St Regis .
NEW YORK CITY— Qatar Investment Authority, a middle eastern sovereign wealth fund, has bought the St. Regis New York, a 238-key property in Midtown Manhattan, from Marriot International for $310 million. Jones Lang LaSalle arranged the sale, which is subject to a long-term management agreement.
Marriot will continue to manage the St. Regis New York overlooking Fifth Avenue in the Midtown East submarket. Holding a Forbes five-star and AAA five-diamond ratings, hotel amenities include, The Astor Court restaurant and King Cole Bar and an estimated 14,000 square feet of meeting and event space.
"The St. Regis New York is the quintessential, global trophy asset. Its rich history and positioning as the birthplace of the St. Regis hotel brand make it truly irreplaceable, and a strategic investment," said JLL Americas hotels CEO and global hotel desk head Gilda Perez-Alvarado, in a prepared statement.
The New York St. Regis opened in 1904. John Jacob Astor IV, a real estate developer of the prominent New York Astor family, developed the French beaux-arts style building. The hotel is known for its King Cole Bar that features the historic Maxfield Parrish painting called Old King Cole.
This is the second Qatar Authority purchase of a St. Regis from Marriot. The entity acquired San Francisco St. Regis about three years ago. In 2018, another Qatar investor acquired the New York Plaza Hotel for an estimated $600 million, according to a Wall Street Journal report.
|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.
Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
