ADIA acquires another hotel in New York City

Blackstone Group has sold the 563-room London Hotel in New York City to Midtown to Abu Dhabi Investment Authority (ADIA) for US$382 million (US$678,000 per room), according to a New York Post report.

ADIA, which also owns the Hyatt Times Square and the Marriott Edition in New York reportedly will pay Blackstone US$194 million, assume the mortgage and buy the furnishings and fixtures. It will also assume the ground-lease position owned by the Sol Goldman estate, which will receive a total rent of US$157 million through 2136.

Existing management is supposed to stay in place for the property Blackstone refurbished after buying it from Lehman Brothers.