Spain-based RIU Hotels & Resorts plans to launch a new hotel in Manhattan in mid-2015 called Riu Plaza New York Times Square. The international luxury hotelier has purchased 733-763 Eighth Ave. from Glenwood Management Corp. for $111 million.
The area purchased runs along Eighth Avenue and a stretch of West 46th Street, or Restaurant Row. The site’s zoning square footage is 284,000 square feet, including 48,000 square feet of air rights, according to Tribeach Holdings LLC, RIU’s development advisors. Two buildings have already been demolished and one vacant building remains to be demolished. Brooklyn-based Glenwood declined to comment on the deal.
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