A trio of firms has purchased 170 Broadway in lower Manhattan and plan to turn the170 Broadway office building into a hotel, sources familiar with the deal said.

The partnership, comprised of Highgate Hotels, Crown Acquisitions and The Carlyle Group, bought the 165,000-square-foot building between Liberty Street and Maiden Lane for about $60 million, and will put at approximately $40 million into the conversion. The seller of the 108-year-old, 18-story property was AMG Realty Partners, which is part of GE Capital. Representatives from the buyers didn't return calls for comment, while a GE Capital spokesperson didn't have an immediate comment

 

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Source: http://www.nypost.com/p/news/business/realestate/commercial/downtown_adds_one_more_hotel_xqacvWovZFpGe2l9AIke7O

Source: http://therealdeal.com/newyork/articles/tribeca-associates-set-to-purchase-170-broadway-from-amg-realty-part-of-downtown-hotel-boom-which-includes-24-john-street-32-pearl-street-53-ann-street-and-87-chambers-street

Lower Manhattan has been a hotbed of hotel development as the neighborhood has rebounded from the terror attacks of a decade ago. There are now 18 hotels in the area, triple the number open in 2001, according to the Alliance for Downtown New York. Aside from the new project at 170 Broadway, there are at least another seven hotels in various stages of development downtown.

Despite the shaky economy, tourism remains strong in the city, even though room rates are off their highs.