• Thu
  • Sep 18, 2014
  • Updated: 7:57pm
BusinessCompanies
ACQUISITIONS

Keck Seng to buy Sofitel hotel in Manhattan

PUBLISHED : Thursday, 14 August, 2014, 11:10am
UPDATED : Thursday, 14 August, 2014, 11:10am

Keck Seng Investments, a Hong Kong-listed property investment firm, has acquired a hotel in New York for US$273 million.

The company announced on Thursday morning that it had agreed to buy the Sofitel New York from West 44th Street OwnerCo.

The 30-storey hotel at 45 West 44th Street has 398 guest rooms. It is a full-service hotel located between Fifth and Sixth avenues in Manhattan, close to Times Square and Rockfeller Centre. It has a bar and restaurant, nine meeting rooms and a fitness centre.

Net operating income of the hotel was US$13.5 million last year and US$11.79 million in 2012.

Keck Seng intends to continue operating the hotel under the Sofitel brand.

The firm has to complete the deal within 45 days after the expiration of the due diligence period on November 11.

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