Magna pays $115M to Ashford Hospitality for hotel in Garment District, 39% off 2019 price

Magna Hospitality Group through the entity NY 37th ES LLC paid Ashford Hospitality Trust Inc.’s Ashford New York LP $115.1 million for the hotel at 60 West 37th Street in Garment District. The deal closed on August 19, 2020, and was recorded on September 8, 2020. The transaction consists of a hotel condo unit and a parking condo unit.

The sale price declined 39 percent from the January 2019 price Ashford bought the hotel for as recorded in city records, $189.1 million. The loan value only dropped by 14 percent from $108.75 million to $94 million. The contract date was the same as the sale date, August 19, 2020. The last time the property sold was January 22, 2019, when Ashford bought it for $189,109,922. It was the REIT’s first purchase in New York City.  Robert Haiman was the signatory for the seller and Adrian De Gortari for the buyer.

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