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JUNE 5, 2012

THE SIT DOWN

- Commercial Observer


Hidary Brothers and Hidrock Realty on Hotel Development on Greenwich Street

Earlier this quarter, Hidrock Realty made news when it was revealed that the
company had acquired a development lot on Greenwich Street near the World Trade
Center site for $27.9 million and planned to build a 300-key hotel there. What few real
estate analysts may have noticed, however, was that the deal was just the latest in a
series of increasingly ambitious hotel projects for the New York City-based development
and management company. Last week, brothers Abraham, Eddie and Steven Hidary—
president and vice-presidents, respectively—spoke to The Commercial Observer about
the hotel market, Lower Manhattan and sibling rivalries.

The Commercial Observer: Earlier this year, Hidrock acquired 133 Greenwich Street,
a site you intend on developing into a hotel property. Has Hidrock waded into the
hospitality market before?

Eddie Hidary: Actually we have two other hotels under development at this point, both
Marriott. One is branded as SpringHill Suites, 173 rooms, scheduled to open the first
quarter of 2013. The other is a Courtyard by Marriott, 168 rooms, scheduled to open
around the end of 2012.

 

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2012-June