A midtown hotel has been purchased by an Abu Dhabi wealth fund for $382 million.
The London Hotel NYC, located at 151 West 54th Street, between Sixth and Seventh Avenues, was purchased from the Blackstone Group earlier this month in a deal that translates to $678,000 per room for the 563-room hotel, according to published reports.
The Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund was founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi.
The fund also owns two other New York City hotels – the Hyatt Times Square and the Marriott Edition on Madison Square Park.
The deal was broken up into a direct sale of the 54-story hotel for $194 million, as well as the buyer assuming the mortgage of $154 million, as well as purchasing the hotel’s furnishing and fixtures.
There was also a ground-lease position owned by the Sol Goldman estate, which the ADIA also assumed.
The estate will receive $157 million in total rent through 2136, according to the New York Post.
Roy March, Larry Wolfe, and Mark Schoenholtz, brokers from Eastdil Secured, represented Blackstone in the deal.
Blackstone originally purchased the London Hotel from Lehman Brothers in 2005 for $193 million and refurbished it. The company did not respond to a request for comment on the sale.