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An Asian real estate trust has purchased the DoubleTree Hotel in Hell's Kitchen for $106M.
Ascott Residence Trust is a Singapore-based subsidiary of CapitaLand Limited, which claims to be one of the largest real estate companies in Asia. Ascott's purchase of the 25-story, 81K SF hotel at 341 West 36th St. closed Aug. 16, the Commercial Observer reports.
The seller, Magna Hospitality, purchased the 224-key hotel in 2012 for $82M. Ascott took out a $65.4M mortgage from Oversea-Chinese Banking Corp. to fund the purchase along with a $7.5M promissory note, according to finance records.
The transaction comes on the heels of a $340M purchase of the Standard Hotel on the High Line to another Asian buyer, which, even at such a higher price, came in well below expectations.
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