Alexander Rovt to build two New York hotels

Fertilizer billionaire Alexander Rovt is in talks to build two hotels in New York – one in Manhattan and one in Brooklyn.

According to The Real Deal, Rovt has set aside up to $250 million for the projects, though he has yet to identify specific sites or partners.

“If you build three- or four-star hotels, you will always have customers,” Rovt said, dismissing the notion that New York’s hospitality sector is nearing a state of oversupply. “I think that a hotel offers one of the best returns we can get.”

FREE DAILY NEWSLETTER

Like this story? Subscribe to IHIF!

The hospitality industry turns to IHIF International Hotel Investment News as the must-read source for investment and development coverage worldwide. Sign up today to get inside the deal with the latest transactions, openings, financing, and more delivered to your inbox and read on the go.

Rovt has been a quietly active investor in the New York real estate market since buying 14 Wall Street for $303 million in an all-cash deal in 2012. In April 2014, he co-financed Spruce Capital Partners’ $58-million acquisition of the 127-unit rental building 1209 DeKalb Avenue, which the partners have since been looking to flip. The two also partnered up for the condo development 151 East 78th Street. More recently, Rovt invested $8 million in GFI Capital’s planned Ace Hotel at 61 Bond Street, which has yet to be built. 

Suggested Articles

The SureStay Plus by Best Western AC Luxe Angeles City is the company's seventh hotel in the country and second in Angeles City.

The direct hospitality lender sold its stake in the 182-suite Panama City Beach hotel to Wesley and Donna Spruill.

The Quay Perth hotel is an 80-room boutique property on the site of the former New Esplanade hotel in Western Australia's capital.