Land acquired to build hotel next to World Trade Center

New York City developer Hidrock Realty will likely build a 300-room hotel near the new World Trade Center on the land it just acquired in a joint venture with Robert Finvarb Cos. for US$27.9 million, according to published reports.

Bloomberg News reported that the partners plan to spend an US$70 million to develop the 28-story hotel, which is slated to open in 2015.

This Hidrock-Finvarb joint venture is already developing a SpringHill Suites by Marriott in Midtown Manhattan. Hidrock is also converting an office building in New York’s Fashion District into a Courtyard by Marriott.

“This is a rare time in the marketplace where we can invest in a prime neighborhood such as the Financial District with relatively low leverage and bring about opportunistic returns north of 20%,” said Abraham Hidary, president of Hidrock Realty.