AIG Global Real Estate sells the hotel for $195 million
Ashford Hospitality Trust has acquired the Embassy Suites by Hilton at 60 West 37th Street from AIG Global Real Estate for $195 million, according to TRD. The 310-key hotel spans 194,949 square feet, and includes event space.
Acquisition financing: Ashford secured a $145 million non-recourse mortgage from Starwood Property Trust to close the deal.
Worth Noting: The newly built hotel opened a year ago. It was co-developed with Hidrock Properties and The Buccini/Pollin Group. AIG owned the majority stake.
By the numbers: The hotel has achieved RevPAR of $254 with a 92 percent occupancy rate.