Arden Group to buy Viceroy Hotel for $41m

Arden Group is poised to acquire the Viceroy Hotel from New York REIT for $41m. The 29-story, 240-key hotel traded for $170,833 per room key. New York REIT sold the asset at a considerable loss having bought the hotel in 2013 for $148.5m. HEI Hotels & Resorts will serve as the hotel’s property manager. Once the sale is completed in the third quarter, New York REIT will have liquidated its entire portfolio, with the exception of a 50.1-percent stake in One Worldwide Plaza.