NEW YORK— Gehr Development has reportedly acquired New Yorks first Fairfield Inn by Marriott for nearly $100 million. The newly built 228-room hotel, which sits across the street from the Port Authority Bus Terminal on the far West Side, had been owned and developed by the Lam Group. Salisbury, MD-based Marshall Hotels & Resorts has been named to manage the property. For Los Angeles-based Gehr Development, the acquisition marks its entry into the lodging business. For Marriott, the opening of the Fairfield represents the expansion of its mid-market portfolio into the still highly-competitive Manhattan market. Manhattan is already home to a number of Courtyard by Marriott properties, though its SpringHill Suites product has yet to make its Manhattan debut. News of the acquisition first appeared in the local New York media.
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