Eldridge Industries Acquires Midtown West Hotel From SBE Collection For $269M

Located in Midtown West, the hotel property at 358 West 58th Street has been sold in a recent transaction. The sale, which was completed on 12/04/2020, involved the transfer of ownership from the SBE Collection to Eldridge Industries, represented by Anthony Minella. The hotel, with a total square footage of 461,817, was acquired for a price of $268,723,737, resulting in a price per square foot of $581. The property consists of 876 keys, with a price per key of $306,762.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $268,723,737
• Square Footage: 461,817
• Address: 358 West 58th Street
• Market: Midtown West
• Buyer: Eldridge Industries - Anthony Minella
• Seller: SBE Collection
• Price per Square Foot: $581
• Keys: 876
• Price per Key: $306,762

The transaction highlights the strategic move made by Eldridge Industries, represented by Anthony Minella, in acquiring the prominent hotel property in Midtown West. The deal demonstrates the buyer's interest in the hotel industry and their confidence in the market value of this particular asset. The transaction also underscores the seller's decision to part ways with the property, potentially exploring new ventures or reallocating resources.