Sellers take a big loss
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.