Shamin Hotels buys Hampton Inn in NYC for $32.4m
The 81-room Hampton Inn hotel in New York City’s financial district has changed hands in a $32.4m deal. Shamin Hotels paid $400,000 per room key for the seven-story hotel near Battery Park. The seller, Hersha Hospitality Trust, bought the asset for $28.73m in 2011. The firm spent an additional $4.5m to convert the 1930s Art Deco apartment building into a hotel. Marking its first purchase in New York City, Shamin financed the deal with $21.2m mortgage from the American National Insurance Company.