NYC: Fortuna on Hunt for Hotels
Fortuna Realty Group is scouring Manhattan, Long Island City, and Brooklyn for hotel deals to both buy and develop. And this time, it's looking to bring in institutional partners on all its new deals for some capital muscle, according to Fortuna acquisition head Ashish Lall, whom we met at the Hunter Hotel Investment Conference in Atlanta last week.
It's completing a $30M renovation of Long Island's Garden City Hotel (above) and opened the 122-room Hotel Hugo in SoHo, its branded flag designed by famed LA hotel designer Marcello Pozzi, this week. While Fortuna has ventured out of NYC for deals—including a massive land play near Disney World—its main focus will be New York.