MCM unloads nonunion Manhattan hotel portfolio for $490M
A Rhode Island-based hotel investor unloaded a portfolio of four Manhattan hotels for $489.8 million. A fund managed by MCM, formerly Magna Capital Management, sold the portfolio of nonunion hotels to a group of large institutional investors. A different MCM fund will maintain partial ownership, according to CoStar, which first reported the deal. A spokesperson for MCM, which shares an address with Magna Hospitality Group but is a separate company, declined to comment. The portfolio includes the Hilton Garden Inn New York Times Square North, the Motto by Hilton New York City Chelsea, the leasehold for the DoubleTree by Hilton […]
This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Design For Disassembly Can Rescue Waste And Stop Housing
Supply Issues
Mamdani’s spin can’t hide truth of Pinnacle auction
A new charge, final appearances: the Alexander brothers’
trial draws near
New York’s real estate auctions brought the intrigue
What Chris Marte’s subcommittee chair appointment means for
the industry
Building Materials One Key To Disaster Resistance
Can I Use My 401(k) to Buy a House? (What Might Be
Changing)
A Look at Google’s Attempt to Control the Real Estate
Market
A Key Stat Just Crossed a Major Milestone—And It Could Have
a Major Impact on the Housing Market
A&E to pay city $2.1M to settle violations across 14
buildings
