NEW YORK – December 21, 2016 – Patriarch Equities, Sioni Group, and Highgate announced today that they have purchased the 618-room Affinia Manhattan NYC hotel through a joint venture. Highgate has also assumed management of the property as part of the transaction.
Effective immediately, this upscale, full-service hotel has been re-branded the Stewart Hotel. The property is located at 371 Seventh Avenue, across from Madison Square Garden and Pennsylvania Station, just steps from Times Square and Fifth Avenue. The 28-story, 474,000-square-foot hotel features modern guest rooms and suites by acclaimed design firm Rockwell Group, as well as over 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.”