Garment District Doubletree Sells for $106M



A real estate investment trust based in Singapore has picked up the Doubletree Hotel at 341 West 36th Street for $106 million, according to records filed with the city today. The sale closed on Aug. 16.

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The buyer is Ascott Residence Trust, a division of CapitaLand Limited, one of Asia’s largest real estate companies, according to the company’s website. The property is a 25-story, 224-key hotel between Eighth and Ninth Avenues that was constructed in 2007.

Ascott has also taken out a $65.4 million mortgage from Oversea-Chinese Banking Corporation, public records show, along with a promissory note for $7.48 million.

Magna Hospitality, the seller, purchased the 81,000-square-foot hotel in 2012 for $82.5 million, according to New York City Department of Finance filings. Neither the buyer nor the seller immediately responded to requests for comment.

Ascott also owns two other Manhattan hotels—the Element Times Square West at 311 West 39th Street (also between Eighth and Ninth Avenues) and the Sheraton Tribeca New York at 370 Canal Street.