A fund associated with Rhode Island-based Magna Hospitality has sold a quartet of Manhattan hotels totaling 1,129 keys for just under $490 million, according to multiple published reports. JLL Hotels & Hospitality brokered the deal, which involved unnamed institutional owners and a separate Magna fund, CoStar News reported.
Although the Magna fund will maintain a partial interest in the hotels, Crain’s New York Business reported that Magna parted with more than 90% of its equity in the properties. The biggest individual sale was $222.1 million for the Motto by Hilton New York City Chelsea, followed by $115.6 million for the Hilton Garden Inn New York Times Square North, $99.7 million for the DoubleTree by Hilton New York Times Square South and $52.3 million for the Fairfield Inn & Suites New York Midtown Manhattan.
The sale represented the largest New York City hotel portfolio deal since the Safe Hotels Act took effect this past May, according to CoStar.
Pictured: The Motto by Hilton New York City Chelsea. Photo credit: Joe Thomas.
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