Patriarch Equities, Sioni Group, and Highgate Acquire 618-Room Affinia Manahattan NYC Hotel
NEW YORK, N.Y. December 22, 2016 - Patriarch Equities, Sioni Group, and Highgate announced today that they have purchased the 618-room Affinia Manhattan NYC hotel through a joint venture. Highgate has also assumed management of the property as part of the transaction.
Effective immediately, this upscale, full-service hotel has been re-branded the Stewart Hotel. The property is located at 371 Seventh Avenue, across from Madison Square Garden and Pennsylvania Station, just steps from Times Square and Fifth Avenue. The 28-story, 474,000-square-foot hotel features modern guest rooms and suites by acclaimed design firm Rockwell Group, as well as over 10,000 square feet of event space.
“Highgate is thrilled to complete the acquisition of Affinia Manhattan NYC, now the Stewart Hotel, along with our new partners at Patriarch Equities and Sioni Group,” said Neil Luthra, principal at Highgate. The Stewart is an exciting addition to Highgate's collection of independent hotels, particularly given its desirable location at the crossroads of an area that should see meaningful investment and redevelopment activity in the coming years.”
About Highgate
Highgate is a premier real estate investment and hospitality management company widely recognized as an innovator in the industry. Highgate is the dominant player in U.S. gateway markets including New York, Boston, Miami, San Francisco and Honolulu. Highgate also has an expanding presence in key European markets through properties in London, Paris, Barcelona, Vienna and Prague. The company provides expert guidance through all stages of the hospitality property cycle, from planning and development through recapitalization or disposition. Highgate has created a portfolio of bespoke hotel brands and utilizes industry leading proprietary revenue management tools that identify and predict evolving market dynamics to drive outperformance and maximize asset value. With an executive team consisting of some of the industry's most experienced hotel management leaders, the company is a trusted partner for top ownership groups and major hotel brands. Highgate maintains corporate offices in New York, London, Dallas, Chicago and Seattle. For more information, visit highgate.com.
Contact:
Courtney Long
[email protected]
212-228-1500
Alexis Chernoff
[email protected]
212-228-1500
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