AMTD Group pays $69M to KSL Capital, HHM Hotels for hotel in Tribeca

AMTD Group through the entity AMTD Hotels Group (USA) LLC paid $69 million to KSL Capital Partners and HHM Hotels through the entity York Street LLC for the Hilton Garden Inn Hotel building (H3) at 39 Avenue of the Americas in Tribeca, Manhattan. The expected use is cash flowing. The new owners have rebranded the hotel as the AMTD IDEA Tribeca Hotel.
The deal closed on March 6, 2026 and was recorded on March 13, 2026. The property has 65,283 square feet of built space and 6,175 square feet of additional air rights for a total buildable of 71,487 square feet according to a PincusCo analysis of city data.
The seller bought the property on November 28, 2023, for $317.8 million. The signatory for KSL Capital Partners and HHM Hotels was Neil H. Shah . The signatory for AMTD Group was Feridun Hamdullahpur . The contract date was December 23, 2025.

While the Acris transfer is $49.2 million, the press release says the total price is $69 million.

Prior sales, articles and revenue

Prior to this transaction, PincusCo has no record that the buyer AMTD Group had purchased any other properties and has no record it sold any properties over the past 24 months.
The seller KSL Capital Partners had not purchased any other properties and sold one property in one transaction for a total of $59.8 million over the same time period. The former owners according to the Department of Housing Preservation and Development includes Ashish Parikh, head officer and Andrew Tocci, agent. The business entities are Hersha Hospitality Management, L.P and York Street Llc. The 65,283-square-foot property generated revenue of $13.2 million or $202 per square foot, according to the most recent income and expense figures.

The property

The hotel building in Tribeca has 65,283 square feet of built space and 6,175 square feet of additional air rights for a total buildable of 71,487 square feet according to a PincusCo analysis of city data. The parcel has frontage of 109 feet and is 142 feet deep with a total lot size of 11,875 square feet. The lot is irregular. The zoning is C6-2A which allows for up to 6 times floor area ratio (FAR) for commercial and up to 6.02 times FAR for residential with inclusionary housing. The city-designated market value for the property in 2022 is $33.3 million.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the property for the past 24 months. In addition, according to city public data, the property has received $1,250 in ECB penalties and $2,450 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The neighborhood

In Tribeca, The bulk, or 47 percent of the 15.3 million square feet of commercial built space are office buildings, with elevator buildings next occupying 28 percent of the space. In sales, Tribeca has 1.6 times the average sales volume among other neighborhoods with $515.7 million in sales volume in the last two years and is the 20th highest in Manhattan. For development, Tribeca has 1.7 times the average amount of major developments relative to other neighborhoods and is the 14th highest in Manhattan. It had 2.6 million square feet of commercial and multi-family construction under development in the last two years, which represents 17 percent of the neighborhood’s built space.

The block

On this tax block, PincusCo has identified the owners of two of the three commercial properties representing 163,097 square feet of the 165,097 square feet. The two identified owners are Hyundai Motor Group and Ksl Capital Partners.
There are no active new building construction projects on this tax block.

The majority, or 59 percent of the 165,097 square feet of built space are office buildings, with hotel buildings next occupying 40 percent of the space.

The seller

The PincusCo database currently indicates that Ksl Capital Partners owned at least four commercial properties in New York City with 313,752 square feet and a city-determined market value of $139 million. (Market value is typically about 50% of actual value.) Within the portfolio, all identified are hotel properties. The bulk, or 76 percent of the built space, is in Manhattan, with Queens next at 24 percent of the space.

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