Pebblebrook Hotel Trust has sold the Affinia Dumont NYC Hotel for $118 million.
The property, a 252-key hotel located at 150 East 34th Street, was once part of Pebblebrook’s portfolio with joint venture partner Denihan Hospitality Group. Last year, Pebblebrook redeemed its 49 percent interest in the partnership, in the process gaining full ownership of Dumont NYC and Affinia Manhattan NYC at 371 Seventh Avenue.
Pebblebrook sold Affinia Manhattan NYC last December. The 618-room hotel was acquired by a joint venture between Patriarch Equities, Sioni Group and Highgate. The sale closed at a price of $217.5 million.The property was renamed the Stewart Hotel after the sale.
“We are very excited to announce the sale of the Dumont NYC,” said Jon Bortz, the chairman and CEO of Pebblebrook Hotel Trust.
The sale marks Pebblebrook’s exit from the New York City. The majority of its assets are now in the West Coast, with multiple properties in Los Angeles, San Francisco and Portland.
According to a previous report from the Real Deal, the buyer is the LeFrak Organization. The firm reportedly plans to convert the hotel into rental apartments.