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MIDTOWN EAST HOTELS

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MIDTOWN EAST HOTELS
Tim Oberweger, Jason Zeigler, Diana Smirnov, Sean Frank, and Bethany Adler at The Canal Room on Oct. 24, 2012
Two big hotel deals in Midtown East yesterday: Hersha Hospitality agreed to buy the stalled, 205-key Hilton Garden Inn at 52nd and Third for $74M, pending completion of the building, in Q4 '13. And InterContinental Hotels Group has signed the first site for an Even Hotel, at 219 E 44th St between Second and Third. At a Real Estate Rockers for Relief benefit at The Canal Room last night, we chatted with Fidelity National Title's Tim Oberweger (whom we snapped with Hunton & Williams' Jason Zeigler, Diana Smirnov, Bethany Adler, and her husband Sean Frank). Tim says there's a need for midprice rooms (or really anything below $500/night) in Midtown East. And according to Hersha's investor presentation, the Hilton Garden Inn will be only the second hotel to open in that submarket in 15 years. The 230-room, new-build Even flagship, to be owned by CWC, will deliver in late 2014 at the site of the current Ben & Jack's Steakhouse.