Woodridge Capital Partners paid $150 million for the Holiday Inn Midtown 57th Street, according to property records filed with the city Tuesday.
The Los Angeles-based real estate investment firm bought the 17-story, 596-key hotel at 440 West 57th Street, located between Ninth and 10th avenues, from Jaseme Associates. Jaseme is an investment company affiliated with William Meyer, the chairman and co-founder of hotel investment and management firm Meyer Jabara Hotels.
The buyer also secured a $90 million loan from Deutsche Bank to help fund the purchase, records show.
Jaseme bought the property back in 1979, according to public records. Built in 1964, the building was the Manhattan’s first Holiday Inn hotel.
Eastdil Secured was marketing the property for possible redevelopment, according to Real Estate Alert. It’s undergone about $6.5 million in renovations since 2011.
Neither Woodridge nor William Meyer immediately returned a request for comment.
Source: Real Estate