotels & Resorts announced Monday. Vornado had previously leased the 45K SF space, which has tenants such as T-Mobile, Invicta, Swatch, Levi's and Sephora, Seeking Alpha reports.
Host Hotels & Resorts also announced it closed on its sale of the W Union Square Hotel earlier this month to Westbrook Partners, which closed for $165.6M, according to New York property records.
"Today's announcements demonstrate our continued ability to identify, execute and effectively monetize investment opportunities within our portfolio at very attractive pricing," Host Hotels & Resorts President and CEO James Risoleo said in a release.
The city’s retail sector has been dealing with a flood of hotel supply in recent years, but occupancy rates and revenue per available room are ticking up. Host retains ownership of the hotel portion of its signature property in Times Square.
Earlier this year, Vornado sold its interest at 666 Fifth Ave. to Kushner Cos. for $120M, although it still owns the retail part of the building, the most valuable piece of the property. Brookfield now has a 99-year ground lease on that building.
