Hotel developer Hank Freid, president and CEO of Impulsive Group, acquired the Portland Square Hotel from Hotel Rio Associates for $22 million. Freid's agenda includes turning the Manhattan site into a four-star, extravagant boutique property called 'Sanctuary'.
The hotel is at 132 W. 47th St. between Sixth and Seventh avenues in the Plaza District. Built in 1910, the seven-story structure is approximately 18,730 square feet. The massive renovation will begin in January 2007 and is scheduled to be completed by the end of the year. The property will be transformed into an avant-garde, first-class hotel that will include the Night Hotel at 132 W. 45th St., and the newly renovated Muse Hotel at 130 W. 46th St. There are also plans in the works to build a high-end duplex penthouse apartment, with rooftop access and views of Times Square.
"We are positioning Sanctuary as an upscale destination catering to publishing and corporate executives, modeling agencies and movie studios," said Freid.
Rooms at Portland Square currently range from $129 to $189 per night. The renovations will downsize the number of units from the site's current tally of 147 rooms to 115 rooms. Rooms will be priced from $265 up to $1,800 per night for the duplex penthouse.
Amit Doshi of Besen & Associates Inc. listed the property. Buyer representation was not disclosed.
For more information see COMP#NYC-07337-11-0520.