NEW YORK CITY — Fortuna Realty Group LLC has acquired a Wyndham-franchised hotel located at 37 W. 24th St. in Manhattan’s Flatiron District for $60 million.
Fortuna plans to convert the 124-key hotel — built in 2008 — into a high-end boutique hotel. The investor bought the property out of bankruptcy at auction from an undisclosed seller.
The hotel is situated directly off Fifth Avenue, and around the corner from Mario Batali’s acclaimed Italian marketplace Eataly and Madison Square Park. The hotel’s neighborhood has emerged as a popular location for New York’s technology, advertising, marketing and information technology sector, and is a hub for restaurants and nightlife.
The new acquisition will join Fortuna’s portfolio of upscale “lifestyle hotels,” including Hotel Hugo and Hotel Indigo Chelsea, both in Manhattan, and The Garden City Hotel, located on Long Island.
Wayne Cook and David Glanz of law firm Windels Marx LLP represented Fortuna in the transaction. U.S. Trust provided an undisclosed amount of acquisition financing.
Based in New York City, Fortuna Realty Group LLC is a privately held real estate investment and development company with a focus in hospitality.
— Katie Sloan