Some investors are seizing on the opportunity to snatch up hotels at significant discounts. Ashford Hospitality Trust Inc. has sold its 310-room hotel at 60 West 37th Street in the Garment District to Magna Hospitality Group for $115 million, according to property records. That’s a 41 percent discount to the $195 million the real estate investment trust paid for the Embassy Suites hotel 18 months ago. Similarly, hotel operator Highgate and real estate investment firm
source https://therealdeal.com/2020/09/09/royalton-garment-district-hotels-sell-at-discounts/
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