LaSalle Hotel Properties started the year with the announcement of the acquisition of The Park Central Hotel in New York City for $396.2 million. LaSalle picked up the 934 room full service hotel from Highgate Holdings for a sale price of about $424,000 per room. Highgate was represented by Hodges Ward Elliott, a leading hotel brokerage and investment banking firm, according to a CoStar report.
"We are pleased to have finally closed on The Park Central Hotel," said Michael D. Barnello, President and Chief Executive Officer of LaSalle Hotel Properties. "We remain excited about this well located New York City asset and our ability to acquire the hotel at an attractive purchase price."
The Park Central Hotel on Seventh Avenue, between West 55th and West 56th Streets, in midtown Manhattan, was constructed in 1928 and undergone numerous renovations over the years, with over $33 million spent on improvements since 2004. LaSalle said in a statement that they plan to implement their own renovation of the hotel, currently estimated between $33-$35 million, which is expected to begin later this year.
"We are thrilled to embark upon our LaSalle Hotel Properties relationship with such an important asset," said Mehdi Khimji, a Principal of Highgate Holdings. "The location and scale of The Park Central Hotel has historically made it an outstanding performer in our portfolio and now with the planned renovation and LaSalle's ownership, the hotel is poised to achieve its full potential."
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