NEW YORK CITY—On behalf of Hidrock Realty and Robert Finvarb Companies, JLL's Hotel & Hospitality Group today announced the closing of KSG Enterprises Ltd., a subsidiary of Keck Seng (Malaysia) Berhad, has acquired the SpringHill Suites New York Midtown Manhattan/Fifth Avenue for $82 million. The seller was Hidrock Realty and Robert Finvarb Cos.

JLL managing director Jeffrey Davis and EVP Gilda Perez-Alvarado represented the buyer. Hidrock's senior director of hotel management Michael Powlen and Finvarb CFO Daniela Trudel handled the transaction on behalf of ownership. According to JLL, Manhattan's lodging transaction volume is expected to reach up to $2.8 billion in 2014 and all signs show that investors continue to place their confidence and capital in the market.

“KSG seized an excellent opportunity to acquire this recently constructed asset at a strong yield and has strategically expanded their presence in the United States,” says Davis. “SpringHill Suites benefits from its premiere brand recognition and benefits from Marriott's best-in-class management.”