Park Lane Hotel
Update
09/05/23
Midtown Hotel Trades for $623M
A 46-story hotel tower, located at 36 Central Park South in Midtown, Manhattan, has just been sold for $623 million. The structure was purchased by Qatar Investment Authority (QIA), from the previous owner, The Witkoff Group, in what appears to have been an arms-length transaction.
Known as the "Park Lane Hotel", the building was originally designed by Emery Roth & Sons, constructed in 1971, and recently renovated in 2021. Directly overlooking Central Park, the hotel contains 610 guest rooms, ranging in size from 350 square foot king beds to the 1,750 square foot, Belvedere Suite.
In addition to guest rooms, the hotel features 2 bookable event rooms and a fitness center, as well as a Parisian-inspired Art Nouveau bar, known as "Rose Lane", and "Darling"; a cocktail bar, which is the only rooftop lounge on Billionaire's Row that overlooks the park.
The Park Lane Hotel stands 450 feet tall and totals 442,000 square feet altogether. The Witkoff Group is offloading the property at a small loss, having acquired it back in November of 2013 for a little over $654 million.
