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Leading Midtown Hotel Sold for A Pittance

NEW YORK CITY-Taking the industry by surprise—and raising the ire of public officials—the Marriott Marquis has been bought for just under $20 million.

By Rayna Katz | Updated on December 13, 2013

NEW YORK CITY-In a deal that appears astoundingly cheap, Host Hotels & Resorts has purchased the New York Marriott Marquis from the Empire State Development Corp. for $19.9 million, a company spokesman has confirmed to GlobeSt.com. The ESDC declined to comment.

Industry watchers couldn’t believe their ears when they heard about the sale—with one quipping, “the air costs more!”—and had praise for Host, which already held a 75-year lease on the property. But the transaction also sparked outrage from at least one public official.

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