The developers of Hudson Yards have sold the only hotel in the $25B megaproject.

Tokyo-based real estate investment firm Mori Trust bought Floors 1 through 38 of 35 Hudson Yards, including the Equinox Hotel New York and its sprawling gym and wellness complex, the buyer announced Monday.

Related Cos. and Oxford Properties sold the 490K SF portion of the 1.1M SF tower for $541M, a Mori Trust spokesperson told Bisnow. The 180K SF of office space in the building is 100% leased, while retail is 73% occupied and counts SoulCycle and Starbucks as tenants.

“Acquiring high-quality properties overseas, such as 35 Hudson Yards, contributes to the stability and sustainability of our asset portfolio and will drive further growth in the future,” Mori Trust President and CEO Miwako Date said in a statement. “Going forward, we will operate 35 Hudson Yards, an iconic building representing Manhattan, as an even more attractive property.”

The 92-story building was completed by the Related-Oxford partnership in 2019 as part of the first phase of Hudson Yards, the largest private development in U.S. history.

The upper floors were developed as luxury condominiums and sold to individual buyers, so they weren't included as part of the deal.

The developers listed the property for sale earlier this year with an asking price of roughly $600M, Bloomberg reported in June. The property was also listed in 2022 but later pulled from the market.

Newmark represented both seller and buyer, with Adam Spies, Doug Harmon, Marcella Fasulo, Adam Doneger, Josh King and Avery Silverstein working on the deal.

Spokespeople for Related, Oxford and Newmark declined to comment.

The 212-room Equinox hotel was the first opened by the upscale fitness company, in which Related founder Stephen Ross owns a minority stake. It spans 237K SF and takes up the 24th to 38th floors.

Mori Trust made its first New York City investment in 2023 when it bought a 49% stake in 245 Park Ave. from SL Green at a $2B valuation. It has invested in nine U.S. assets, including office buildings in Boston and Washington, D.C., and is pursuing a plan to grow its assets to 1.2 trillion yen ($7.7B) by 2030.

The deal is one of the biggest of 2025 in Manhattan, which has seen a surge in investment sales, particularly of offices and hotels. RXR and Elliott Investment Management paid nearly $1.1B for 590 Madison Ave., and SL Green agreed to pay $730M for Park Avenue Tower.

UPDATE, NOV. 19, 3 P.M. ET: This story has been updated with more information about the brokers who worked on the deal.