Real estate investor Jed Manocherian acquired a Times Square property housing a 300-room Hampton Inn for $80.9 million from South Carolina-based OTO Development.
Manocherian bought the property at 220-226 West 41st Street, between Seventh and Eighth avenues, through BMS Management — a Houston-based company part of the Manocherian family’s portfolio of real estate holdings.
Spartanburg, S.C.-based OTO Development, alongside Hilton Worldwide, opened a 30-story Hampton Inn on the site earlier this year. The company, which manages hotels across the country, acquired the parcel for $35.1 million from the Brach family in 2012.
BMS Management confirmed the deal, which closed Aug. 20. While the transaction sees Manocherian acquire the property housing the Hampton Inn, it did not acquire and will not operate the hotel itself, a spokesperson added.