Kuwaiti company buys into Manhattan

KFH Capital Investment Co., the investment management arm of Kuwait Finance House K.S.C.P., has purchased for US$141.5 million the 148-room Hampton Inn United Nations and the 135-room Holiday Inn Express Manhattan Times Square South, according to a Wall Street Journal report.

Greenfield Partners and hotel management company Magna Hospitality Group were the sellers, according to the report, and Ardent Hotel Management Co. will step in to manage the hotels that opened last February.

KFH Capital was attracted to New York’s strong hospitality sector, which it considers more attractive than the city’s rental apartment building sector, said Abdulaziz Al-Marzooq, general manager of KFH Capital.