Hotel Purchase Update

* Park Hyatt purchase: Hyatt Hotels Corporation purchased 100 percent of the 210-room Park Hyatt New York for approximately $390 million, inclusive of pre-opening and related costs. The hotel is located within the 90-story glass tower that also houses One57.

* China investment: China-based Shenzhen Hazens Real Estate Group purchased the Luxe City Center Hotel and two adjacent parcels for $105 million. The hotel property was sold by Beverly Hills developer Emerik Properties Corp. The 178-room hotel was once a Holiday Inn, and opened four years ago after a $10-million renovation. The firm plans to spend at least $250 million to develop condos and an office tower on the adjacent vacant land.

California Marriott: Laurus Corporation, a U.S.-based private real estate investment and development firm, acquired the Marriott Warner Center hotel in Woodland Hills, Calif. Laurus will be investing in a $10-million renovation of the hotel’s public areas and guestrooms.


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New Orleans buy: New York real estate investment firm Garrison Investment Group purchased the O’Keefe Plaza Hotel for $10.75 million in New Orleans. The 129-room hotel at 334 O’Keefe Ave. was purchased from the Chauhan and Kansagra families. Laxmi Hotel, the ownership entity of the hotel, owed $58,250 in taxes. With interest, penalties and audit costs added, the debt comes to $108,815. 

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