Thayer shells out pretty penny for Manhattan landmark hotel

NEW YORK — Annapolis, Md.-based Thayer Hotel Investors has purchased the RIHGA Royal New York Hotel, a 504-room, 54-story hotel in Manhattan, for $193 million. Hong Kong-based Regal Worldwide Holdings Ltd. was the seller. Washington, D.C.-based Marriott International Inc. will now manage the hotel, which will be renamed J.W. Marriott New York Hotel. Thayer will also undertake a $10 million renovation of the all-suite hotel.

The hotel marks Thayer’s entry into the New York hotel market. The company’s portfolio includes Marriott, DoubleTree, Embassy Suites, Sheraton, Courtyard, Residence Inn and Fairfield Inn properties.

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