Times Square Hampton Inn Developer Sells Hotel Lot for $81M
Real estate investor Jed Manocherian’s Woodbranch Times Square purchased the lot of the Hampton Inn at 220 West 41St Street from OTO Development for $80.9 million.
The sale for the land that the 30-story hotel between Eight and Seventh Avenues sits on closed on Aug. 20th, according to property records released today. The 300-key Hampton hotel opened in June.
A spokeswoman for OTO Development did not immediately return requests for comment on the sale. The South Carolina-based company develops and manages hotels around the country. It will continue to own and operate the hotel on the site.
OTO Development purchased the site of 220 West 41st Street from Brach family in September 2012 for $35.1 million, according to city records. Construction began on the hotel in 2013, according to New York Yimby. It was designed by Helpern Architects.
The hotel features free WiFi throughout the building, a gym and fitness center, and a business center among other amenities.
Contact information for Mr. Manocherian is not listed. Representatives for the Hotel did not immediately respond for requests for comment on the deal.