NEW YORK CITY
An investment consortium led by The Witkoff Group, and majority backer Jynwel Capital and its investors ("Jynwel Capital"), closed on the acquisition of Park Lane Hotel at 36 Central Park South for $660 million. Other consortium partners include New Valley LLC, Highgate Holdings and Macklowe Properties.
The investment group intends to make upgrades to enhance the efficiency of operations of the 47-story, 605-key, 446,000-square-foot luxury hotel, and rebrand it as the Park Lane New York.
"The Park Lane sits at the very center of retail and culture in Manhattan, with sweeping views of Central Park," noted Steven Witkoff, Chairman and CEO of The Witkoff Group. "We look forward to working with our partners to continue to operate the property as one of the preeminent hotels in New York City."
