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Sax owner plants flag in midtown Manhattan
(Above) The Park Central Hotel on Seventh Avenue in New York. 8-Jun-11 – Make that 36 hotels that the owner of Marina City’s Hotel Sax now owns. LaSalle Hotel Properties announced this week it has agreed to buy The Park Central Hotel in New York for $405.5 million. The 934-room hotel, built in 1928 and renovated most recently in 2004, is located on Seventh Avenue in midtown Manhattan, across the street from Carnegie Hall. It is the company’s third hotel in New York. “This asset features an excellent location within New York City and benefits from numerous corporate and leisure demand drivers,” gushed LaSalle president and CEO Michael Barnello in a news release on Wednesday. LaSalle will use $216 million raised from a recent stock sale to help pay for The Park Central. The deal is expected to close around September.
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