Hilton Garden Inn in Tribeca Sells for $69M to French Company

The Generation Essentials Group, a subsidiary of the French media and entertainment company AMTD Digital, has acquired the Hilton Garden Inn hotel in Manhattan’s Tribeca neighborhood for $69 million, the company announced earlier this week. 

The 151-room hotel at 39 Avenue of the Americas will be rebranded as the AMTD Idea Tribeca Hotel, the buyer said in its announcement. The property was sold by Hersha Hospitality and KSL Capital Partners, according to The Real Deal. 

Jeff Davis, Scott Ellman and Alyssa Kidd from Eastdil Secured represented the seller in the deal. Eastdil — which was just acquired by Savills — declined to comment.  The buyer also did not immediately respond to a request for comment. 

As part of the acquisition, Generation Essentials Group and AMTD Digital also announced plans to eventually convert the hotel at the corner of Avenue of the Americas and York Street into what it calls “the world’s first Art Newspaper House.” The buyer didn’t provide any details on what the project will entail. 

Hersha bought the McSam Hotel Group-developed Hilton property in 2009, and KSL Capital Partners then acquired Hersha in 2023, TRD reported. The Tribeca hotel offers amenities including pet services, a fitness center and a business center.

Several New York City hotel properties have been changing hands recently.

Late last year, Magna Hospitality sold four hotels under the Hilton brand in New York City to an unnamed buyer for $489.8 million. The owners of the Waldorf Astoria also plan to sell the iconic property following a $2 billion upgrade, and investment firm Gencom purchased the Ritz-Carlton New York last month for about $270 million. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com