SINGAPORE— As previously reported by HOTEL BUSINESS®, a subsidiary of Singapores Hotel Properties Ltd. said it would buy the 124-room hotel, managed by Fitzpatrick Hotels, at 127 East 55th Street for US$31 million from British Airways Plc. Insignia/ESG Hotel Partners arranged the sale of the midtown Manhattan hotel, which is un-named property that has been exclusively used to house British Airways flight personnel. Per the new agreement , the hotel will continue to its exclusive relationship with British Airways. Fitzpatrick Hotels, which operated the property on behalf of British Airways, will continue to manage the hotel for the new owner. Paul Fitzpatrick, senior managing director of Insignia/ESG Hotel Partners, led the marketing and disposition of this asset locally. Built in 1982, the 37-story, 124-room hotel is one of the last “sliver” buildings to be built in New York. The property commands an enviable location in New York City between Park and Lexington Avenues, near the headquarters of many of the worlds largest corporations. Derek Gammage, managing director of Insignias hotel group in London, commented, “The hotel attracted a significant amount of interest from a cross-section of market sectors, including hotel operators, investors and property companies, from both sides of the Atlantic. The value of this deal reflects the continuing strong demand for hotel properties in New York.”
