The Blackstone Group has sold the London Hotel in midtown Manhattan to sovereign wealth fund Abu Dhabi Investment Authority. An official announcement has not been released.
The sales price is $382 million. Blackstone hired Eastdil Secured in 2011 to market the building. According to Bloomberg, Blackstone sought $500 million for the leasehold, which has 123 years remaining.
The 564-room hotel, formerly known as the Rihga Royal, a JW Marriot Hotel, totals 54 floors and includes a 9,000-square-foot carriage house located nearby. The luxury all-suite hotel is located in the heart of Midtown’s Theatre District.
Blackstone purchased hotel in 2005 for $183 million, according to Real Capital Analytics. It was renovated in 2011 in a $102 million project, adding a restaurant and café by celebrity chef Gordon Ramsay.
This year, the ADIA purcha
