Rhode Island group sells two select-service Manhattan hotels

Rhode Island-based hotel investment and management firm Magna Hospitality Group has sold two Midtown hotels for a total of $135.2 million, according to property records filed with the city, and as reported by Real Deal. The hotels are the Holiday Inn Express Herald Square and the Hampton Inn United Nations.

An undisclosed Middle Eastern investment firm acquired the properties. The deals for the 135-room, 18-story Holiday Inn and the 20-story, 148-room Hampton Inn closed late last month, for $63.3 million and $71.9 million respectively, records show.

Phoenix, Ariz.-based firm Ardent Hotel Management Company is managing both hotels.

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Last month, Magna, headed up by Robert Indeglia, acquired a 13-story Hampton Inn near John F. Kennedy International Airport in Jamaica for $41.4 million, as The Real Deal reported. Representatives for Magna declined to comment.

Hotelier Sam Chang of the McSam Group sold both sites to Magna in 2008.

 

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