Patriarch Equities, Sioni Group and Highgate announced Tuesday that they have purchased the 618-room Affinia Manhattan NYC hotel through a joint venture. Highgate has also assumed management of the property as part of the transaction. The purchase price was previously reported at US$218 million.
Effective immediately, this upscale, full-service hotel has been re-branded the Stewart Hotel. The property is located at 371 Seventh Avenue, across from Madison Square Garden and Pennsylvania Station. The 28-story, 474,000-square-foot hotel features over 10,000 square feet of event space.
“Highgate is thrilled to complete the acquisition of Affinia Manhattan NYC, now the Stewart Hotel, along with our new partners at Patriarch Equities and Sioni Group,” said Neil Luthra, principal at Highgate. “The Stewart is an exciting addition to Highgate’s collection of independent hotels, particularly given its desirable location at the crossroads of an area that should see meaningful investment and redevelopment activity in the coming years.”