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Old Posted Feb 12, 2015, 6:55 PM
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Qatari group closing soon on $535M Times Square hotel



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Qatari investment firm Al Rayyan Tourism and Investment is closing in the next few days on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million, industry sources said. The deal could give rise to a new tower of as much as 900,000 square feet.

The buyer, known as ARTIC, is a subsidiary of Al Faisal Holdings, which is controlled by Qatar’s ruling Al Thani family. ARTIC is buying a 97 percent stake in the building, which is owned by Rockpoint Group, Highgate Hotels and a Goldman Sachs fund. The 22-story, 500,000-square-foot tower, which has an address of 790 Seventh Avenue or 1656 Broadway, covers a full city block bounded by Seventh Avenue, Broadway, and 51st and 52nd streets.

Rockpoint, Highgate and Goldman Sachs purchased the building from Starwood Hotels & Resorts in 2012 for $275 million.

Insiders said the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower. The buyers inked the contract last year to purchase the hotel.

The new owner could develop about 600,000 square feet as-of-right, but if the site were put through the city’s uniform land use review process, known as ULURP, the building could grow to as much as 900,000 square feet, a person familiar with the site said.

The retail could be renovated, in an area where rents are about $500 to $600 per square foot on the ground floor facing Broadway.

The building traded at a capitalization rate of between 3 percent and 4 percent, the source said. Eastdil Secured’s Doug Harmon, Adam Spies and Mark Schoenholtz brokered the deal, which is the third large Manhattan hotel transaction brokered by Eastdil over the past few months that involved foreign buyers.
===========================
http://therealdeal.com/blog/2015/02/....G3oXLe0L.dpuf
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  #2  
Old Posted Feb 12, 2015, 10:46 PM
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I was reading up on this. Seems likely to be a new building. We'll wait and see.
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Old Posted Feb 13, 2015, 2:53 AM
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900k SF on that narrow site could be pretty tall, great location too!
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Old Posted Feb 13, 2015, 3:06 AM
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It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
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Old Posted Feb 13, 2015, 3:12 AM
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Replace, replace! I've always thought that building needed to go.
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  #6  
Old Posted Feb 13, 2015, 12:31 PM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.
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Old Posted Feb 13, 2015, 3:52 PM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
Quote:
Originally Posted by yankeesfan1000 View Post
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.


It's a full block, but it's in the Times Square area where Broadway cuts through, creating smaller blocks. Being on that full block would help with the rezoning needed for that extra bulk.


Quote:
The new owner could develop about 600,000 square feet as-of-right, but if the site were put through the city’s uniform land use review process,
known as ULURP, the building could grow to as much as 900,000 square feet, a person familiar with the site said.
That's a nice size for hotel/residential space.



An overall look from GoogleEarth...











































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Old Posted Feb 13, 2015, 7:33 PM
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Its good that this eyesore will go bye bye. Now we need a project to fix the Marriott in Times Square. Some major re cladding is needed!
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  #9  
Old Posted Feb 13, 2015, 7:55 PM
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Old Posted Feb 14, 2015, 2:31 AM
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Quote:
Originally Posted by yankeesfan1000 View Post
From the article the existing building has a 7th Ave address and a Broadway address, so looks like it is. Even if this isn't tall, the current building is a POS and it'll be nice to see it replaced.
True... but by "isn't that tall" I'm assuming you mean it won't be a supertall, but it could hit 800+ feet which would be nice for the area.
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  #11  
Old Posted Feb 14, 2015, 4:21 AM
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Originally Posted by Zapatan View Post
True... but by "isn't that tall" I'm assuming you mean it won't be a supertall, but it could hit 800+ feet which would be nice for the area.
At this point in the game, I think simply being a supertall wouldn't account for a whole lot, unless it were in the real of 1,400 ft or so. I doubt we would get anything that tall, though they would probably go for tallest hotel. The site is not far from the Tower Verre site, which would be the closest supertall. But it's a rare and unique full block site, so I would like something nice to go up here.


Quote:
Qatari investment firm Al Rayyan Tourism and Investment is closing in the next few days on the acquisition of the 689-room Manhattan at Times Square Hotel for $535 million...

Insiders said the new owners are eyeing options including constructing a new building on a portion of the parcel where there is now a swimming pool, or demolishing the entire structure and erecting a 900,000-square-foot tower.
If it's going to be strictly hotel, I wouldn't expect too much. If we get a residential/hotel mix, it could be more interesting. If we get an idea of chosen architects, that would give us a clue on what to expect. But they're gonna want to get that money back multiple times.
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  #12  
Old Posted Feb 14, 2015, 4:29 AM
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Quote:
Originally Posted by Busy Bee View Post
It's not really narrow. Isn't the hotel basically the whole block from Brdwy->7th & 51st->52nd?
Yes, but it's a relatively small block.
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  #13  
Old Posted May 8, 2019, 1:21 PM
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SHVO's supertall bid for the site in 2014. Looks like it was over 1,400 feet. Though ARTIC won the bid, this shows the site's potential.








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Latest news from last year...

Qatari firm lands $290M loan for Times Square hotel
Mack Real Estate is the lender
https://therealdeal.com/2018/07/20/q...-square-hotel/

Quote:
The firm, Al Rayyan Tourism Investment Company (ARTIC), is a subsidiary of Al Faisal Holdings, which is operated by the ruling Al Thani family. The company acquired a 97 percent stake in the building for $535 million in 2015. At the time of the purchase, the company was rumored to be eyeing a full demolition of the building to erect a 900,000-square-foot tower. The property continues to operate as a hotel.
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  #14  
Old Posted May 8, 2019, 2:26 PM
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I recall that this most recent plan was to renovate this piece of garbage. I hope that this changes. Regardless of the condo market at this point, I think that a giant hotel with rentals and condos would be very popular here, especially as a time share.
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Old Posted May 8, 2019, 2:31 PM
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reminds me of Zaha Hadid's 666 Fifth design. Shame it won't come to fruition.
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Old Posted May 8, 2019, 2:51 PM
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This is owned by a Dubai or Abu Dhabi-based outfit, and they plan a 1,400 sq. ft. residential-hotel tower.

Crains had an article maybe six months ago. I don't think they mentioned an architect.
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Old Posted May 8, 2019, 3:02 PM
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Actually, scratch that. It's a Qatari firm, and planned to be 1,500 ft.

Will have 250 rooms and 150 superluxury condos.
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  #18  
Old Posted May 8, 2019, 3:03 PM
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well hopefully it isn't the Abu Dhabi Fund, who recently sold The Chrysler Building for a loss

edit: could you post the article?
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Old Posted May 8, 2019, 3:07 PM
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Quote:
Originally Posted by Hudson11 View Post
well hopefully it isn't the Abu Dhabi Fund, who recently sold The Chrysler Building for a loss

edit: could you post the article?
I don't have the Crains article, but here's a Commercial Observer article with details:

https://commercialobserver.com/2018/...qatari-hotels/
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Old Posted May 8, 2019, 3:22 PM
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Quote:
Originally Posted by Crawford View Post
I don't have the Crains article, but here's a Commercial Observer article with details:

https://commercialobserver.com/2018/...qatari-hotels/
That's amazing. I thought that their latest plan was to just renovate this piece of garbage.

Can you post the article? The link doesn't say anything.
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