Magna Hospitality Group has acquired 60 West 37th Street from Ashford Hospitality Trust for $115 million. The 310-key Embassy Suites hotel spans 194,949 square feet, and includes event space.
- Worth Noting:. AIG co-developed the hotel with Hidrock Properties and The Buccini/Pollin Group, which opened two and half years ago. Ashford was forced to sell the property meet its debts, according to an SEC filing.
- Flashback – hotel values slump: Ashford paid $195 million for the hotel 20 months ago. At that time, the hotel boasted a RevPAR of $254 with a 92 percent occupancy rate. Ashford secured a $145 million non-recourse mortgage from Starwood Property Trust at the time of their acquisition. [Crain’s+TRD+SEC]