**Magna Hospitality Sells Four Manhattan Hotels in $490M Deal**
A fund affiliated with Rhode Island-based Magna Hospitality has sold a portfolio of four Manhattan hotels comprising a total of 1,129 rooms for just under $490 million, according to multiple reports. The transaction was brokered by JLL Hotels & Hospitality and involved institutional buyers, along with a separate Magna fund, as reported by CoStar News.
While Magna will retain a partial stake in the properties, Crain’s New York Business noted that the company has relinquished over 90% of its equity in the assets.
The largest sale in the portfolio was the Motto by Hilton New York City Chelsea, which traded for $222.1 million. The other properties included in the deal were the Hilton Garden Inn New York Times Square North at $115.6 million, the DoubleTree by Hilton New York Times Square South at $99.7 million, and the Fairfield Inn & Suites New York Midtown Manhattan at $52.3 million.
According to CoStar, the transaction marks the largest hotel portfolio sale in New York City since the Safe Hotels Act went into effect in May.
*Photo: Motto by Hilton New York City Chelsea. Photo credit: Joe Thomas.*
