Transactions - MAY 20, 2019

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Westbrook Partners, Korea Investment Corp. in talks to sell Manhattan’s Ritz-Carlton hotel

by Andrea Zander

A venture of Westbrook Partners and Korea Investment Corp. is in talks to sell the Ritz-Carlton hotel in Manhattan for $600 million. It is in discussions with Katara Hospitality of Qatar and Trinity White City Ventures, reported Bloomberg, citing people familiar with the matter.

In addition to the 259-room hotel, the Ritz-Carlton at 50 Central Park South includes a number of condos, known as the Residences at Ritz-Carlton, which are owned separately. The Residences comprise 12 stories and 80,457 square feet of the 33-story, 324,293-square-foot building, according to PropertyShark. The building was formerly the St. Moritz Hotel.

Westbrook Partners bought the 259-room Ritz-Carlton Hotel at 50 Central Park South in New York for $105 million in 2012. Millenium Partners was the seller. It bought the property for $88.8 million in 2006 from Macklowe Properties. Korea Investment Corp. became a partner in 2016.

Katara Hospitality is owned by the Qatar Investment Authorit

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