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New York locale to undergo major renovation
LaSalle Hotel Properties has acquired the 934-key Park Central Hotel in New York for $396.2 million, after a $9.3 million reduction from the original purchase price. Originally built in 1928, the hotel will undergo an estimated $30 to $35 million update of its guest rooms, corridors and lobby. The renovation is set for completion in 2013.
Michael Barnello, president and ceo of LaSalle, says the company is “excited about this well-located New York City asset and our ability to acquire the hotel at an attractive purchase price.”
The midtown Manhattan hotel, on Seventh Avenue between West 55th and West 56th streets, also features two food and beverage outlets: Cityhouse, an 88-seat steakhouse, and lobby lounge Bar Bella. Other amenities include 14,000 sq. ft. of meeting/function space, including an 8,500-sq.-ft. grand ballroom; and 4,800 sq. ft. of retail space. Highgate Holdings will continue to manage the property.
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