Blackstone Sells London Hotel for $382M
Blackstone has sold the London Hotel at 151 West 54th St for $382M. It pencils out to about $680k a key. The Abu Dhabi Investment Authority, a sovereign wealth fund, is the buyer.
The fund, which also owns the Marriott Edition in the Flatiron District and the Hyatt Times Square, isn’t expected to impose a management change, the New York Post reports. The deal, which closed on Nov. 11, put the building’s $154M mortgage, along with the furnishings and fixtures, in the hands of the new owners.
The fund also picked up the ground lease, set to take in $157M in rent through 2136. Eastil Secured’s Roy March, Larry Wolfe and Mark Schoenholtz repped Blackstone. [NYP]