NEW YORK CITY—Gemini Real Estate Advisors has sold another one of its properties. Following the firm's filing of a Chapter 11 reorganization petition on behalf of four of its investment vehicles earlier this year, Fortuna Realty Group acquired at auction the seller's Wyndham franchised hotel at 37 W. 24th St. for $60 million.
Fortuna—which already has in its holdings Hotel Hugo, Hotel Indigo Chelsea, Garden City Hotel and Sugar Bay Resort & Spa—was represented in the deal by brokers Doug Hercher and David Smith of Robert Douglas and the law firm of Windels Marx.
The deal is expected to close in early 2016. The newly acquired Wyndham Garden Manhattan Chelsea West sits in the Flatiron district, off Fifth Avenue and around the corner from Madison Square Park. The hotel's neighborhood is part of the Midtown South submarket, which has emerged as the location of choice for the city's growing TAMI sector and is a hub for boutique hotels, chef-driven restaurants, nightclubs, and high-end condominium developments.
Built in 2008, the 124-key hotel was designed by architect Michael Graves and boasts a 2,185-square-foot retail space on the ground floor. Fortuna plans to convert the property into a high-end boutique hotel.
"We chose the property for its strategic location and to capitalize on current neighborhood trends," says Morris Moinian, president and founder of Fortuna. "As the flatiron district continues to evolve into a flourishing cultural-hub, we're excited at the prospect of bringing a new luxury lifestyle element to the area."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
