The Lam Group is buying a parking garage located at 110 West 25th Street in Manhattan and plans to raze it to construct a 270,000 sq ft (25,083 sq m) hotel.
John Lam, chairman and CEO of The Lam Group, told Crain’s New York Business that he is buying the property from Extell Development. The Lam Group will invest US$300 million to develop the hotel, which will include retail space on the ground floor. The deal has not closed yet.
When contacted by HOTELS about the deal, The Lam Group declined to comment further on plans for the hotel pending closure of the deal.