ADIA buys hotel in Manhattan
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 purchas