Marketplace: Developer Acquires Leasehold Interest for Times Square Hotel
Maefield Development has acquired the entire leasehold interest for DoubleTree Suites by Hilton-Times Square, at 1568 Broadway, from a subsidiary of Sunstone Hotel Investors Inc., for $540 million. Also, Bergdorf Goodman will have more retail space at its flagship store at 754 Fifth Ave. through an expansion and relocation of its executive offices to an adjacent building at 4 W. 58th St.
January 12, 2016 at 10:12 PM
5 minute read
Maefield Development has acquired the entire leasehold interest for DoubleTree Suites by Hilton-Times Square, at 1568 Broadway, from a subsidiary of Sunstone Hotel Investors Inc., for $540 million.
Maefield, a privately owned real estate company, said it considers Times Square the “most important pedestrian urban space in North America” and plans to redevelop the 468-room property into a premiere tourist destination. The company is also a stakeholder in the 20 Times Square Hotel that stands across the street from the DoubleTree.
A team from Fried, Frank, Harris, Shriver & Jacobson represented Maefield, including real estate partners Jonathan Mechanic, Avi David Feinberg and Melanie Meyers; corporate partner Fiona Kelly; tax partner Richard Wolfe and special counsel Andrew Falevich; real estate associates Anthony Shaskus, Janelle Christian and Nicholas Williams; corporate associate Tam Ho; and tax associate Bryan Lee.
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