by Lisa A. Grimaldi | January 04, 2017
Patriarch Equities, Sioni Group and Highgate have purchased the 618-room Affinia Manhattan NYC hotel from Pebblebrook Hotel Trust for $217.5 million. The hotel, which has been renamed the Stewart, will be managed by Highgate. The property, near Madison Square Garden and Pennsylvania Station, has 10,000 square feet of event space.

"Highgate is thrilled to complete the acquisition of Affinia Manhattan NYC, now the Stewart Hotel, along with our new partners at Patriarch Equities and Sioni Group," said Neil Luthra, principal at Highgate. "The Stewart is an exciting addition to Highgate's collection of independent hotels, particularly given its desirable location at the crossroads of an area that should see meaningful investment and redevelopment activity in the coming years."

"We are very pleased with the sale of the Manhattan NYC," noted Jon E. Bortz, chairman, president and CEO of Pebblebrook Hotel Trust. "This sale represents our second significant step toward successfully reducing our exposure to the New York market. The Manhattan NYC marks the fourth hotel sold under our strategic disposition plan that we initiated earlier this year [2016], which has generated almost $500 million in gross proceeds. These dispositions have allowed us to take advantage of the imbalance between the higher private market values for our hotels and the lower value of our company as determined by the public market."