Joint venture acquires, rebrands the Affinia Manhattan

(The property has been re-branded the Stewart Hotel, and Highgate assumed management of the property as part of the deal.)

Patriarch Equities, Sioni Group and Highgate purchased the 618-room Affinia Manhattan NYC hotel through a joint venture. Highgate also assumed management of the property as part of the transaction.

Effective immediately, this upscale, full-service hotel has been re-branded the Stewart Hotel. The property is located at 371 Seventh Avenue, across from Madison Square Garden and Pennsylvania Station, steps from Times Square and Fifth Avenue. The 28-story, 474,000-square-foot hotel offers modern guestrooms and suites by design firm Rockwell Group, as well as over 10,000 square feet of event space.

"Highgate is thrilled to complete the acquisition of Affinia Manhattan NYC, now the Stewart Hotel, along with our new partners at Patriarch Equities and Sioni Group,” Neil Luthra, principal at Highgate, said in a statement. "The Stewart is an exciting addition to Highgate’s collection of independent hotels, particularly given its desirable location at the crossroads of an area that should see meaningful investment and redevelopment activity in the coming years.”

The property includes access to a restaurant, gym and studios or suites with full kitchens. The property is one block from Penn Station and Madison Square Garden, and guestrooms include flat-screen satellite TVs, iPod docking stations, a seating area and a desk. Guests are offered in-room spa services as well.

Highgate is a real estate investment and hospitality management company, with a focus in gateway markets including New York, Boston, Miami, San Francisco and Honolulu. Highgate maintains corporate offices in New York, London, Dallas, Chicago and Seattle.