Manhattan Sofitel sold to Keck Seng Investments for $272M

The Sofitel hotel in Midtown Manhattan is being sold to an Asian real estate investor Keck Seng Investments for $272 million. 

A partnership composed of Accor Group, Goldman Sachs Group and GEM Realty Capital will sell the 398-room hotel at 45 West 44th Street to the Hong Kong-listed firm Keck Seng Investments. Goldman Sachs and GEM paid $255 million for a 75-percent stake in the Midtown hotel and another Sofitel property in Philadelphia in 2006. 

Accor will continue to operate the hotel. Eastdil Secured was the broker for the deal, though the individual agents were not specified. 

Virtual Event

HOTEL OPTIMIZATION PART 2 | SEPTEMBER 10 & 24, 2020

Survival in these times is highly dependent on a hotel's ability to quickly adapt and pivot their business to meet the current needs of travelers and the surrounding community. Join us for Optimization Part 2 – a FREE virtual event – as we bring together top players in the industry to discuss alternative uses when occupancy is down, ways to boost F&B revenue, how to help your staff adjust to new challenges and more, in a series of panels focused on how you can regain profitability during this crisis.


Suggested Articles

Radisson Individuals aims to bring independent hotels and local, regional chains into the global Radisson Hotel Group platform.

This role has continued to change with some revenue managers taking on leadership roles within hotel brand and management companies.

Nearly 60 percent of respondents are predicting a 50-75 percent decline in RevPAR versus budget for their entire portfolio.