GROUND-UP HOTEL DEVELOPMENT
SOLD: 2014, $82,000,000
PARTNERS: Robert Finvarb Companies and Private Investors
PROJECT: 19-story, 173-room hotel
HOTEL FLAG: SpringHill Suites by Marriott (NYSE: MAR)
For decades, this site contained two neglected buildings that Hidrock purchased and recapitalized as a hotel development in October 2009. Within a year of the purchase, Hidrock was able to vacate all of the existing residential, office and retail tenants and demolish the structures. After meeting and negotiating with hoteliers, Hidrock signed a contract in the 4th quarter of 2010 with Marriott (NYSE:MAR). In the 1st quarter of 2011, Hidrock completed all structural and interior plans, secured a loan and began the ground up construction. The hotel opened for business in May of 2013 and achieved 90% occupancy almost immediately. Hidrock sold the property to Hong Kong-based Keck Seng Investments for $82 million in July 2014.