Qatar's Sovereign Wealth Fund Acquires Park Lane Hotel Overlooking Central Park In $623M Deal
36 Central Park S, New York, NY 10019, United States
$623,000,000
$1,409/SF
Building Size
442,000 SF
Asset Type
Hotel
Closing
Aug 28, 2023
About this deal
AI
Qatar's sovereign wealth fund, QIA, has acquired the Park Lane Hotel overlooking Central Park in New York for a whopping $623 million. The transaction was completed by purchasing the property from Steve Witkoff's company. The hotel is located at 36 Central Park South in the Midtown Manhattan market. With a total area of 442,000 square feet, the price per square foot comes to $1,500. This substantial acquisition includes 610 keys, resulting in a price per key of $1,086,721.
Summary of transaction details:
- Property Type: Hotel
- Transaction Amount: $623,000,000
- Address: 36 Central Park South, Park Lane Hotel
- Market: Midtown Manhattan
The deal involved several key players. On the buyer's side, Mansoor Bin Ebrahim Al-Mahmoud represented QIA in the transaction. Steve Witkoff was the seller of the Park Lane Hotel. The financing for the deal was provided by JP Morgan Chase and Deutsche Bank, who acted as lenders. The sale of this prominent hotel marks a significant investment by QIA in the heart of New York City.
On the Map
$623,000,000
$1,409/SF
Hotel
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.03%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93