The landmark Knickerbocker Hotel, at 1466 Broadway, has been acquired by a joint venture of FelCor Lodging Trust Inc. and Highgate Holdings LLC, an affiliate management company, for $115 million. FelCor, a real estate investment trust based in Irving, Tex., owns 95 percent of the joint venture of the Knickerbocker, also known as 6 Times Square.
The Knickerbocker Hotel, built by John Jacob Astor, opened in 1906, and later evolved into an office building. The hotel, located at the corner of Broadway and 42nd Street, is an “irreplaceable asset” in one of the “most valuable real estate locations in the U.S.,” Stephen A. Schafer, vice president strategic planning and investor relations at FelCor, said in an e-mail. “The acquisition fits our strategy to improve our portfolio quality, growth and diversification in one of our core markets.”
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
