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Westgate acquires 304 East 42nd Street

Sellers take a big loss

304 East 42nd Street (Credit: Westgate Resorts)

Westgate Resorts has acquired 304 East 42nd Street from Lone Star Funds for $50 million, according to TRD. The firm plans to renovate and rebrand the 300-key hotel. 

Sign of the times: Procaccianti Group paid $109 million for the former Hilton New York Grand Central in 2007.

Price per pound! With the property spanning 141,758 SF, the hotel reportedly traded at $353 per foot. If the reported price is accurate (we are dubious), this is a great deal. We will update you when the deal hits public records. 

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