Aju Hotels & Resorts buys Garment District hotel for $85.5M

The Korean firm Aju Hotels & Resorts through the entity Blue 36th Street NYC LLC paid Chesapeake Lodging Trust’s entity CHSP 36th Street LLC $85.5 million for a hotel (H3), the Hyatt Place New York Midtown South at 52 West 36th Street in the Garment District. The deal closed on September 17, 2019 and was recorded on September 30, 2019. This was the second hotel in a two-hotel package that Aju closed on last month, the day before the REIT Chesapeake was sold for $2.5 billion to Park Hotels & Resorts.
The property contains a total of 79,000 square feet of built space.
The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 185 residential (or hotel) units on February 27, 2013.
Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $55,000.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link
A recent story on the property. link.